Fico score drop 42 points

[Gggmen]

Just asking for info on my score. I use credit karma to monitor activity on my reports. I know they use a vantage score so i also subscribe to credit agencies. My score dropped 42 and 47 points for no reason i can find. I opened a new boa card up last month but tgats a huge drop. No lates or anything else showing up on any of my reports. Any info is appreciated.

[PointsBonus]

Same here 34 points.

Following.

[Gggmen]

Did that happen this month or previously

[Anonymous]

The guru's will ask for more info, as it stands the reason could be a lot of things. 

Did you put a balance on the new card

How many new HP's do you have

How many cards do you have with a balance and their utilizations

Do you have installment loans, any recently paid off

Whats your average age of accounts

From experience, when I got approved for 2 new cards (the HP's), and then I put a balance on them (Raising the utility). Between both of those actions, I lost around 30-40 points across my scores

[Gggmen]

Yea that could be it. I do have a loan out but being paid on time. I have a few hard inquiries and i put a decent hit on a new card no apr for 15 months. Thanks for responding. Its probably multiple factors. Im just going to go take a trip to the garden now i believe. Kick my feet up and try not to stress about 3 digits that don't mean much in the bigger picture of life i suppose.

[Anonymous]

The most important reason to relax is that (as far as I can tell) the scores you mention are Vantage scores, not FICO scores.  Vantage scores can drop for nonintuitive reasons and no lenders or CC issuers use them for making decisions.

I am a little concerned about what you said regarding having subscriptions with each credit bureau.  That doesn't affect your score but does affect your wallet.  Let me know if you'd like folks here to review what you are using and see if you could save some money.  There are credit monitoring solutions that cost almost nothing (a few dollars a year) or are completely free.

[Anonymous]

1. Please confirm that these are FICO scores, not CK scores, if they're CK scores, get your FICO scores and post back.

2. What was the age of your youngest account prior to this new account reporting? If your AoYA was greater than 12 months, resetting it to 0 month can cost around 15-20 FICO points, on top of other possible negative effects.

3. What was the AAoA (average age of accounts) before and after the account reported?

4. What was the aggregate and individual UTI before and after?

[Thomas_Thumb]

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@Gggmen wrote:
Just asking for info on my score. I use credit karma to monitor activity on my reports. I know they use a vantage score so i also subscribe to credit agencies. My score dropped 42 and 47 points for no reason i can find. I opened a new boa card up last month but tgats a huge drop. No lates or anything else showing up on any of my reports. Any info is appreciated.

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If your most recent account opening (prior to the new card) was over 12 months ago, you will get hit with a new account penalty that may Fico drop score up to 20 points. In addition, you could lose an additional 5 points from an associated HP. The remaining point drop could be the result of high utilization on the new card. What was the utilization at the time the scores were pulled?

I realize you are reporting VantageScore and the VS3 scoring model looks at attributes a bit differently than Fico 8. 

[SummerOf17]

AAoA went down, been there done that. The % of new credit line account compaired & tacked on vs. the rest of whats on file. Me thinks.

[Anonymous]

As OM stated above, VS 3.0 scores aren't meaningful and can be ignored.  Nothing to worry about there with 40-50 point drops.  If you're seeing 40-50 point FICO score drops, it would matter and should be looked into as those are meaningful scores that a lender would use.

Veteran Members and Mods, is there anything we can do in this section of the forum such as a basic sticky thread that points to VS 3.0 scores being unmeaningful?  No disrespect to the OP here at all, but it's essentially a daily occurance here that people are posting thinking that the scores they're getting from a VS 3.0 source such as Credit Karma, Credit Sesame, Credit Wise, etc. are FICO scores and it's causing them unnecessary stress/worry when those scores should be ignored 99% of the time.  This after all is the Understanding FICO Scoring section and those scores being referenced [often not to the knowledge of the poster] aren't FICO scores.