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Kindofconfused

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Applied for secured card as recomended by credit Karma my score dropped 22 points and was approved.
I did not have a credit card prior to Credit Karma recommending one. I ran the credit simulator and it said I would go up considerably. I applied was approved. I did not post my deposit till the next day because I wanted to check things out further. Today I made my deposit and one reporting agency dropped my score by 22 points and the other agency dropped me by one point. I know this is what dropped my score because Credit Karma sent me an email telling me my score was changed and when I clicked on the link it went to the credit card inquiry. Did it effect my score by 22 points because I did not automatically send the deposit? Why did it effect me 22 points on one agency and only 1 point on the other. Just so we are clear I was approved and told I had to date on March to deposit the money for the card.

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Top Contributor
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It went down because of the hard inquire. Give it about 6 months and it will look better. Good luck!

Top Contributor
1912 Contributions
3758 People Helped

Your score dropped because of

the hard inquiry, -3 to 4 points,  A new account, -15 to 20 points.   

Make your payments on time and keep utilization low and your score will bounce back to what it was within 3 or 4 months months. continue to use it and Make your payments on time and you should see a rise in your score of a few more points within 6 months.  Credit is slow moving,  it takes time for anything to happen.

Good luck   

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