Equifax dropped 60 pts After Opening New Card

[CaroleBaskinBB]

I have excellent credit (scores in 830s) and high income and after opening a new Wells Fargo card with a $20k limit and charging $2k on it, my equifax score dropped 60 pts!  The other bureau scores dropped a bit but I'm shocked by the 60 pt drop. My credit utilization across the bureaus is very low. Is such a drop normal? I'm hoping it will rebound soon and will make sure the balance is zero the next time it reports. 

[SouthJamaica]

---

@CaroleBaskinBB wrote:

I have excellent credit (scores in 830s) and high income and after opening a new Wells Fargo card with a $20k limit and charging $2k on it, my equifax score dropped 60 pts!  The other bureau scores dropped a bit but I'm shocked by the 60 pt drop. My credit utilization across the bureaus is very low. Is such a drop normal? I'm hoping it will rebound soon and will make sure the balance is zero the next time it reports. 

---

No, it wouldn't be normal.  Where did you get the score from?

[CaroleBaskinBB]

I got the score from my fico as an alert. Transunion went down 18 pts and Experian went down a bit too with this new acct. 

[SouthJamaica]

---

@CaroleBaskinBB wrote:

I got the score from my fico as an alert. Transunion went down 18 pts and Experian went down a bit too with this new acct. 

---

Well the EQ score change was probably attributable, at least in part, to something else.

[4sallypat]

I thought WF was a EX puller ?

When I apped for 4 new personal and 2 new business cards, my EX dropped 24 points as they almost all pull from EX.

TU and EQ dropped only 2 points as 1 was pulled from TU and 1 from EQ.

Figure that out.

[CaroleBaskinBB]

I know WF pulled my transition score. Equifax was also high so it wouldn't have mattered. The alert on my fico just says new acct and acct balance of around $2k and nothing else.  I religiously pay my bills so I have no idea what else it could be. 

[OmarGB9]

Perhaps it was the new account along with a reported balance. What was your reported utilization before the new card?

[CaroleBaskinBB]

I'm wondering if it's the balance, too.  Utilization was very low, like $1,700 across $60k lines of credit. This credit line brings it to $80k.