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I was so happy to finally hit above 720 on EX (I'm above 700 on TU and EQ, as far as I know, but below 720). My Discover card finally began reporting last week, and it caused my score to dip a bit 6 points to 721. No biggie. Well, today I logged in and saw a 6 as the first digit of my score, I screamed. It dropped 23 more points, and there does not seem to be a discernible reason as to why.
I am wondering if this will change (hopefully for the better) when my AMEXes start reporting (they are not as of yet, and they are almost a month old), or if my score(s) will continue to tank. I knew the risk of them dropping a bit because of new accounts and HPs, but DANG!
@Madyun1982
I just got a notification that my experian score dropped 10 points. I'm confused because nothing in my profile has changed.
Yes something did change, you just need to figure out what. It's impossible for a FICO score to change without your profile changing, as the score is generated completely on the data pulled. If the score is different, the data is different.
OP, the original 6 points that you saw your score drop... did that come after the new account reported, or before? 6 points is about what you'd expect to see from a HP, so that score drop would come well before the account ever reported. As for when the account reports, the question there is related to your age of accounts. How much did your AAoA drop? What was it before/after? How about your AoYA? How old was your youngest account before opening Discover? If your youngest account was 12+ months old, your age of youngest account dropping to 0 months with the new account would typically result in a score drop to the tune of 20 points.
I am not as knowledgable as BBS but after no new accounts for a couple of years and 10 years prior to that my scores dropped 6 pts with EX and 4 with TU when the inquiry showed up. Once the new account reported I lost 9 pts with EX, 12 with TU and 16 with EQ. My AAoA dropped to 11+ years which I don't think crosses any threshold to negatively impact my score but from what I've learned here, the reset of AoYA to 0 from 2+ years is why I took the hit. Which my understanding is I will get these points back once the new account reaches a year.
You are 100% correct above in that the inquiries and AoYA drop across a threshold (12 months) were the reasons for the score drop and that an AAoA drop from anything > 11 years down to 11 years wouldn't impact score at all, as no thresholds would be crossed there.
I just got an Equifax notification that my score dropped by 6 points. I feel your pain!
I feel you
@Anonymous wrote:I was so happy to finally hit above 720 on EX (I'm above 700 on TU and EQ, as far as I know, but below 720). My Discover card finally began reporting last week, and it caused my score to dip a bit 6 points to 721. No biggie. Well, today I logged in and saw a 6 as the first digit of my score, I screamed. It dropped 23 more points, and there does not seem to be a discernible reason as to why.
I am wondering if this will change (hopefully for the better) when my AMEXes start reporting (they are not as of yet, and they are almost a month old), or if my score(s) will continue to tank. I knew the risk of them dropping a bit because of new accounts and HPs, but DANG!
I truly feel your pain. I can't even look at my credit score right now. I have been on a roller coaster ride of approvals since May 2018. 11 new accounts. Including 2 AMEX cards. I love it but now I'm paying for it. My credit score has dropped 83 pts!!!!!!!!!!! EEEEEKEKEKEKE!!!! 2 of my cards are right at a 50% utilization. My AMEX everyday card has a low starting line of $1000 but it's at about 80% utilization. My income took a bit of a tank right when I got some of the cards so I had to use them to get by for a few weeks(I'm a musician...work got slow). Will be paying them off by the spring. The others are at 0 balance. I'm not gonna check my score for a few months. Just gonna concentrate on paying them both down. Heartbreaking to see anything in the 600's. lol