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terrythefarmer

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why has my credit score gone down so fast
The last time I checked my credit score it was 760. Since I have opened up two new accounts and pay them on time and closed another my score has come down. WHY?

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Opening new accounts always dings our scores slightly. But when we open more than one account in a short time, the effect can be magnified because it signals that we might be either desperate or about to go on an irresponsible spending binge. Fortunately, recovery should be fairly quick; with good management of the new credit, your score should creep back up over the next six months or a year.

Closing that one account almost certainly hurt you, too. It's nearly always better to keep old cards and use them a bit to keep them active than it is to close them. The only exception is that you might want to close cards that have annual fees you don't want to be burdened with.

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