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joenasr123

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Balance transfer to new card crashed my credit scores and only regained half
I got a new card because of a 15 month balance transfer 0% offer, so I transferred the entire balance from another card. The next credit report update showed the entire balance on both cards, and my credit score dropped 40 points! I waited about a month for it to correct itself, but to my surprise, even though my total debt to credit ratio was now much lower than before, my credit scores only regained 20 of the 40 lost points. Does this stuff come back gradually? How is it fair that their mistake takes effect immediately, and my recovery is going to take much longer?

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Takes time...

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Another reason for the drop is the HARD inquiry that was performed to get you that new credit card (about 5 points), and the drop in your average age of accounts being lowered due to a brand new account that is "young".

It will gradually recover over 6 months, and within another 6 months you should expect to see even higher scores than before (assuming you keep making timely payments and start to pay down the debt to lower your credit utilization to under 20%).

You're on track.  Good work!

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