EQ FICO08 Dropped 42pts for adding Bank CC

[44Rebuild2Ball]

Hey all,

My Equifax FICO8 was 640 and Synchrony reported my PPMC @ 300 limit. Checked my EQ FICO now 598 (-42) with 3 inquiries showing. TU FICO8 655 and EX FICO8 571. My EX FICO2 is 657/FICO3 629. Why is my EX8 so low and why did my EQ drop 42 pats with new bank card tradeline. I have CapOne (300) reporting soon and Comenity/Toyota (2000). Will I see increases? Avg Age now

[SouthJamaica]

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@44Rebuild2Ball wrote:
Hey all,

My Equifax FICO8 was 640 and Synchrony reported my PPMC @ 300 limit. Checked my EQ FICO now 598 (-42) with 3 inquiries showing. TU FICO8 655 and EX FICO8 571. My EX FICO2 is 657/FICO3 629. Why is my EX8 so low and why did my EQ drop 42 pats with new bank card tradeline. I have CapOne (300) reporting soon and Comenity/Toyota (2000). Will I see increases? Avg Age now

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I'm afraid I can't understand your question(s).

1. What do you mean "Synchrony reported my PPMC @300 limit"

2. How would we know why your EX8 is low?

3. I seriously doubt that EQ FICO 8 dropped 42 points because a new account was reported.

4. What does it mean "I have CapOne (300) reporting soon"?

5. What does it mean "Comenity/Toyota (2000)?

6. What do you mean "Will I see increases?" Increases of what? Caused by what?

7. What does "Avg Age now" mean?

[Anonymous]

What was the balance reported on the PPMC? If it’s high utilization you’re going to wear a penalty. And like SJ said, you got to clarify what you’re saying and give more information or we can’t even begin to answer your questions.

[Anonymous]

Not enough profile information to be able to answer any questions or offer any advice.

OP could have a 10 account file with a 60 month AAoA that drops only to 55 months AAoA with the addition of a new account.  Conversely, OP could have a 2 account file with a 60 month AAoA that drops to 40 months with the addition of a new account.  This is just 1 small example of how not having enough info can mean wildly different possibilities.

[Anonymous]

That's odd OP, I gained +6 points for opening my PPMC.

[Anonymous]

How did you come to that conclusion? This is probably another example of a misattributed conclusion as a result of those alerts that don’t correlate.

[Anonymous]

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@Anonymous wrote:

That's odd OP, I gained +6 points for opening my PPMC.

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It's not at all likely that the statement above is correct.  It's also extremely difficult to know in many cases when you open an account what exactly impacts your score (and how much) because there are multiple variables that change at that moment in time.  You may end up being able to determine the net gain or loss, but knowing how much the different variables played into that net change is quite difficult.

[sarge12]

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@Anonymous wrote:
How did you come to that conclusion? This is probably another example of a misattributed conclusion as a result of those alerts that don’t correlate.

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I agree....I have no idea when, if ever that will not be misunderstood. An alert lets you know an alertable action has happened and pulls a current score. The new score might have changed because of the alerted action, or anything else that has shown up on your report. Bottom line....the alert and the score are not necessarily related at all. They are 2 different pieces of information. If you get an alert because of a paid tradeline, and your score has went down, it is likely due to something else, because a paid trade line usually increases your score.

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

That's odd OP, I gained +6 points for opening my PPMC.

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It's not at all likely that the statement above is correct.  It's also extremely difficult to know in many cases when you open an account what exactly impacts your score (and how much) because there are multiple variables that change at that moment in time.  You may end up being able to determine the net gain or loss, but knowing how much the different variables played into that net change is quite difficult.

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[Anonymous]

513credit Where did the scores come from? And why did you get two separate alerts for the same new account? Or is this covering different bureaus?

Nevertheless this far from proves your hypothesis. You did not gain any points for adding an account, at least not in the short run.