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Posted in Credit Cards
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Mich0811

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Why did my Equifax score drop 71 points by opening a $200 limit credit card?
I do not have any other credit cards.
I paid off all debt/delinquencies back in November, so no negative marks.
I have an auto loan that I pay $445 , on time, monthly. Minimum due for it is $270.
Every recommendation was to open a credit card to help build credit so I am really disappointed right now.

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Opening a credit card if you did not have one is a GOOD idea on building credit. Where your problem is, you are following Vantage Scores, you need to start following your FICO scores, you won't get them for free, unless you get a credit card that provides one for free, but they can be worth paying for when you are building credit. Ignore the 71 pt drop, it is ridiculous. I bet your FICOs have increased and possibly very nicely from getting the credit card. And FYI, most lenders use FICO, not the so called credit scores that you get here. I will probably get kicked off this site eventually for speaking against Vantage, but I am telling it the way it is and people need to be aware of this.

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