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My wife and I travel often and were looking for a card that offers points for traveling. We did research and decided on the Capital One Venture card. My wife applied and was approved with a $15,000 limit. She requested a card in my name as well. Low and behold a week later I get an alert from Credit Karma stating that changes have been made to my Transunion credit report. I logged in and noticed a 40 point drop from a score of 710 to 660. I thought my credit score would actually improve as prior to getting the card I had a credit utilization of 67% and has now dropped down to 22% as a result of the $15,000 limit.
There was no other activity on my credit report aside from the new credit limit of the Venture card. Anyone have any idea what happened for my score to drop the way it did?
Capital One did a hard pull on your credit report (and probably with all three agencies, they are notorious for that) before issuing the card, which is what caused your score to drop. Never fear, the score will rise back up to normal within 2-3 months. (In fact, as you've noted, your score will end up higher due to lower overall percentage utilization.)
Capital One did a hard pull on your credit report (and probably with all three agencies, they are notorious for that) before issuing the card, which is what caused your score to drop. Never fear, the score will rise back up to normal within 2-3 months. (In fact, as you've noted, your score will end up higher due to lower overall percentage utilization.)
Did they really need to do a hard pull on my credit even though it was my wife who applied and was granted the line of credit and only added me as an authorized user? Though they did ask her for my DOB and SS#
Last edited by louie0406; 08-24-2015 at 10:33 AM..
Hard pull, plus the average age of accounts would have decreased. Credit ratio might not update fully until after the first payment due date, so give it about 2 months and it should rebound. The hard pull will still be on your record, but the rest will start to balance out as the Cap One gets an actual payment and utilization history.
There was no other activity on my credit report aside from the new credit limit of the Venture card. Anyone have any idea what happened for my score to drop the way it did?
That $15k limit is like saying that's your loan amount, because it's there for the taking.
Did they really need to do a hard pull on my credit even though it was my wife who applied and was granted the line of credit and only added me as an authorized user? Though they did ask her for my DOB and SS#
You are not an authorized user; you are the additional account owner, that's why they needed your SSN & DOB.
Even though she was approved alone and added me to the account after?
Is that what she's telling you? Mmm, no. You both got that credit limit, more than likely; not her by herself.
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