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WHY DID MY CREDIT SCORE DROP FROM 609 TO 583 WHEN I GOT MY SUCURED CREDIT CARD
OK MY CREDIT SCORE WAS 543 WHEN I APP FOR OB CC WHEN I WAS APPROVE FOR THE CC THE SCORE WENT UP TO 609. I PAID A BILL WITH THE CARD AND THE SCORE WENT DOWN TO 598. I PAID THE BILL BEFORE IT WAS DUE. I PAID ANOTHER BILL AND NOW THE SCORE IS 583.
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LMABD
1 year ago
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New credit line (less than a year of payments) is considered unproven, and thus, drags on the score until it is proven (12 months in good standing and payments). This is a negative for now. New credit line reduces the average age of credit. This is a negative on the score. Hard inquiry .. this is a negative on the score. Also, what is your credit utilization? Is that going up (e.g. your balance)? If so, that is a negative, even if you are making payments. In order to determine what is really happening here, we would need to know more about your specific overall situation.
phnxangell 1 year ago