This month applying for the Chase Sapphire Preferred and having that report over this last weekend, lost 4 points for the inquiry but hoping to gain more back, also had 2 re finance denials and 1 approval so altogether brough my scores down 10+ points on FICO but Vantage scores took a dump from 690 down to the 650s-640s. My Amex should be reporting by next week, second statement. Should i expect to equalize the point loss or come back with slightly higher scores than before ?
Oh and on top of those, i closed my Capital One secured card.
Starting Score: 512
What are you doing that you expect points to come back? Aging metrics, new account flags, and hard pulls typically drag on a credit score for a long while. Until you get back your AAoA recovered, new accounts age, and your inquiries fall off I wouldn't expect that ANY score increases.
@Mdowning30 wrote:This month applying for the Chase Sapphire Preferred and having that report over this last weekend, lost 4 points for the inquiry but hoping to gain more back, also had 2 re finance denials and 1 approval so altogether brough my scores down 10+ points on FICO but Vantage scores took a dump from 690 down to the 650s-640s. My Amex should be reporting by next week, second statement. Should i expect to equalize the point loss or come back with slightly higher scores than before ?
Oh and on top of those, i closed my Capital One secured card.
1. No comment on Vantage scores. They are volatile, and to my view, not significant.
2. Your FICO scores are not on a roller coaster ride, unless you are on a very tame roller coaster. Your FICO score moves are tiny.
3. You can expect your FICO scores to dip further, as @TheKid2 and @GatorGuy have already predicted. In 3 or 4 months, if you can go that long without applying for anything, you may get those points back.
Well put...im just anxious to see what shows up by next week. Atleast i got my auto re finance out of the way which was the major financial loan i really wanted to change. Not worried about a mortgage anytime soon.