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Question By
Desertcop

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Why did my credit score drop significantly?
My credit history was almost at seven years. I applied for a credit card to help better my score. Then when I checked my credit score, my credit history went down to three years. Does your credit history drop after a certain amount of time? Or did it drop because I applied for the credit card to help better my credit score?

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Adding any new lines of credit have potentials to lower your scores, from inquiry(s), lower average age of credit, new account, possibly taking on more debt, but the effect should be relatively short  usually recovers in 3~4 months depends how thick and robust are your credit profiles, and scoring models.

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Your history, or are you saying your average age of credit?  These are two different things.  The history will be there for the 7 to 10 years on all things, depending on status.  The average age of credit will drop. So if you have a card for 7 years, then got a new card, 0+7=7  7/2=3.5 average age of credit.  You also dropped due to at least one hard inquiry.  All of this is to better your score in the long run. This is a game of years, not days or months.

Reply by
Desertcop

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Sorry if I wasn't clear enough as I was typing from what is listed on the report by Credit Karma. I was referring to my age of credit.I was just inquiring about this drop, so if I understand you correctly. Then when I applied for the new credit card, this caused my age of credit to drop. I understand that it isn't going to be a overnight change. Just trying to work on getting my score to improve. I'm also keeping an eye on the amount of inquiries. As I inquire as to whether it is going to be a soft or hard inquiry.

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