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streisandgirl1

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Why did my credit score drop from 722 to 696 overnight?
I just added a credit card and looked at my email alerts and my score dropped 26 points. I thought that would help. All of my bills are paid on time. Is there another issue I am not aware of?

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Top Contributor
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score drop

That is a 34 point drop.

That is too much I think for an average age reduction drop.  But it is just the right amount for a Derogatory Mark.

Make sure a derogatory mark comment didnt show up.

Also curious about this new card, is it a sub-prime lender.

Even assuming all the stars lined up and the inquiry for the new card put you in the next group, and the average age went down to the next group, etc...  34 points is too much.  Unless all that happened and you ran up the balances so your credit utilization is high and the new limit isnt taken into account yet.  From what you said, only all of that lining up at once, or a derogatory mark can give you a 34 point hit.  Anything else that would cause a change that significant should not be a surprise to you.

You do need to find out which it is that caused this so you know whether it is only a temp thing or something that requires action on your part.

Start by verifying in Credit Karma that you dont have a derogatory mark.

Then check your utilization number and make sure it didnt sky rocket on you.

Good luck.

Let us know what happened, we learn from each other

Top Contributor
60 Contributions
76 People Helped

OOPS

bad math.  26 point drop, not 34.

thats still a drop, I am sticking to my story.

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