Did your FICO score plummet when the Costco VISA card went active?

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My FICO score typically hovers between 800 and 820.  In July, the first month after the Costco VISA card went active, my FICO score -- as reported by Discover -- was 747.  I've never seen it that low.  All of my purchasing this summer has been 'normal' and consistent with other months.

This month, it bounced back to 792.  Am I worried about it?  No.  I'm just curious if anybody else was affected?

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Nope.  I'm on a little bit of an application sabbatical, so my FICO is sitting right at 850 and has been there all summe... (more)

dcwilbur (Aug. 22, 2016 @ 6:34p) |

What does Discover show as the key factors affecting your score? Mine dropped from June to July but the only negative fa... (more)

curtster (Aug. 25, 2016 @ 12:05p) |

Did anything else change or fall off your reports?

Tiggerlgh (Aug. 25, 2016 @ 12:13p) |

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are you saying that happened without you doing anything else?

So what did you do? App-o-rama? Run up  a large credit bill?

[My score has been unaffected by Costco Visa issuance. Feb '16 - it was at 826. Rose to 830 in May but back down to 822. I did open a credit card a couple of months ago. ]

Happened to me and reverted back the following week.

No .. mine went up 2 points and I have gotten 3 new cards since July not counting Costco.

rufflesinc said:   are you saying that happened without you doing anything else?
  
Correct, my monthly balance across all of my cards -- which I pay off every month -- was average.  Zero big dollar purchases.  No vacations.

runningair said:   
rufflesinc said:   are you saying that happened without you doing anything else?
  
Correct, my monthly balance across all of my cards -- which I pay off every month -- was average.  Zero big dollar purchases.  No vacations.

  that doesn't seem normal

maybe % utilization went up temporarily if the old account showed as transferred and the new account (which doesn't really count as "new" because it shows transferred) was not reported yet?

My FICO score as reported by Discover varies within a range from month to month by about 5 points from the top of the range to the bottom. It has stayed within this range after my Costco Amex card went byebye.

My guess is that the AMEX account reported as closed or transferred (which would have reduced your available credit) before your Citi account reported the initial statement close. Once the Citi account was reported with the credit limit, you score bounced back up close to where it was.

Average age of all your cards dropped until adjustments made in the transition period. My top of the head thought is you may not have a lot of plastic, but make good use of what you have.

http://www.myfico.com/crediteducation/whatsinyourscore.aspx

JW10 said:   Average age of all your cards dropped until adjustments made in the transition period. 
  I think average age should not have changed (at least with FICO, not referencing Advantage or whatever the Fako models are, which may use Average age of Open Accounts instead), AAoA is all accounts reporting, not just open accounts.  So, closed accounts are still included until they fall off the report eventually years later.  
edit: on second thought... maybe being "transferred" means it's excluded because it assumes the history is reported by the account it transferred over to.  If it was marked closed, it would not affect average age, though.

My score dropped 30 points, I had a hard pull and my Costco AMEX showed up as closed, and the new Costco Citi card has not showed up on my report yet, I was under the impression that it would be transparent and the AMEX would not show as closed   

I just went thru a similar process for the Fidelity AMEX conversion to Visa serviced by a different processor. There was a short period of time when one record was off system as the other was loaded. Net result was a new card with the older one not in the formula at that time. That is what I mean by adjustments. Updating/adjusting the new card to include the old history data took a few days.
IF OPs older card was off system in the transition and the new card was on the system, age and new credit factors may have been in play in the math. Together, that is up to 25% of the math.

Does this card apply towards the Chase 5/24 rule? That sucks if it does, should have converted the Amex.

jtdeals said:   My guess is that the AMEX account reported as closed or transferred (which would have reduced your available credit) before your Citi account reported the initial statement close. Once the Citi account was reported with the credit limit, you score bounced back up close to where it was.

I like this theory.

We didn't notice any scores jump around the Costco transition. But we recently had one credit card with a balance over its reported limit and several score models seemed to freak out over that, massive point drops. They took a big jump up at 99% usage and then further improvement at 84%, as you'd expect. So maybe the Amex reported closed with a $0 limit but there was still some balance that wasn't transferred yet.

matrix5k said:   Does this card apply towards the Chase 5/24 rule? That sucks if it does, should have converted the Amex.
  
No, because it's from Citi-Bank

I dropped from 825 in June to 807 in July, without opening or closing any cards, or having any unusual balances. I thought it was strange, but maybe it was the costco amex, since the timeframe fits.

matrix5k said:   Does this card apply towards the Chase 5/24 rule? That sucks if it does, should have converted the Amex.
 

  Probably, since it's a new account. You may be able to convince Chase otherwise during a reconsideration call though.

MisterEd said:   
matrix5k said:   Does this card apply towards the Chase 5/24 rule? That sucks if it does, should have converted the Amex.
  
No, because it's from Citi-Bank

  
what? Do you have any idea what the 5/24 rule is?

My data point is that it doesn't (Chase agrees with me that I'm 6/24 ), but I also can't find this card in my credit report... I can see the closed Amex, but I only see the Prestige and Premier from Citibank.

It could be a full billing cycle for the Costco Visa to show up on any credit report.

runningair said:   Did your FICO score plummet when the Costco VISA card went active? 

Nope.  I'm on a little bit of an application sabbatical, so my FICO is sitting right at 850 and has been there all summer, both before and after the Costco VISA transition.  It didn't even show a blip.  

What does Discover show as the key factors affecting your score? Mine dropped from June to July but the only negative factor listed is "% OF BALANCES TO CREDIT LIMITS IS TOO HIGH ON REVOLVING ACCOUNTS", which makes sense because a June statement closed with a high balance after a promotional feeding frenzy.

Did anything else change or fall off your reports?



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