Back in June I applied for the Amex Starwood Preferred Guest card and was approved for an $8000 credit limit. Previously my only credit was a BofA personal card with a $2000 credit limit and a BofA business card with a $5000 limit, so I was surprised to see such a high limit on the new card, especially since I had tried to get my BofA limits raised before and got denied. Anyway, after the first month of using the card (July) I noticed that my FICO score dropped nearly 50 points (From 750 to around 700). I figured it was probably just a temporary thing because of the credit inquiry as well as all my new credit making me more of a liability. I paid off everything I put on the card pretty much instantly and hoped to see a rebound in the next month. Well I just got my next monthly FICO score from BofA and I see that it dropped 50 points again and I'm now sitting around 650, which is the lowest my credit has ever been. Could this still just be a temporary bump until I demonstrate responsible use of my new credit, or does a drop this big signify something more serious like fraud or identity theft that I should look into pronto? I know I only get one chance a year to get my free annual credit report which is why I'm hesitant to pull them up right away.
Submitted August 29, 2017 at 04:09AM by michaelbrnd http://ift.tt/2wZRc5c
