50-point FICO drop for new card app. Normal?

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badger83
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50-point FICO drop for new card app. Normal?

Postby badger83 » Wed Oct 05, 2016 12:35 pm

So, I got a new card two months back, and my FICO (which I can see via my Barclays account) went from 811 to 765.

No errors on my reports. This is the only thing I changed credit-wise in over a year. I've got:

New card: 2 months old
2-year-old card
7-year-old card
Very old dept store card (closed years ago, but still reporting)

Student loans -- paid off.

Is it normal to get dinged that bad over a new app? It just seems drastic to me.


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CarefulBuilder14
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Re: 50-point FICO drop for new card app. Normal?

Postby CarefulBuilder14 » Wed Oct 05, 2016 12:49 pm

How recently did you finish paying off the student loans?
Keeping indefinitely: IHG, SchwabPlat, CSP, Discover, Freedom, ED, BCE, Hyatt
May close or PC: Prestige, Arrival, BrooksBros
AA Platinum converting into Costco

Might add: Proper business card, CSR, Ritz, Delta Gold, First Tech
Letting new accounts cool off since May

badger83
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Re: 50-point FICO drop for new card app. Normal?

Postby badger83 » Wed Oct 05, 2016 1:50 pm

CarefulBuilder14 wrote:How recently did you finish paying off the student loans?


Just shy of three years ago.

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kcm7
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Re: 50-point FICO drop for new card app. Normal?

Postby kcm7 » Fri Oct 07, 2016 3:21 pm

Maybe it's the combination of the inquiry plus the lower average age of accounts caused by your new card?

I've had some weird score blips, too that left me going, "Huh?"
Cards:

-Capital One Quicksilver
-Barclaycard Arrival (no AF)
- US Bank (no rewards)
-IHG

badger83
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Re: 50-point FICO drop for new card app. Normal?

Postby badger83 » Mon Oct 10, 2016 9:47 am

kcm7 wrote:Maybe it's the combination of the inquiry plus the lower average age of accounts caused by your new card?

I've had some weird score blips, too that left me going, "Huh?"


That makes a lot of sense, based on what I've been reading about scores. I'm hoping it bounces back soon once I start using the new card and getting those on-time payments reporting on yet another account.

JonE
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Re: 50-point FICO drop for new card app. Normal?

Postby JonE » Wed Oct 12, 2016 11:01 am

It could if you have a thinner credit file and are just getting started. I had some weird stuff happen when I closed/opened accounts. Closed credit one, score went up 20 points. Opened Discover, score was stagnant.
Wallet: Chase Freedom, Discover IT
Chopping Block: Synchrony
Future: TBD

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Re: 50-point FICO drop for new card app. Normal?

Postby Thumpinhard2525 » Wed Oct 19, 2016 1:59 pm

I'm not sure on credit card. But I recently took out a new auto loan after paying off my last. My credit score dropped from 774 to 730.

badger83
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Re: 50-point FICO drop for new card app. Normal?

Postby badger83 » Mon Oct 24, 2016 3:49 pm

Wow, that was a quick recovery!

Not quite up to its former glory, but it sprang back quite a bit:

Image

Thanks, everyone, for weighing in.



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