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Question By
justql

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Credit Score Dropped
I would like to know why after getting a secured credit card, does your credit score drop.It was my understanding that they DID NOT check your credit. Is this normal? and how soon will it go back up? I did it to rebuild not finish tearing my score down. Was this a good move or one of their strategist that apply to some but not all? VERY FRUSTRATED NOW!!

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Age of Credit History

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It was a great move to get a secured card....in the long run.

The short term impact is a new "hard inquiry" + a newborn credit account (0 months age of history).

That new card, will work against your average age of any other credit you might already have for a while.  But just be patient, it will turn around and begin working for you in time. 

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Hard inquiries and lowering the average age of accounts are necessary evils in order to build a score. You did do the right thing by getting the card if you did not have one. In fact, if this is the only card that you currently have you will need more. The basic credit building tools are three credit cards and one installment loan that are all reported to all three credit bureaus. Yes I know it sucks that you get dinged for opening new accounts, but you HAVE to do it if you want to build good scores. Be sure that you take the time to read everything that you can on credit, the knowledge that you gain will be so incredibly helpful to you for the rest of your life. A thorough knowledge of credit will lead you in great directions for the future.

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