Depends. Could be one or both. What is the average age of your accounts? If it's considered short (typically less than 5 years) then the new card could have lowered it even more, dinging your score. This a ding from which you can recover in 3-6 months.
Is that balance you noted on only one card, or the sum of several? What is/are the credit limit(s)? High utilization can absolutely cause a significant drop (such as 16 points) in score. You can quickly recover from this by paying the balance down before the next statement cuts.
Is that balance you noted on only one card, or the sum of several? What is/are the credit limit(s)? High utilization can absolutely cause a significant drop (such as 16 points) in score. You can quickly recover from this by paying the balance down before the next statement cuts.
Given your long credit history - and assuming nothing else changed on your reports - then I'd have to conclude it's the change in overall util - that extra $100 probably put you over a threshold - resulting in a FICO punishment.
8.9%, 28.9%, 48.9%, 68.9%, and 88.9% seem to be the util thresholds that cause score changes, based on various data points. Below 8.9% gives you the most gain in points. Over 28.9% starts to hurt, but going down from 48.9% to 28.9% will result in a score increase.
8.9%, 28.9%, 48.9%, 68.9%, and 88.9% seem to be the util thresholds that cause score changes, based on various data points. Below 8.9% gives you the most gain in points. Over 28.9% starts to hurt, but going down from 48.9% to 28.9% will result in a score increase.
OP what are your scores changing from and to? It matters whether in the 600’s 700’s or 800’s.
The new new account may be a factor.
My EX is sticky, meaning it takes an accumulation of several items to move it. When was the last change in EX and what has been changing in your account during that time?
