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I opened to cards (AMEX Blue/Chase Slate) last month and my score dropped from 771 to 667. Do you think this was because of the hard pulls or because I have 1 card that is at 92% utilization. My overall usage is around 12% as I have some store cards that have no balance. Below are my cards:
NFCU Platinum 0/25,000
NFCU Cash Rewards6500/25,000
US Bank Cash+ 0/9,000
Chase Freedom 0/10,400
Chase Slate10,932/11,900
Regions 1,300/10,000
BOA Cash Rewards 0/15,400
BOA Platinum 0/20,400
Citi Double Cash 0/25,000
Amex BCP 0/12,600
Amex Everyday 4,200/10,000
Cap 1QuickSilver 0/4,000
Discover IT 0/33,000
Barclay 4500/15000
Penfed 0/1,000
Mortgage 248,000/250000--just refinanced in October.
I am paying interest of 1.99% or lower on all of the cards except Regions. Was it the credit pulls that tanked my score or the 92% utilization on the Chase card? If I need to, I can transfer any balance to help with utilization to my NFCU rewards but then I would be paying 1.99%b interest versus 0%. It will take me 1.5 years to pay it all off. However, I hate to see my score in the 660s. I will be buying an SUV mid-year and I want to get the lowest rate available...I have previously gotten the lowest APR on any car loans.
My last late payment on anythign was probably 15 years ago.
I know this isnt a big deal for some but I am in a funk about it! And I want to make sure that I get that low APR for my car loan.
Any advice?
It doesn't seem likely to me that a couple of inquiries or a couple of new accounts would drop your score that much, given the number of established accounts you have. The 92% utilization card surely hurts, but again, your overall utilization isn't bad. More info about where the scores are coming from would help. Is it possible it's two different score sources (apples and oranges)?
My apologies...that should say I opened two cards...not to.
The scores came from NFCU...it's the FICO 9.
Thanks!
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Updated: 4.15.20