Opened One Credit, Score dropped MASSIVELY!

[Anonymous]

For 5 years, I had a Wells Fargo credit that was around $3,000. I didn't like the bank, so I paid everything and opened a Chase Credit card that gave me $10,000. My FICO Score was in 820s, the next month I checked the score, it had dropped to 741! 80 points drop. I only applied for one credit from one bank, not any others. I also always have been paying multiple times a month, vertually no late payments.

Things that had changed:

1. Having the Wells Fargo credit still open, but not actually using it.

2. Having a larger amout of credit, but not using as much. For Instance, I was probably using 60% of the $3,000 before, now I use 20% of the $13,000.

3. Simply opening a new line of credit. 

[Anonymous]

A few questions:

*  When was the last time you used your Wells Fargo card?

*  Where were you getting the credit score from, the one that dropped?

*  When did that score drop?

*  When did you open the Chase card?

*  Have you pulled your reports lately?  (not scores, but reports.)  If so, is the WF card still listed as open?  Where did you get the report from?

*  Aside from the Wells Fargo and Chase cards, do you have any others?

[Anonymous]

OP, I can assure you that your FICO score didn't drop 80 points from the opening of an account.  Something else happened/changed. 

You also used the phrase "virtually no late payments" which isn't NO late payments.  This suggests the presence of negative information, which can damage a score worse than any other scoring factor.  It would be helpful to know what late payments you have (severity and age) on your report. 

[Anonymous]

I'm betting its a Vantage Score 3.0 score....  they seem to "revert to the mean" when you open additional accounts. 

[Anonymous]

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@AnonymousI'm betting its a Vantage Score 3.0 score....  they seem to "revert to the mean" when you open additional accounts. 

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He did say "FICO" in the original post, unless he was using that term loosely simply to mean "score" when in fact it wasn't a FICO score.  Hopefully the OP stops back in an references the source of his scores.