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Question By
mauk1979

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How did my score drop that much?!
My Discover More Card was just reported on my credit, and my score went from 733 to 624. That is quite a drop. The hard inquiry was reported about a month ago from Discover Financial, and my score still went up. I assume it might have to do with the current balance on my Discover Card. It's at about 66% of its limit used. Could that be why it dropped so much? Will paying it off help improve my score?

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Yes, getting a new card an immediately using that much of its capacity is a big danger signal in the scoring world. Fortunately, this is one of the few areas where we can get a rapid improvement in our scores. So yes, pay it off or pay it way down and you should see a major, fast improvement. Hard to say whether it'll jump right back to where it was, but you'll be on your way.

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