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psalm57

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App for Disc Card $7000apprv w/ Crdt Sc 764 ck today my c/s did a nose dive to 694. What happen??
Apply for Discover Card received credit limit $7000 with credit score 764-excellent. Ever since then my credit score drop down twice. Now my credit card as of today is 694-fair. What made it drop so heavily after applying for the Discover Card? Will run credit score from all three credit score bureau. God Bless!

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Credit Card Score dropping

 You applied for a very large credit card. An inquiry drops your credit, but not that much.  I'd guess it actually has to do with the fact that you applied for so much credit.  Believe it or not, more cards is not a good thing.  You should never have more than 2-3 cards.  More than that, and you're a credit risk.

Basically, you became less likely to pay your bills... evne if you really didn't.  Say you had $10,000 of credit available before.  Now, you have $17,000 of potential debt available.  You could go out tomorrow and charge $17,000 worth of stuff, and have to pay that back.  That actually makes it less likely you would pay other bills because you'd be putting a large percentage of your income to that card.

If you've only got 3 cards, give it 6 months of making on time payments and your score will be right back up.

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