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jonze1123

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my credit score went down!
My credit score went down 51 points, right before my eyes! I was preapproved for a lending club loan, but ultimately did not get approved. Could my score has changed that much because I wasn't approved? Is there anything that can be done to reverse some of those points or even all of them? It's kind of sad, you try so hard to boost your score, you do whatever it takes to increase your score, but applying for a loan that can ultimately help lowers your score that much? Any suggestions or advice? Any good ways to raise my credit?

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have you tried ordering one of your free credit reports from annualcreditreport.com

Credit karma has the graph that your talking about on your credit score center page. 

if get back up to the 700 area I highly recommend getting a chase slate card 0% for 18 months with no balance transfer fee. 

or if you are in a real bind I'd suggest going down to a local credit union and seeing what they can do for you. 

Debt consolidate just consolidates debt the pay down rate is the same unless your interest rates are above 14%

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Dont use companies like lending club unless you absolutely have to. they charge you an arm and a leg and have crappy apr's. a hard line inquiry should only hurt your score about 2-5 points. 

need more info to give any advice. what is your credit score? debts? interest rates?

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I totally agree that the lending club has some lousy rates! However, my thinking was, because the payments were less than half of what we're paying out now, we could double up and be done in no time.

 So I happened to be on credit karma yesterday and I got an alert that there was an email from the lending club, which I checked up on and as I was looking at the computer screen, the little red bubble that says -51 points came up next to my credit score and the number dropped from 701 to 650. I was shocked that simply because I didn't get approved for a loan my credit score went down that much?!

 My credit score is now even worse than it was eight months ago! Little by little I've been watching my score creep up. I have an account with credit report.com, and I can look back several months and see increase 12 points, increase 11 points, increase eight points. You can look at the graph and each month it shows you your progress, which is a great tool that I haven't seem to be able to find on credit karma.

 So now, here I am with the crazy low credit score as a result of something I was trying to do to help my score. And try as I might, I can't find a phone number to contact credit karma and say wait I don't understand, is this true or is this a mistake? And there's no indication on my credit page that says why it went down. There's no alert, there's no notations, there's no extra information. There's nothing, just a 51 point loss.

 I'm disappointed in credit karma, I feel like they failed me, not that I failed myself. And I have no way out, I'm basically starting worse off than I was when I began this quest to increase my credit score and improve my credit.

 Any suggestions or thoughts or help would be greatly appreciated. Thank you! 

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