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!


Posted in Credit Scores
Profile Image

Question By

0 Contributions
0 People Helped
I had a score of 725, recently added two credit cards and it dropped to 629!!! HELP
I'm working on building my credit which is why I opened up two credit cards, that happened to be within the same month.
How long will it take for it to go back up?
Also what's a good percentage to spend on your credit cards at all times?

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

View your scores and reports anytime.

All Responses

Results 1-6 of 6Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
8 Contributions
139 People Helped
Most Helpful Response

A few reasons...

Helpful to 14 out of 16 people

Your Credit History is affected by the new account being opened.  It will average out your oldest account and you're newest account age.  For Example, if you're oldest account is 8 years old and your newer accout is, 2 months.  It will give you about a "4 year credit history" and that affects your score.

Second, you've got hard credit inquiries.  The more inquiries you have on your score, the more it will bring it down.  If you go to the Credit Inquiry tab, you'll see that TransUnion also has a scoring measure by how many inquiries you have.  0 inquiries, 1-2 inquiries, 3+inquiries will also affect your score.  So if you have 0 inquiries and now by opening up a few credit cards, that's brought it down.  

Being realistic, try to keep your utilization on your credit to 20% or lower.  

Top Contributor
3051 Contributions
2766 People Helped

Helpful to 8 out of 11 people

Any time you open a new account your score will drop at first.  After abotu 6 months of payments it will increase.  If you want the best score, keep a balance of 1-3% of the credit limit on at least one card at all times.

Top Contributor

Reply by

10 Contributions
106 People Helped
Helpful to 4 out of 5 people

This is a reassuring response. I'm in a similar boat; I am new to the US and have been building a positive credit history for 6 months with a secured card. After having seen my score go up, I applied for a regular card yesterday and was approved. But my score dropped by 18 points, which was disheartening :( I feel like I made the wrong decision; I only applied for this latter card due to its 0% foreign transaction fee, which is handy for me.

I was hoping that the long-term gain from building a credit history with this new card would offset the short-term loss associated with the points drop. Is this true? I'm also further disappointed by this short-term points drop, as I was hoping to go shopping for an auto loan in the forthcoming period.

4 Contributions
37 People Helped

Keep accounts open even if not using

Helpful to 1 out of 1 people

When ever opening a new account whether it's a credit card, loan, etc it will lower your score. Nits a game. But once you have the accounts keep them open even if your not using them. Make small charges here and there and pay them off. I have an card for 15 yrs now and I'm 36.  The credit limit is large enough if I ever need to use it all. I have a few other cards with low balances. Now I won't need other credit cards so it won't hurt my score but by keeping these accounts active and using them here and there, I will only increase my score.  

2 Contributions
4 People Helped

No worries

Helpful to 1 out of 1 people

Okay, it will sound crazy, but I have 12 credit lines, and 11 are credit cards, a year I had no credit and I only got 2 credit cards. from 729 it dropped to 632. After 6 month i' ll go up. now I'm at 720 againg and everybody trusth me because the ontime payments...... 

1 Contribution
0 People Helped

Trying to raise our credit score

My family and I are wanting to buy a house in two years. My credit score right now is 576, was 625 but dropped when I applied for two credit cards.  What will help me raise my credit score and what is the normal credit score needed to buy a house?  Thank you in advance for your comments. 

1 Contribution
0 People Helped

725 score to 638 score

my score went from 725 to 638 by just applying for and getting approved for discover it card...i had a loan for 3yrs. and paid it off prior to getting this card...i called about it and customer service said that by paying off my other loan and closing that account hurt my score and that was the only account i've had for credit, but she also told me by using my new card and paying on time my score will go back up in a short period of time because on my other i account that i had closed, i had no bad remarks...paid on time (no late payments)...and only positive remarks on my credit report. the only thing that hurt my score was: short credit, and closing that we'll see in a few months how my score is reflected by using card and paying it off each month.

Results 1-6 of 6Results 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.


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.