Costco AMeX to Visa killed my credit score

[Quicke23]

This is only according to Credit Karma. My AmEx account that I am a second cardholder to was cancelled this month. I am in an active 100% chapter 13- this card not included because I am not the primary cardholder and there was a 0 balance. My TU dropped 110 points and Equifax dropped 95 points according to Credit Karma. I wonder if once Citi replaces, my score will go up?

[LadyInTheRed]

You should have received your CitiCard by now. The switch over was effective on June 20th. It should not affect your credit score. The AmX balance, available credit and age of account transferred to the CitiCard. I was happy to read that because AmX was the only card that survived my BK and one of my oldest. My CreditKarma reports still show the AmX card and not the CitiCard. When the switch shows up, I will let you know if it affected my CreditKarma scores.

If you are an authorized user and not the primary account holder, are you sure the primary account holder did not receive the new cards?

[Quicke23]

Thanks for the reply. I did receive my new card before June 20th and have been actively using it. The Citi card has not yet shown up on Credit Karma; but the AMEX shows up as closed now. That was my only card that survived my BK as well. Hopefully when the Citi card shows up (on Credit Karma that is), all will be good. Will keep you posted.

[LadyInTheRed]

I misread your post and thought you hadn't received the new card. I bet once the new card shows up on your credit report, everything will go back to where it was.

[LadyInTheRed]

Both of my reports now show that the AmX is closed/transferred, but neither show the Citi card. My Transunion score is down 4 points and my Equifax is up 2. But, Transunion shows my utilization is up from 6% to 10% and Equifax shows it is down from 6% to 0%. So, I suspect it is the utilization that is causing the changes and differences between the two scores.

Also on my credit report are 2 other credit cards, my paid in full car loan and my mortgage that has never been late. If the Costco card is the only current or positive account on your report, that could be the reason for such a large drop in your score. Hopefully, it will recover when Citi starts reporting.

[Quicke23]

I found out that Citi was giving some time before reporting credit due to the hiccups they were having with people getting transferred from AMeX. Many people were not getting their new Citi bills, and Citi did not want to penalize new customers over 30 days past due in their bills. They said the card should start showing in September; which it did and my TU score went up 111 points!

[LadyInTheRed]

That's great news! It still doesn't show up on my reports, but I don't expect it to result in such a huge jump in my score. I think you have just seen the difference between having no accounts on your report and having one positive one.

[Quicke23]

Experian just jumped up a week later. 99 points on that one. Phewwww. Amazing what just one card can do. It's the only surviving credit I have and that's why the big swing.