What on earth tanked my credit score?

[mousy]

I am fairly new to the credit world. I got a secured BOA credit card a year and a half ago which got upgraded 2 months ago to a standard card. I immediately applied for the BOA cash rewards and was approved. The new card came with a paper saying that my credit card was 750- what a pleasant surprise for me. About a month later I applied for a Chase card and I was denied with a credit score of 712.

 

I don't know much about this, but that seems like a pretty substantial difference in a short amount of time. An added hard credit check wouldn't account for that much would it? I went and got my annual credit report and everything would seem to be ideal. Credit Karma pegs my score at 722.

[choppa02]

Did your utilization increase significantly this month? Btw Credit Karma score counts for nothing.

[FreeaAndClear]

You're possibly comparing apples to oranges.

 

There are 3 different bureaus and umpteen different models.

 

Credit Karma is fake and should be ignored.

 

(Edited for clarity)

Edited June 6, 2014 by Freedom Soon

[shifter]

BofA probably pulled a different bureau from Chase.

 

you should have called the Chase UW backdoor for recon.

[cashnocredit]

What the other commenters noted but in addition you may well have had a different utilization and if both existing cards had even moderately high balances reported. That will drop a FICO score. The score differences you had are not really very large. Especially with a new thin file.

Edited June 6, 2014 by cashnocredit

[mizliz1011]

make sure that the scores are the same, 04 vs 08 for TU and Eq... it is very confusing.

[almostanonymous]

Chase uses a proprietary internal score.

[cashnocredit]

make sure that the scores are the same, 04 vs 08 for TU and Eq... it is very confusing.

 

Even if they use the same vintage (FICO 08) and even if your credit reports have identical info the scores can differ by tens of points. FICO creates custom FICO programs for each CRA based on the consumers they report on and small differences in the overall statistics often cause the FICO scores to differ. This is one of the so-called advantages of VantageScore. It uses the same algorithm and common features of each CRA so that scores are much closer and often identical if the data is the same. FICO counters this by saying their scores are more accurate by taking into consideration the consumer data differences.

 

The poor consumers are just left scratching their collective, er, heads.