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 Cards
Profile Image

Question By
neaneah

1 Contribution
0 People Helped
I applied for a credit card and the hard inquiry made my score drop 24pts why did it drop so much...
I applied for a loan and was approved just have to sign paper work and I applied for a new credit card since I only have one secured card I thought it would be good to have a unsecured card now that my credit is up and I was approved for my loan through my credit union. I applied yesterday was denied than today I get a alert they did a hard inquiry and my score dropped 24pts why so much? and if I was denied yesterday when I applied online why did Capital one pull my credit report today? Are they reconsidering? If not my credit was hurt for nothing

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
6 Contributions
15 People Helped

If I were you, I would call the reconsideration line and check on the status.  You may be able to answer some questions for them and get it approved.

That being said, I'm confused a bit by your message.  It sounds like you applied for a loan AND a credit card, correct?  So that would be two inquiries, not just one, and might explain the 24 point drop a bit more.  Especially since other factors might be involved (i.e. utilization percentage could have change -- total available credit -- and so on).

So, best way to salvage the drop would be to work on getting that card approved.  Call the reconsideration line for Capital One and go from there.

 - John...

Reply by
neaneah

1 Contribution
0 People Helped

Thanks John 

The Credit Union did  check my credit the week before Capital one checked and my score never changed  just when the 2nd inquiry was done my score dropped.  I paid my credit card balance off so I'm just waiting for them to report on the 14th and see if that will raise my score back up.  I did sign for my loan and the credit union had my score 28pts higher than credit karma I just wish I knew my exact fico score.  I didnt know that I could call Capital One and ask them to reconsider I'm going to give them a call.

Take care,

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.