caramelsky

Please keep in mind that CreditKarma only gets their data from one credit bureau which may not be right on. It gives you a ballpark rating as to where your credit score may be. The feed of data for your account could be behind. Every bureau reports their information differently and that difference and affect your score as you have seen in a short period of time.

Your score may drop slightly and then increase because you are now closing a line of credit. One of the factors that helps to boost your credit score is the length of time you have had that line open. The slight change shouldn't discourage you from paying it off. That temporary drop will put extra cash in your pocket each month.

Annualcreditreport.com allows you to obtain a free credit report from all three bureaus. You can get all three at one time or you can do one at a time every 4 months. Once you have used all 3, your access resets after a year, so use it wisely. You can also get a free credit report if you have been turned down for a loan, credit card or job.

My suggestion would be to open up a line of credit and pay off the balance every month. This would show lenders that you are able to manage your debt. Your credit score will increase even if you pay the balance off. What boosts your score is the longevity of your account, on time payments, ratio of debt to limit. Your limit would be relatively low so monitor your purchases and make sure you are able to pay off the balance when the bill comes. In order to boost your credit you don't need to pay interest.

You can get free credit reports from all 3 bureaus at www.annualcreditreport.com

This website gives you an option to view all 3 at one time for the year or you can monitor you credit by checking one bureau every 4 months. The timing on the reports reset a year from the day you get your first report. You will get prompted to purchase a credit score, its not mandatory. Click cancel or close out of that box and proceed to get your free credit report.

No, it doesn't. When you check your credit its known as a soft inquiry. Hard inquiries are from lenders, businesses, etc.