Originally Posted by
sunshine213
Quick question I had is re my FICO score.
You don't have just one. There are many FICO models used by creditors and for most models you have a score with each of the 3 major CRA's.
Originally Posted by
sunshine213
For some reason my score drops about 20 points any time I apply for a card.
To determine the cause(s) of any scoring change you'd have to carefully review reports from before and after the change. However, given the standard factors and their typical weights:
http://www.myfico.com/crediteducatio...yourscore.aspx
Opening a new account reduces your AAoA (Length of Credit History). Applying incurs a hard pull (New Credit). There are certainly other factors that matter but those are common reasons to see a score drop. Additionally, it's not just the change(s) but your credit profile as well. A thinner profile and/or on with issues may see a bigger impact from some factors whereas a thicker profile in good standing may see less of an impact.
If you want to learn more then hit up the credit-specific sites. Don't just obsess over numbers but if you are going to worry over them then set a higher threshold. I recommend at least 20 points. Your scores will go up and down just from normal activity (probably mostly due to changes in reported revolving utilization). Educate yourself to understand how report data is generally assessed if you want to understand and focus on your reports and not just the numbers.
Originally Posted by
sunshine213
It was at 790 and dropped to 770 when I first applied for a card. I waited for it to go back up (about two years) to 780 and applied for a card and it dropped by 20 points again. A year or two later, I downgraded a CSP to sapphire and cancelled and moved United CL to the sapphire and score jumped to 805. Waited for a year and applied for an AA Plat card and score dropped to 784.
740-760 is generally the range with FICO 8 where best terms are offered. Anything above that is just gravy so stop fretting over it -- especially if you're not applying for anything. Even the lowest number you mention is still a very good TU FICO 8.
Originally Posted by
sunshine213
The FICO score is off of what Discover is reporting.
Always consider the specific model when referring to scores. Discover provides a TU FICO 8. Don't overlook Experian and TransUnion as well.