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Help...credit card apps tanked my score

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Member

Help...credit card apps tanked my score

All:

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?

 

 

Message 1 of 16
15 REPLIES 15
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Valued Contributor

Re: Help...credit card apps tanked my score

Before we start, can you confirm from where you are getting your scores? Is it a FICO score or Vantage 3 (ie. Credit Karma, Transunion site, Wallet Hub, etc)?

Welcome to the forums!
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 05/2020: EX 780 ✦ EQ 758 ✦ TU 781
Current FICO 9s | 04/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.1 years not incl. AU / 3.5 years incl. AU
My AoOA: 7.3 years not incl. AU / 9.3 years incl. AU
Inquiries: EX 1/6 | 1/12 ✦ EQ 1/6 | 1/12 ✦ TU 1/6 | 1/12
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Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 2 of 16
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Valued Contributor

Re: Help...credit card apps tanked my score

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)?


Young profile, but no derogs. In March of 2019, I had no open accounts, a charge-off, two collections, and scores in the low 500s. The only thing in my signature that was on my CRs then was the old closed Exxon card. I am a MyFICO monthly paying customer. One might think my perspective would be welcome here, but ...
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Authorized user / Corporate / Auto loan

Card CLs total $81,100, not counting the AU card. In March 2019, card CLs totaled $0. In April 2019, card CLs reached $500. Since then, I received a lot of great advice on this board, as well as a lot of advice I didn't take, that is good for most situations, but not mine. Bronze spade on July 3.
Closed but still on reports: ExxonMobil, $950, 10/08-02/11 (Equifax only) | Citi secured, $200, 04/19-09/19 | Capital One secured, $300, 04/19-08/19 | My Jewelers Club, $5,000, 05/19-08/19 | Green Dot Primor, $300, 05/19-08/19 | Self Lender secured $500 loan, 04/19-01/20 | Unsecured personal loan from Coastal, $1,000, 06/19-08/19.
Message 3 of 16
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Member

Re: Help...credit card apps tanked my score

My apologies...that should say I opened two cards...not to.

 

The scores came from NFCU...it's the FICO 9.

 

Thanks!

Message 4 of 16
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Established Contributor

Re: Help...credit card apps tanked my score

92% is maxed out land regardless of overall util. DH had one card < 88.9 (due to BT promo) and once he got a CLI/paid it down < 48.9 his scores went up 30 points. 92% needs to be addressed regardless if it's fully responsible for the point change.








Message 5 of 16
Highlighted
Member

Re: Help...credit card apps tanked my score

So you would transfer part of the balance to decrease the card utilization?
Message 6 of 16
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Valued Contributor

Re: Help...credit card apps tanked my score

FICO 9... i guess that makes a bit more sense. We don't have a lot of data points about FICO 9 but I've noticed, in my case, it's much more sensitive to individual util than my FICO 8. The near-max card plus new account penalties may have dropped your scores that much - especially if the new accounts dropped your average age of accounts below a scoring threshold.

I would try to split that balance up between 2 or more cards, if you can.

Nothing but time will heal any new account penalties.
Personal Aphorism:
"Forget What You Feel, Remember What You Deserve"


Starting FICO 8s | 09/2017: EX 641 ✦ EQ 634 ✦ TU 647
Current FICO 8s | 05/2020: EX 780 ✦ EQ 758 ✦ TU 781
Current FICO 9s | 04/2020: EX 793 ✦ EQ 780 ✦ TU 778
2020 Goal Score | 800s


My AAoA: 3.1 years not incl. AU / 3.5 years incl. AU
My AoOA: 7.3 years not incl. AU / 9.3 years incl. AU
Inquiries: EX 1/6 | 1/12 ✦ EQ 1/6 | 1/12 ✦ TU 1/6 | 1/12
Report Status: Clean


Without patience, we will learn less in life. We will see less. We will feel less. We will hear less. Ironically, rush and more usually mean less.
Message 7 of 16
Highlighted
Member

Re: Help...credit card apps tanked my score

Okay...I can. I have plenty availability on my NFCU cards. I will balance transfer some of the Chase card. My AAOA was previously around 15 years old...but those 2 cards, evidently, quickly changed that!
Message 8 of 16
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Moderator

Re: Help...credit card apps tanked my score

One maxed out card with brand new mortgage will do it.
Maxed out card will carry a hefty penalty regardless of profile, and if you add brand new, fully utilized mortgage loan, it adds up.
How many points are lost will depend on which FICO version you're looking at, but there isn't a single model in which those two would not be felt.
I'm not sure how many points list can be attributable to new accounts, but if you've gone for a year without opening any new ones, that will lead to loss, also.
You have plenty of cards to try and move around some of the balance that's currently on slate, unless you're planning on paying it, or you still have plenty of time left with 0% promo.
I'd still move it around a bit, because possibility of AA is there, especially with such a large drop.
Good luck and I hope you get your points back soon
Message 9 of 16
New Contributor

Re: Help...credit card apps tanked my score

Maybe to take pressure off the utilization you could open the AMEX blue business plus, balance transfer and pay it off 👍





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Message 10 of 16
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