Help me figure out why my FICO is acting like this...

For just about anything you want to get off your chest about credit cards.
9 posts
MR.SVT
Green Member
Green Member
 
Posts: 17
Joined: Thu Jan 24, 2013 6:42 pm
Location: United States

Help me figure out why my FICO is acting like this...

Postby MR.SVT » Thu May 22, 2014 8:26 am

Hi guys. I really dont post much (I'm more of a lurker) but I need some help regarding my FICO.

This past March I applied for a DiscoverIT card to add to my wallet since my Capital One Journey was the sole piece of plastic in there at the time. When I applied, I was approved and I noticed Discover mentioned I had a 750 at the time of approval, which I was very happy about.

Since the IT displays your FICO on every statement, Ive been noticing for the past 2 statements it has been decreasing by about 20pts each time, with no missed payments and always extremley low util ratios (5-7% on each card at most). The only thing Ive een doing differently since Ive gotten the card is using both cards a lot more and paying them off pretty much weekly - I dont think that should have an ill effect on my FICO, however.

My total credit history is only about 9 or 10 months so AAoA isnt long by any means. Im thinking the score drop has to do with the AAoA but I am not quite sure. Any insight is greatly appreciated. Thanks in advance.


takeshi
Centurion Member
Centurion Member
 
Posts: 1733
Joined: Wed Jun 05, 2013 3:12 pm
Location: US

Postby takeshi » Thu May 22, 2014 8:51 am

You'd really have to pull your TU report to verify. We can't tell just based on the symptoms alone. 5-7% utilization should be fine as long as that's reported utilization (based on what's in your reports). Your AAoA would have dropped from the new account. Have you had old accounts drop off?

Are you sure Discover provided a TU score on approval? They used EQ for me.

MR.SVT
Green Member
Green Member
 
Posts: 17
Joined: Thu Jan 24, 2013 6:42 pm
Location: United States

Postby MR.SVT » Thu May 22, 2014 8:51 pm

takeshi wrote:You'd really have to pull your TU report to verify. We can't tell just based on the symptoms alone. 5-7% utilization should be fine as long as that's reported utilization (based on what's in your reports). Your AAoA would have dropped from the new account. Have you had old accounts drop off?

Are you sure Discover provided a TU score on approval? They used EQ for me.


Yup, I just looked back in my files and the approval letter said I had a 746 FICO with the source being TU. I am going to have to pull the report when I get home.

But this has me thinking..how long does opening a new card effect FICO scores for anyway?


EDIT: Just tried pulling my TU, already pulled in this year it seems. Tried EQ and for some reason I have to mail in to get it, so I got impatient (also worried someone stole my identity lol) and tried EX. Pulled the EX report successfully and it looks fine. 2 accounts (9mo and 2mo, respectively), 3 hard inquires, a good amount of soft inquires (insurance and whatnot)...everything looks solid.

I'm wondering if opening the new card caused my AAoA to drop from what was 7mo with the sole CapOne, to slightly less due to the new card. Any ideas? Surely I was expecting a small decrease in my FICO, but 30+ points??

RewardHop
Centurion Member
Centurion Member
 
Posts: 307
Joined: Wed Jan 02, 2013 3:43 pm
Location: USA

Postby RewardHop » Fri May 23, 2014 2:28 am

You can check your TU AAoA with a CreditKarma account for free.
[size=60]
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

MR.SVT
Green Member
Green Member
 
Posts: 17
Joined: Thu Jan 24, 2013 6:42 pm
Location: United States

Postby MR.SVT » Fri May 23, 2014 8:12 am

RewardHop wrote:You can check your TU AAoA with a CreditKarma account for free.


AAoA is right at 6 months. CK has me in the high 600s, cant understand why app'ing for 1 card would cause such a drastic impact on my FICO...

Volcanon
Green Member
Green Member
 
Posts: 13
Joined: Wed Apr 02, 2014 3:06 am
Location: Massachusettes

Postby Volcanon » Fri May 23, 2014 1:03 pm

With such a limited credit history your score is more sensitive to everything. Were you adding hard inquiries too?

MR.SVT
Green Member
Green Member
 
Posts: 17
Joined: Thu Jan 24, 2013 6:42 pm
Location: United States

Postby MR.SVT » Fri May 23, 2014 5:10 pm

Volcanon wrote:With such a limited credit history your score is more sensitive to everything. Were you adding hard inquiries too?


Nope, the only hard inquiry I've added in the past 9mo was the app for the Discover card.

I still cant believe it knocked me a good 40+ points...I'm just praying it doesnt get any lower on my next statement. I've heard of people expecting a couple point ding when app'ing for a new card but never this much!

RewardHop
Centurion Member
Centurion Member
 
Posts: 307
Joined: Wed Jan 02, 2013 3:43 pm
Location: USA

Postby RewardHop » Sat May 24, 2014 5:20 pm

MR.SVT wrote:Nope, the only hard inquiry I've added in the past 9mo was the app for the Discover card.

I still cant believe it knocked me a good 40+ points...I'm just praying it doesnt get any lower on my next statement. I've heard of people expecting a couple point ding when app'ing for a new card but never this much!


Since your credit file is young, it will have a bigger impact. Nothing to worry about as you have to take a hit to get some cards in the first place but overall time this won't be an issue.
[size=60]

Amex BCE: 3% grocery, 2% gas

Bank of America Better Balance Rewards MC: $25/quarter bonus

Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities

Capital One Quicksilver Visa Signature: 1.5% everything

Chase Freedom Visa Signature: 5% rotating

Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com

Discover It: 5% rotating

SallieMae MC: 5% Groceries, Gas, Amazon

US Bank Cash+ Visa Signature: 5% electronic stores, restaurants

Sock Drawered: Chase Sapphire, Chase Amazon[/size]

MR.SVT
Green Member
Green Member
 
Posts: 17
Joined: Thu Jan 24, 2013 6:42 pm
Location: United States

Postby MR.SVT » Sun May 25, 2014 8:21 pm

RewardHop wrote:Since your credit file is young, it will have a bigger impact. Nothing to worry about as you have to take a hit to get some cards in the first place but overall time this won't be an issue.


I see. Ill keep you guys posted on next months score...thank you for all the advice, much appreciated.



Return to “General Credit Card Talk”

Who is online

Users browsing this forum: No registered users and 2 guests