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Question By
kiwihair

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I opened a department store card last night and my score dropped 13 pts. WHY??
Last month I opened two new credit cards both with 0% on transfers to be able to save some money on my monthly credit card payments. I have about $9500 on one credit card, and I managed to get my other one down to $0. I started a transfer of $5500 to the first card with 0% fee and 0% APR and was going to transfer the rest to the other new card.

I needed some new clothes and a winter coat and went shopping last night. I usually always resist offers from department stores to open a new credit card with them, but this time I was buying almost $600 worth of stuff and it didn't seem like the worst idea since I'd save 15% on the whole thing and I never buy clothes for that kind of amount. I was going to transfer the balance from this department store card to one of my other new cards and then just leave this card to collect dust.

I checked my CreditKarma score today and noticed that it went from 760, where I had gotten it a few weeks ago, down to 747. I know part of it is due to the hard inquiry on my credit, but this seems a little excessive.

Should I try to close the new GE card from the store and try to delete the inquiry, or is the damage done already?

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Transferring the balance may hurt you as well, I think I read recently somewhere that it can. Sorry I can't refer you to the site, I have been looking at a lot of credit related articles lately! I think maybe it was on MSN money but not sure.

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