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Question By
butterfly2809

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I just opened 2 new cards and my credit score dropped 50 points
I had a credit score of 710 in nov.I applied and was approved for a discover card and a store card.Right now i currently have a citi discovr cap1 and goodies store card. After applying for the discover and goodies my score dropped 50 points!I pay all my balances off in full every month.How long will it take for my score to go back up

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That's absolutely normal. In addition to the "dings" for the hard inquiries, our credit often drops on approval of new credit -- sometimes a little, sometimes a lot, depending on the details of our personal credit picture. Applying for multiple credit lines in a short time also rings alarm bells, which may help account for the fairly large drop.

You may get a quick partial recovery once the bureaus have details on the size of your new credit lines and your new (presumably lower) utilization levels. But it can take six months or more of good management of the new credit for scores to recuperate completely.

Reply by
eagledude2000

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So would it be better to close down these new credit accounts?  Would the score jump back up? (I am in the same boat, 2 new cards and my score dropped 50 pts) 

Thanks!

Reply by
butterfly2809

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that makes sence...I worked very hard and it took me 2 years to build up my credit. I basically had to start from the bottom. I pulled my report and payed off everything i owed i had alot of collections from dr.bills. I got started with a secured card from capital one. I forgot to add i also got a small personal loan that i pay on every month to add variety to my report.

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