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CRAZHORSE

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CREDIT SCORE LOWERED AFTER APPLYING FOR NEW CREDIT CARD
I recently applied for a citi card 0% for for 18 months and requested a cash advance to pay off my car loan. My fico from equifax score dropped about 40 points since may 2015. Citi card tells me my fico score is 744 as of July 24, credit karma tells me my current score with equifax is 722. Paid 2,500.00 of the citi card last month and $3,000.00 this month with due date 9/1/15. Current bal $3000.00. Will this help bring my score back UP? and Why is there a big difference between Fico score and Equifax score?

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It's normal for your scores to fluctuate, and it's normal for them to drop after certain events, such as applying for a new account--if that involves a hard inquiry, which Citi most probably did. Then there's the added debt, which increases your credit utilization and decreases your score. YES, your scores will go back up once your new card's balance goes down, but it takes time. I've had to wait as long as a few MONTHS before everything got reported and my scores were adjusted. So be patient! My philosophy is to just take it all in stride, knowing that scores fluctuate. I expect them to go up and down, so I'm not shocked or worried when I see it.

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