CarefulBuilder14 wrote:Do you have a short total credit history?
Discover took about 1.5 months from the time I opened the account to report to TransUnion. Perhaps this new account has lowered your average age of accounts (a component of your FICO score)?
734 to 717 isn't a huge drop.
PlyrStar93 wrote:How is your utilization reported to bureaus? Even if you pay off entire balance before due date, utilization reported could still be high; also when having multiple accounts, each account should be kept a low utilization (which means if card A has high utilization while cards B and C have 0 utilization, it's still not good).
Korey wrote:My cards right now:
Kohls - $-12/$300 (They did some adjusting due to my percent off) 1 yearish
5/3 Secured Master Card - $0/$500 1 yearish
+ new discover
Korey wrote:makes sense. I usually don't use my kohls charge, but I do on occasion to get my scratch offs/employee discount. what should utilization be on each account?
flan wrote:Twenty points is about right for a new account drop. There are two components to that drop. One is the new account itself. The other is that the average age of accounts drops, and with a short thin file, that's a big drop.
Korey wrote:I noticed on my second statement that my FICO score dropped. Is there a reason for this?
Korey wrote:I also did make a few online purchases maybe $200-$300 worth, and ended up returning it (I am picky with clothes). Could that be it?
Korey wrote:what should utilization be on each account?