Major credit score drop

[fedxboy]

Okay, long story short........

Just last week, app'd for BofA Spirit Airlines World MC and instantly approved.  I thought, Great!! 

Although, I didn't realize until 2 days later that BofA, took 5.7k from my Alaska Airlines Visa Sig's 12k limit and left me with a 6.3k credit limit. 

Not so great is:  I already had a major balance on a 0% BT, so my utility SPIKED from the borrowed funds to open a new card and it's already reported to EX and EQ.  I went from 44% utility (I was fine with that) to 84% and my score dropped from 721 to 632, which I'm not happy with at all!!     My overall utility is fine, but this one card.

The damage is unreal and 632 is not a good score. Obviously, you don't get the cards I have with a 632 score.  I'm thinking the next 30 days are going to be hell with a couple of account closures, since BofA says they don't do mid-cycle updates. I've already brought the utility down to 19%, but that does no good if I have to wait till next months reporting.

What can I do?   Plead to have them re-update my statement balance???

Sitting and Fretting

[K-in-Boston]

Are those FICO or FAKO scores?! I've had dips of 15-20 points from BT timing when I had several cards over 80%, but never 89 points!!! Is the new card already reporting? A new account could contribute some points downward and depending on your profile so could the HP.

[fedxboy]

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@K-in-Boston wrote:
Are those FICO or FAKO scores?! I've had dips of 15-20 points from BT timing when I had several cards over 80%, but never 89 points!!! Is the new card already reporting? A new account could contribute some points downward and depending on your profile so could the HP.

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I realize my scores are from USAA and are  3.0 vantage scores, so moreoreless Fako, but they are relatively comparable to my actualy Ficos as of late.  I subscribe to USAA's daily pulls and get to watch the dmg unfold.. The new account (Spirit) or shall I say (mini-spree) hasn't reported yet.  The drop is from Alaska's update, higher utility and lowered CL, reporting on May 30

[CreditCuriosity]

Pull your real fico's gurantee the damage isnt as bad..  Anyways FICO has no memory and your scores will be close to what they were prior to this mishap next month and doubt you will get any AA until it reports next with a lower utilizastion. Best of luck!

[K-in-Boston]

Okay breathe. Vantage 3.0 is FAR more sensitive to things like this. My TU 3.0 is 100 points lower than my TU FICO 08! Nobody uses Vantage 3.0 so you should be fine. If in doubt, there are many places to grab updated FICO 08s.

[Aduke1122]

Take a deep breath , Fako has a huge hit for UTi and when mine gets hit with them 30 pts drops I check my fico and realize it has hardly changed at all

[Anonymous]

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@fedxboy wrote:

Okay, long story short........

Just last week, app'd for BofA Spirit Airlines World MC and instantly approved.  I thought, Great!! 

Although, I didn't realize until 2 days later that BofA, took 5.7k from my Alaska Airlines Visa Sig's 12k limit and left me with a 6.3k credit limit. 

Not so great is:  I already had a major balance on a 0% BT, so my utility SPIKED from the borrowed funds to open a new card and it's already reported to EX and EQ.  I went from 44% utility (I was fine with that) to 84% and my score dropped from 721 to 632, which I'm not happy with at all!!     My overall utility is fine, but this one card.

The damage is unreal and 632 is not a good score. Obviously, you don't get the cards I have with a 632 score.  I'm thinking the next 30 days are going to be hell with a couple of account closures, since BofA says they don't do mid-cycle updates. I've already brought the utility down to 19%, but that does no good if I have to wait till next months reporting.

What can I do?   Plead to have them re-update my statement balance???

Sitting and Fretting

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Your not going to lose 89 FICO points.

[Aduke1122]

Go to Credit Check total if you don't have it already and get the 1 dollar one week trial , with that you get all 3b reports and fico 08 scores . If you wish to cancel bf your trial is up then call Customer service and let them know and they will offer you a 50% discount on their service for a year making it 14.99 a mth . I find total peace knowing I can see my real fico and anything I get them crazy updates from my Usaa service or CK I know it's total Bs

[Meanmchine]

My Fako TU was 772. It dropped 19 points today and all that happened was an old $0 account posted a balance of $35 and a small CLI of $300. FICO didnt budge an inch Go figure

[AverageJoesCredit]

No MM, Go FAKO