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AnaWP

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Credit score dropped 23 points! :0
So I've had my walmart creditcard for about 2-3 months now. After using it I would pay it off as soon as it showed up so my utilization was always at 0%. I didnt understand it was showing like I pretty much didnt use it because I paid to quick to ever show a balance. Well this month I decided I'd put some gas in with it and give it time to show up before I pay even though it would bring up my utilization I'd just let my tank fill. So after spending $26 out of my 200 limit (first cc) my utilization went up 13%. I didn't think it would make my credit score drop 23 points!! I always planned to keep it under 9% I didnt think a few more points would hurt considering some people use up to 30%! Where did I go so wrong? I Had a hard inquiry from Capital One that made it drop 17 points prior (approved for $500 but it hasnt showed on my credit report yet) so is the 23 just the 17 + 6 points for utilization? Hope I make sense. I'm new to credit and my scores where around 650 I use my card responsibly and only use it to build credit and it backfired.

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I doubt that your utilization alone made it go to down 23 points.   A couple yes, but not 23.  What you entered was your new account with Capital One.  Congratulations on that one by the way.   Your took your hard hit (4-5 points) and your average age of accounts just cut in half that was the biggest hit you took.  Relax, in aother 3 months, your score will be higher than it is today.   On my most recent credit card, I got my point reduction before it was reported as a new account.   Your new account should show up in the next week or so.   By the way, that 0% utilization was hurting you, yes, keep it around 10%.   When you let that account carry a balance and pay it off in full every monty, you'll get your reward from Walmart as an increase.  You should have gotten it by now, although, I imagine that 0% you were carrying may have slowed it down.

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