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Pzorro

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Bad Advice was given to me!!! My Credit score went down 20+ point in one month.
I did exactly what was advised and opened a Discover card with 0 interest in balance transfer. I transferred the full amount allowed from a 14% card and lowered the balance on the 14% card by 1500. and my credit score went down by 23 points because of taking this advise. I was at 745 before I took this advise. You stirred me wrong and I am angry about this bum steer!!! I want others to know that your advise is not sound for raising a credit score.

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Generally, when obtaining any type of new credit, your credit score is going to take some sort of hit.  Usually, it's temporary.

Last September I purchased a new car.  At the time, my score was 775.  My previous loan got paid off, I got a new car loan, and also got a new credit card throught the company that granted me the loan.

Come November when all of that got reported, I lost 43 points.  Yea!  43 points!  And that was with only 1 hard inquiry.  Now, as of March, I've regained 37 of those points back.

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As you make payments to the new card, your score will start to increase.  Any time you open a new account, your score will take a drop (and not just because of the inquiry - inquiries only impact your score by 4-5 points).  Just be patient and this will probably be a good thing in 3-4 months.  When I purchased my new car, my score dropped as well, but a year later with the payment history, it is better than before.

Roy2ohio, your score dropped not just because of inquiry, but because you (1) paid off one loan and (2) opened a new loan.  As you noticed, your scores did come back up after a few months of good payments on the new loan.  

Lastly, Pzorro, this site is for users such as yourself.  If you have a beef with Credit Karma, email them at support@creditkarma.com.  They don't look at this forum.  Best of luck!

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support@creditkarma

wrote my issue about being told incorrect info from a banker. they said check on this page. That I might get helpful info.

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