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tedswong

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Credit score dropped by 58 points
Hi, I just found out my credit score took a huge plunge since last week. It went from 730 to 673.

A quick overview of my credit history. I have a 7-month-old credit card and then applied for a new one (approved) in June with a combined CL of $1050. My utilization has been kept very low, and the latest one is just 7%, and 100% on-time payment so far, and no negative remarks.

My question is, could the huge drop because of the hard inquiry + lowered average credit history? Also, is this something I shouldn't be too concerned about? I did use the stimulator tool and if I pay off my debt this month ($70), it should go back up to low 700's. Please help as I am thoroughly confused!

Thanks,
Ted

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score dropped

Scores can drop for a variety of reasons. If you are really concerned, I would suggest pulling a full credit report to get extensive insights on what is going on for you. Both of things that you mentioned ( hard inquiry/ lowered avg credit history) could have an impact on your score, but keep an eye on it and continue to make good choices!

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