Jump to content

Is this BIG of drop normal?

Recommended Posts

Hi All

In building our credit we have decided to apply for a CC and was granted one from BOA...I have read that your Credit Score drops a few points when you first open a CC, however my hubby's score before the CC with Equifax was 706 and now is 644 thats a 62 point drop...is this normal? TransUnion didnt change and Eq dropped 14 points.

Anyone have idea's or suggestions?

Thanks so much

Link to comment
Share on other sites

I would say no. I've added a car, mortgage and credit cards over the years and have never had a drop of more than 5-10 pts for a new account. Sometimes it goes UP 10-15 pts...I think it's a misnomer to think it always go down. So a 60+ pt drop means something else is going on.

Come to think of it, a new account might lower the average age of ALL of his accounts so while it's possible, without seeing the file I couldn't tell you. I guess it could happen though. Like I said, I've been doing this a while and never seen it, so...possible, probably. How likely however is another story.

Link to comment
Share on other sites

This topic is now closed to further replies.

  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.. For more information, please see our Privacy Policy and Terms of Use.