Credit score dropped 107 points in one day
I got approved for the Apple Card today with a $2,500 limit and accepted it. Before accepting it, my Experian FICO Score 8 was around 762. Later the same day, Experian showed my score at 655 — a 107-point drop.
I haven’t even used the Apple Card yet. My plan is just to use it for normal purchases and pay it off in full every month.
My credit file is pretty thin. My previous Capital One card is closed, but it’s still showing on my Experian report. Experian shows no missed payments, no collections, and no public records. My score factors actually say my payment history is “Very Good” and my amount of new credit is also “Very Good.” The negative factors are mainly a short credit history, not enough active accounts, and not enough recent revolving/installment activity.
What’s confusing me is that the Apple Card isn’t even showing as an account on my Experian report yet, and I don’t see a new Apple/Goldman Sachs inquiry there either.
Has anyone with a thin credit file ever had their FICO score randomly drop 100+ points after opening/closing accounts? Could the closed Capital One card have caused this, or is Experian possibly updating things at different times?