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kvd42376

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Score went down 80 points getting a credit card recommended from Credit Karma
Trying to rebuild credit, obviously.. I have paid everything but my car loan off. Everything shows ZERO balance on my report.. I was up to almost 700.. I applied and received a Quicksilver Capital one card with 1000 limit.. With money in my checking account, I used this as my debit card.. After a purchase i would make a payment prior to the payment due.. My current balance amount due is 900, which I paid in full to bring me back down to zero.. Why did my score go down 80 points!!!!

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Utilization

Your utilization is too high. If that's your only card, you should only be using from 1 - 30% TOPS. Try to stay around 10-15%, and you'll see your score go back up. Meaning, only spend $100-$150 on the card per statement, and then pay off that balance either before the statement, or when you get the statement. 

If you have more cards, use the same method for all of them 10% across the board. Never max out your card or go above 30% any given month. Even if you buy something for $100, and pay it right away, its still considered part of that statement month, so just wait a full month before making another $100 purchase. I learned from experience, and extensive research!

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