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
Wissotafish

0 Contributions
0 People Helped
I opened a $500 credit card to try and help me get closer to 700, and my score dropped 94 points?

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-10 of 10Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
1 Contribution
19 People Helped
Most Helpful Response

Score

Helpful to 19 out of 22 people

Every time you open a new credit card account it is a hard inquiry which will lower your score. The best way to build your credit, from an old timer, is to use a card the same as cash. That is, make large purchases and pay the entire balance off when the bill comes in and watch your credit score soar.

1 Contribution
10 People Helped

Helpful to 10 out of 16 people

I have 4 late payments on my credit.  What is the fastest way to repair my credit, it I can.

Top Contributor
241 Contributions
85 People Helped

Helpful to 6 out of 8 people

Age of credit could have dropped a lot and caused a drop in score, also you do not mention if you bought anything with that credit card.  If it is the only one you have and you bought $300, even with paying it off the following month. It could show that you are at 60% credit usage causing another drop.  You also could have seen a drop because of credit inquireies, especially if you had to apply to a couple of companies to get a card.

In the long run if you use it spariningly, it will increase your credit score.

1 Contribution
2 People Helped

hard inquiry

Helpful to 2 out of 2 people

maybe to many hard inquiri on your report to many hard inquiri drop your score

Top Contributor
5038 Contributions
1136 People Helped

Helpful to 4 out of 6 people

Did you check to see what your FICO scores did as a result? You may have gotten a boost on them. Always watch your FICO scores too if you are in the process of building credit.

2 Contributions
2 People Helped

To Lie

Helpful to 1 out of 1 people

Your paycheck reflects FICA - Federal Insurance Contribution Act.  It is the sum of your Medicare and Social Security contributions and has absolutely nothing to do with your FICO credit score.

1 Contribution
1 Person Helped

credit card

Helpful to 1 out of 1 people

if i pay off my credit card balance will my score go up?

Top Contributor

Reply by
RichardBBB123

16 Contributions
329 People Helped
Helpful to 2 out of 3 people

Not necessarily.  It will save you interest but your score is affected by the balance on your statement date which is a few days after your due date.  For example, if you have a card with a $10k line of credit and your amount due is $5k and you may the full $5k by the due date, your account balance will be zero.  This is the best ratio you can have and this will be reported to the credit bureaus UNLESS you use the card again prior to the statement date.  

3 Contributions
2 People Helped

Lie

Helpful to 1 out of 3 people

Lie

3 Contributions
2 People Helped

Lie

Helpful to 1 out of 3 people

Credit compines want you to stay in there dept for if no dept they get no money so don't go into dept as for the ones that get on this as like the other employees that get on these sites always have so thing to say about it. Like I like this one company they helped me out, yes they did out of your money that you worked for that is what they helped with

3 Contributions
2 People Helped

Lie

Helpful to 0 out of 5 people

Well fico is on every check you make when payday is up did ya ever look at that fico is a collection agency as well for the federal government look at the facts not what everyone wants you look at sale pitch that comes along

Reply by
IndianaJan

2 Contributions
2 People Helped
Helpful to 1 out of 1 people

Your paycheck reflects FICA - Federal Insurance Contribution Act.  It is the sum of your Medicare and Social Security contributions and has absolutely nothing to do with your FICO credit score.

Top Contributor

Reply by
RichardBBB123

16 Contributions
329 People Helped
Helpful to 2 out of 2 people

I'm guessing you are joking?  FICA and FICO are not related in any possible way.

Results 1-10 of 10Results 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.