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I just saw my Equifax score fall 12 points after Bank America updated my account from securede credit card to credit card. On top of that 2 of my Cap one accounts reported lower balances of $117 and $802.
What the hell......No new accounts, inquires, AAofA should be going up, Utilization is down almost 2%, no lates, same baddie still reporting.
Should I open a new secured account with OpenSky to gain back some points?
@slund5499 wrote:I just saw my Equifax score fall 12 points after Bank America updated my account from securede credit card to credit card. On top of that 2 of my Cap one accounts reported lower balances of $117 and $802.
What the hell......No new accounts, inquires, AAofA should be going up, Utilization is down almost 2%, no lates, same baddie still reporting.
Should I open a new secured account with OpenSky to gain back some points?
Opening a new account would result in a new HP inquiry and lower your AAoA... The credit score drop is temporary. Are you going to apply for a loan any time soon? If not then just sit on it for the next few months and let your score correct itself.
I'm not sure exactly how it's factored in to scores, but you did just become a slightly riskier profile. The amount of your credit line on the card that just graduated is no longer a secured debt, making it easier for the card company to lose money should you default. Just keep being "good" and those points will come back in no time.
In your signature you report a new AU card for 12/9/15. Maybe that card lowered your AAoA and that is why you got the lower score?