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 Site Suggestions
Profile Image

Question By
tarponman1952

0 Contributions
0 People Helped
New credit cards drop your credit number
why tell me to add more credit cards when that is what has recently dropped my credit score? The new card was to help my daughter as a cosign but nothing more so telling me I can do a better job by picking another credit card seems odd

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

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
46 Contributions
26 People Helped
Most Helpful Response

Short term bad...

Helpful to 1 out of 1 people

but long term good if you pay on time and keep utilization below 30%...10% recommended.

Top Contributor
5038 Contributions
1136 People Helped

In order to build good credit, short term damage must occur.

Top Contributor
269 Contributions
115 People Helped

It does cause a wicked decrease in your score. I got three new cards at once not long ago, and between the inquiries and the drop when the new accounts are reported, those three accounts cost me about 30 points.
Here's why: If you open new accounts, the credit bureaus don't know why you're doing it, and they're certainly not going to give you the benefit of the doubt. Their statistics have proven that many people seek credit when they are in financial trouble. After you have made a few payments on time and show that you're not utilizing a high percentage of your credit limit the bureaus will recognize you as a responsible user of credit, and you will be rewarded with a higher score. Give it a few months and you will see the improvement. Building good credit takes time. 

Results 1-3 of 3Results 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.