OUCH! (Too) Big hit on my score.

[PastorH]

In July, I shared my testimony of how MyFICO helped me get my score up to 840. (http://ficoforums.myfico.com/t5/Credit-Cards/I-pray-that-my-testimony-encourages-others/m-p/4681382/...

Shortly afterward, I applied and was approved for a Citibank Double Cash Back Card.  I had done very well using cash back from my Chase Freedom and Discover cards, and since I always PIF, was interested in the 2% the Citi Card offers. The first month after the approval, my credit score went down seven points, (833) and I thought it normal, since there was a new card and hard inquiry.  But I just saw my most recent FICO score provided by Discover, and it has gone down to 809, a 31 point drop since applying for the Citi card.  Is this normal??? 

Would love some feedback?  Thanks

[Christina_xyt]

i didn't read your previous post so maybe i don't know enough..

i think it's normal though.. with 2 more relatively new cards, your AAOA will drop quite a bit? (unless you have a long long history already) also maybe there's other factors impacting your score?

[dragontears]

My guess is that the 7 point drop was dur to the inquiry only, the larger drop was due to the new account. Normally after 6 months or so your score should recover

[PastorH]

Hi Christina

There was only one new card - Citi Double Cash.  But I hadn't considered the effect of AAoA. Could be a factor. Thanks.

[PastorH]

Thanks, dragontears.  If so, I'll look forward to the 6 months.

[longtimelurker]

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@PastorH wrote:

Thanks, dragontears.  If so, I'll look forward to the 6 months.

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It still seems a little large to me, as you have at least 7 accounts + a mortgage (from your previous posts).   But I think things can have a larger impact at the higher end of the range.   The good news is that is has very little real-world importance, 800+ is more than good enough 

[newhis]

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@dragontears wrote:
My guess is that the 7 point drop was dur to the inquiry only, the larger drop was due to the new account. Normally after 6 months or so your score should recover

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+1

Maybe the card didn't report for first drop, so only the HP was used for the drop in score. After the new card reported, then that and the lower AAoA was used for the larger drop.

I guess that if the AAoA changed 'buckets', that will affect more.

[austinguy907]

Pastor,

Sit back and enjoy your new plastic.  It's not the end of the world as you're still over 800 even with the drop.  Even if you were about to apply for something big like a car or mortgage you'd be sitting pretty still for the best rates.  Time is the best medicine for score recoveries.

[PastorH]

Thanks longtimelurker:

As others have commented, I agree and pray that it will iron out ... and recover ... in due time.  809 is still real good.

Many blesings to you.

[peghede]

850 doesn’t buy you anything but bragging rights.