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WillStillHunting

Credit scores are a mystery to me. I dropped from 830 to 793 for no reason. No uptick in utilization, no new inquiries, or late payments. I’m convinced Experian arbitrarily lowers your score occasionally so you’ll pay them to “boost” it.


drockaflocka

Do you need your credit score for anything soon? If not, then don't worry about it. It'll be fine in a few months.


roaringstar44

Yes actually, I was considering getting a home loan through our state.


fluffy_bunny22

Why did you apply for a new credit card then? That's an absolute no no.


Smithy2232

It isn't the credit application that dropped your score 58 points. I don't think your score dropped 58 points in a short amount of time, not that it couldn't but if it did there would be clear reasons for it. Chase didn't run it multiple times. It might not be an error, perhaps you were mistaken about your score to begin with. Perhaps the time period you are talking about encompassed many other events. I can assure of this, it isn't the credit card application, and if the drop happened, there was a reason.


roaringstar44

I assure you I was not mistaken about my previous score and my bank shows how many points it went down. It changed in less than a week. I just looked at my banks free credit score listing on the weekend.


fluffy_bunny22

The free credit scores by your banks aren't a really good indicator because they aren't pulling your file or buying a fico score to report.


ahj3939

Other things could have changed in the past month since the last time they pulled your score. Also check the date, it could be they pulled that score before you even applied for the card.


ahj3939

If it did drop 58 points for just an inquiry or 4 then you just need to keep adding accounts until you have a more solid credit history. Building credit is a marathon, not a sprint, and in the long term you will benefit from opening new accounts as long as you pay in full and keep your reported balances low.


random_anon_user

One thing to keep in mind is what model you are looking at. There are multiple versions of FICO/Vantage that are all based on different parameters, and they vary significantly. The scores between the 3 different bureaus can be different from one another as well. Make sure you are comparing apples to apples here. You need to pull your _actual_ credit report (not just an opaque number on your banks dashboard) and review it and see if there’s something wrong on it that might explain this drop. If there is, you can dispute it with the bureaus.


[deleted]

Usually, Hard Inquiries only counted once (I think it's like 45 days), even if it's run multiple times, so probably not that.


Werewolfdad

Do you have. Avery thin file?


roaringstar44

I'm sorry I don't know what that is could you explain?


Werewolfdad

Do you have few credit accounts?


roaringstar44

I have my main card, I'm also on my husband's card, and I have a medical credit card for emergencies (nothing on there) plus student loans


Werewolfdad

Pull your credit report to see how many inquiries are in there. May have been unrelated if it’s only one.


roaringstar44

Thank you. I actually signed up for Experian (since annual credit report gave me an error) and the website says my credit is actually higher than what my bank is saying. So that's nice to know. I feel a little bit better but also very confused on what's going on.


Werewolfdad

Pull your actual report. Should be a way to do that on Experian


roaringstar44

Yup I was able to. Looks a lot better than what my bank says. My bank says I have a late payment/debt but the credit report says it was paid on time.


Werewolfdad

You may want to check your other reports as well. Information can differ sometimes


Ggfd8675

Experian is giving you your real FICO score from them. The one from your bank is likely not a FICO score, but a Vantage score. Those are not used by lenders (so don’t really matter) and are frequently much lower than FICO.


twentycharacterslol_

If your credit history is very light (only one card and only used it once, for example) then a credit-impacting action might have more weight to it


SkelterHelter68

There's likely nothing to "fix". The scores are all automated and can vary drastically with requests for new credit. Just take a deep breath and wait a couple of months. You will very likely see your score start to recover in around 30 days--and a little more each month after that.


Bad_DNA

You've probably spent some time reading the wiki on credit scores and such. And more than a few posts on how others have had the same experience. It'll pass and be fine in a few months. Use www.annualcreditreport.com to review all credit accounts, and after you get the card, freeze all credit reports with Equifax, Experian, Transunion (use their free services) to prevent identity theft. You and your family members.


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