@Gsobbie wrote:Hi all. I have been lurking here for a couple years and finally felt the desire to post. Really strange thing happened today --
Had a KeyBank Latitude with a SL of $3500. Applied for and received KeyBank Cashback (SL $1000) so I could take advantage of the 2% cashback. Unfortunately, KeyBank won't combine CLs so I requested, and was approved, to switch them. Latitude now $1000 and Cashback $3500. In the meantime, I closed a low limit card ($600) to replace with new KeyBank limit. Additionally, I opened a Home Depot SL $500 earlier this month.
Today, Latitude reported 0 util of (lowered) $1000 limit but Cashback card hasn't yet arrived -- so no report. Looking at Experian's website, my FICO 8 dropped 20 points!! (680-660).
The changes listed include: 1) Your total credit limit decreased by $2600; 2) AAoA went from 3yrs 10mos to 3yrs 9mos; 3) Age of newest account now 1 month; 4) your total balance on all accounts decreased $860. Also, I am currently showing all zeroes on credit cards because I am transitioning my AZEO card to be my Discover instead of NFCU. Last month I was showing 1% on NFCU Flagship.
Any thoughts as to what would cause this large of a drop in my score?
Thanks in advance.
My money's on the age of youngest account as the culprit. When was your last new credit card before this one? If it was more than 12 months ago, you were on a higher scorecard, and just got bumped to a lower one.
@Gsobbie wrote:Hi all. I have been lurking here for a couple years and finally felt the desire to post. Really strange thing happened today --
Had a KeyBank Latitude with a SL of $3500. Applied for and received KeyBank Cashback (SL $1000) so I could take advantage of the 2% cashback. Unfortunately, KeyBank won't combine CLs so I requested, and was approved, to switch them. Latitude now $1000 and Cashback $3500. In the meantime, I closed a low limit card ($600) to replace with new KeyBank limit. Additionally, I opened a Home Depot SL $500 earlier this month.
Today, Latitude reported 0 util of (lowered) $1000 limit but Cashback card hasn't yet arrived -- so no report. Looking at Experian's website, my FICO 8 dropped 20 points!! (680-660).
The changes listed include: 1) Your total credit limit decreased by $2600; 2) AAoA went from 3yrs 10mos to 3yrs 9mos; 3) Age of newest account now 1 month; 4) your total balance on all accounts decreased $860. Also, I am currently showing all zeroes on credit cards because I am transitioning my AZEO card to be my Discover instead of NFCU. Last month I was showing 1% on NFCU Flagship.
Any thoughts as to what would cause this large of a drop in my score?
Thanks in advance.
Two new accounts, AoYA reset, no reported balances. There ya go. Scores in the 660's get hit a bit more than folks with 750's when it comes to new accounts and such.
@Gsobbie wrote:No. I think I had a card 2 months old and before that would have been January 2022. I also have new student loans from May. So not more than 12 months before this change.
BTW: New KeyBank card does not show up as a HP on any of my reports.
It's because all revolving accounts reported zero balances. I missed that on the first reading of your original post.
You simply experienced the "all zero penalty". Whatever points it cost you will be restored as soon as one of your revolvers reports a balance.