Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
Prshus1

1 Contribution
0 People Helped
Drop in credit score.
My score dropped 70 points in a week. Only change is that a new credit card was reported with a $18 balance & another card that had a zero balance reported a $19 balance. I see no other changes. Would these two things make that much of a difference?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
91 Contributions
79 People Helped

Multiple things would affect it

Not sure why there is a 70 point drop, but it could happen if:

You had an old account from a long time and now recently opened a new account. This new acct is being reported for the first time.

This will cause a) your average credit history to drop big time (say you had 5 year avg history with the old acct and now it will be much less). and b) The additional enquiry that happened while opening that new acct.  Lastly, now you have 2 accts reporting balances intead of none (I guess) before. all of it is taken into acct. However, 70 points is a big drop.

Reply by
Prshus1

1 Contribution
0 People Helped

Yeah I was thinking 70 points was an awful lot.  One account is a couple years old that recently had a zero balance & the other is a new account. Also, a lot of my balances increased as well.

Result 1-1 of 1Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.