Originally Posted by
gloreglabert
Just as it's very difficult to end up with an 800+ score, it's similarly very easy for an 800+ score to drop. It's also a complete non-issue, because anything above a 760 or so is going to qualify for anything. Most of us don't see 20 point drops because we aren't starting at 800+ to begin with -- churning doesn't normally support 800+ scores (which again, doesn't really matter).
I completely agree with this-- I had a 800+ Fico for over 10 years, and, in fact, my score was so static that I had no idea that the scores could bounce around like they do. I had one or two cards that I hardly used (still have them, 20+ years now.
My first foray into the miles and points world involved actually USING my cards...I use them for every possible charge now. So, my CL utilization skyrocketed and my score took a 20 point hit. My counter measure on that is to pay the balances before they report, whenever possible.
Then, I discovered Flyertalk and rethought the whole lure of sign up bonuses. I admit to be stunned and jealous of multiple 300,000+ balances that so many of these flyertalkers have in their mileage accounts. Last year, I was thrilled to buy some tickets and still have any miles left over. My plans got bigger-- I applied for 5 cards and got them all. My score went up, down, up, down further.
Like my title says... with an 800+ score, there's really no where to go but down. I think jostling the score impacts has a BIGGER affect on higher scores, because it really, truly, honestly is HARD to keep your scores up over the 800 mark. My score is now bouncing around at about 750.
But, here's a sobering whammy... my DH's score was 800+ and we did 3 things: Got a home loan refi, used a 0% interest balance transfer, and applied for 3 credit cards. Chase moved some credit from one card to the newly opened card and caused the balance transfer balance to go to 60% utilization of the CL. The FICO dropped like a rock! His score in 1 week went from 802 to 729! A more than 70 point drop! I was stunned! That's not what the blogs told us! That was a couple of weeks ago, I'll have to see what happens next.
So, I agree with MDHR--- the blogs go on and on about a 3 -5 point drop. That's not a guarantee. Everybody's score is different, but I'm still hoping that my scores are done with the roller coaster ride and that I will only see these 3-5 point drops when I next apply for new cards.
Then, I'm understanding the term "excess credit score" now. I have been so proud of my score, but would I rather travel? I'm trying to realistically evaluate what do I need my credit for? A new car? Nothing? How badly/how soon do I need/want those new miles in my account? (or... when are those bongo offers going to expire?).