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Question By
jlpaiva89

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78 Point Drop!?!?
I just opened a small $500 Credit Card from my bank, and as soon as this has popped on my CK, I dropped 78 points, from a 651 to a 573 on my Transunion (Vantage went up 12 points)??? I currently have a Store charge card, and this bank card with only a 9% utilization rate, and only 2 inquiries on my credit. Has this happened to anyone before? And ideas? My age of credit dropped from 13 to 16 months, but I cant imagine that would constitute a 78 point drop.

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Credit age has a moderate impact on your credit score (counts for 15% of your credit score) and the result of each recent hard inquiry has about a 3-15 point impact on your credit score. Your credit score should rebound within 6-12 months and maybe go even higher as long as you use the new cards responsibly and keep all accounts in good standing. You're doing a great job by keeping your credit card utilization very low.

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Reply by
roy2ohio

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I find that point drop hard to believe just for opening a credit card.  I think some of that has to do with the fact that before your new card, you had no "real" credit (store cards don't count for much).  So that's a big impact on your credit file.  However, getting that new Mastercard or Visa is the best thing you could have done.

tg101's right in assuming your score will rebound.  I agree it will take around 6 months.  It's not uncommon.  Don't worry about it.  You still did the right thing.

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