Credit Score Increased After I Getting New Card

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Stros05
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Credit Score Increased After I Getting New Card

Postby Stros05 » Wed Oct 26, 2016 11:27 am

I recently got a new credit card - the Chase Sapphire Preferred. After getting the card, I noticed that my credit score went up about 50 points. I have been looking at what changed in my credit profile and it looks like the only change is in my credit utilization percentage. The card has a large credit limit, but I have not increased my spending. So, my available credit is much higher and my credit utilization is much lower. Has anyone else experienced this after getting a new card?


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Vattené
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Re: Credit Score Increased After I Getting New Card

Postby Vattené » Wed Oct 26, 2016 4:12 pm

I haven't experienced it, and it's probably a bit unusual. Typically, after adding a new card one's score dips temporarily because of a HP and AAoA going down. That said, it's certainly possible to see an increase immediately. As you mentioned adding this card both increased your total available credit and decreased your utilization. These are also factors that go into one's score, and the impact on a score just depends on all of the factors at play. For you, it turned out to give you a boost.
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MariaCreditCardForum
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Re: Credit Score Increased After I Getting New Card

Postby MariaCreditCardForum » Sat Oct 29, 2016 10:35 am

I had a similar experience when I applied for the Chase Sapphire Reserve. I was approved and figured my credit would take a temporary hit but my FICO score has actually climbed a few points. Anyone else with data points?

Taalar
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Re: Credit Score Increased After I Getting New Card

Postby Taalar » Sat Nov 12, 2016 12:25 am

Yes, if you have not had many inquiries this can definetly happen. 50 points is a lot though. If your credit utilization went from 75 to 25% or something that would make sense.

Stros05 wrote:I recently got a new credit card - the Chase Sapphire Preferred. After getting the card, I noticed that my credit score went up about 50 points. I have been looking at what changed in my credit profile and it looks like the only change is in my credit utilization percentage. The card has a large credit limit, but I have not increased my spending. So, my available credit is much higher and my credit utilization is much lower. Has anyone else experienced this after getting a new card?
Chase Sapphire Reserve Visa Infiniti $59,500
Bank of America Cash Rewards Visa Signature $47,500
American Express Blue Cash preferred. $35,500
Capital one Quick Silver Visa Signature $25,000
USAA Limitless Cashback Visa Signature $25,000
Experian 838 Transunion 833 Equifax 855

Tubpbs
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Re: Credit Score Increased After I Getting New Card

Postby Tubpbs » Sat Nov 12, 2016 5:17 pm

Taalar wrote:Yes, if you have not had many inquiries this can definetly happen. 50 points is a lot though. If your credit utilization went from 75 to 25% or something that would make sense.

Stros05 wrote:I recently got a new credit card - the Chase Sapphire Preferred. After getting the card, I noticed that my credit score went up about 50 points. I have been looking at what changed in my credit profile and it looks like the only change is in my credit utilization percentage. The card has a large credit limit, but I have not increased my spending. So, my available credit is much higher and my credit utilization is much lower. Has anyone else experienced this after getting a new card?


I agree with this BUT it seems unlikely the OP would get a large approval with 75% utilization. That's the only thing that doesn't make sense, but that doesn't mean it didn't happen.
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Re: Credit Score Increased After I Getting New Card

Postby dacat11 » Mon Feb 13, 2017 1:07 pm

I had similar experience after receiving Chase Sapphire Reserve card (34k limit). Credit score up almost 100 points to 847 after getting this card in less than a month. I have less than 1% utilization reporting each time and always pay in full. Spouse's score went to 850 which I've never seen.
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TXviking
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Re: Credit Score Increased After I Getting New Card

Postby TXviking » Fri May 05, 2017 1:18 pm

Stros05 wrote:I recently got a new credit card - the Chase Sapphire Preferred. After getting the card, I noticed that my credit score went up about 50 points. I have been looking at what changed in my credit profile and it looks like the only change is in my credit utilization percentage. The card has a large credit limit, but I have not increased my spending. So, my available credit is much higher and my credit utilization is much lower. Has anyone else experienced this after getting a new card?


I've had the same experience a few times in the past. I attributed it to higher total available credit and lower utilization percentage, but I can of course only speculate.



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