Will opening my new chase bring my score down

Anonymous · ‎08-11-2017

I opened a new Chase sapphire reserve and of course my score was dinged which is expected but my credit limit went from 12,600 with the new card it's now 32,600 will this make my score go up or down.

Anonymous · ‎08-11-2017

@Anonymous wrote:
I opened a new Chase sapphire reserve and of course my score was dinged which is expected but my credit limit went from 12,600 with the new card it's now 32,600 will this make my score go up or down.

The extra credit limit could only make your score go up or stay the same. If it lowers your utilization significantly it could have a big positive effect. But if a new account is reported to your report it shoudl show your limit so I am confused as to your question.

Anonymous · ‎08-11-2017

The question was since my CL increased by 20000 would my score go up or down. I did the simulation of adding a new credit card with 20000 and it said eq drops 10 points trans 5 pts and exp drops 5 points wanted to know if the simulator on myfico.

Jerry45 · ‎08-11-2017

@Anonymous wrote:
The question was since my CL increased by 20000 would my score go up or down. I did the simulation of adding a new credit card with 20000 and it said eq drops 10 points trans 5 pts and exp drops 5 points wanted to know if the simulator on myfico.

Do not worry about it. It helps with Utility, but in the long run, age of accounts helps the most

Total80sKid · ‎08-11-2017

My new Chase account finally showed up on my reports and dropped my score 5 points.

When this has happened in the past, the scores usually rebound fairly quickly.

simplynoir · ‎08-11-2017

Unless your utilization is somewhat high (<10%) the only ding you'll get is probably a small decrease due to the HP and/or AAoA taking a temporary hit for 6-12 months.

Anonymous · ‎08-11-2017

@Anonymous wrote:
The question was since my CL increased by 20000 would my score go up or down. I did the simulation of adding a new credit card with 20000 and it said eq drops 10 points trans 5 pts and exp drops 5 points wanted to know if the simulator on myfico.

I'm in the same boat. Got the CSP and Power Cash this week. My uti will be 11%. Going to take a nice hit on my AAOA's. You will too unless your 20k additional credit significantly lowers utilization. If it does it could equal it out. Where your utilization dropped drastically, the new account really may not affect it. Utilization stays the same, you will get some type of hit. But garden for six months yours scores will come back.

Follow me to the garden.

Anonymous · ‎08-11-2017

My utilization is 70 dollars or of 32,600 so I should be ok

Anonymous · ‎08-11-2017

@Anonymous wrote:
My utilization is 70 dollars or of 32,600 so I should be ok

Then you may take a small hit for the new account. What is your AAOA's?

Anonymous · ‎08-11-2017

@Anonymous wrote:
My utilization is 70 dollars or of 32,600 so I should be ok

If your UTI is already under 1% to begin with ($70/$12600 = .55%), adding another 20k isn't going to change anything. However, your score will take a hit due to adding a new account therefore lowering your Average Age of Accounts (AAoA).