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Question By
anjahras

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why adding a credit card lowers my score
Why does the simulator say if I get a credit card with a 500$ line of credit will lower my score by 30 points?

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Well, first of all, never take the simulator's word for anything. It's a badly broken tool and Credit Karma should have long ago worked to make it better. That said, however, there could be a lot of reasons your score would drop (in the real world; outside the simulator). One could be if you already have a lot of inquiries on your record. One could be that scores frequently drop when we get new credit, then rise again once it becomes clear we can manage the new account well. One could be if you're getting new credit because you've maxed out, or come close to maxing out, your current accounts.

In the real world, scores usually go up, not down, within six months or so of opening a new account, provided payments are made on time and all else is well. But everyone's credit is both complex and different, so it's impossible to say what would happen in your case.

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