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Cmshires

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Why did my credit score dropped 70 points?
I opened a new credit card (to transfer a large balance). Once I was approved, I transferred the entire balance on one credit card to the new one (it was 5k). At the same time, I paid off a loan that was $3,500. Is there a reason why the balance transfer would result my credit score in going down by 70 points? This was the only major activity that I made. My credit card utilization went down by 9%, I had 1 hard inquiry (from opening the credit card) and my credit history went down, but stayed in the same category.

I'm wondering if this is just temporary and will bounce back up in a month or so?

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