Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
Bochitova11

0 Contributions
0 People Helped
why my credit dropped 47 points suddenly??
I just got a new retail credit card and my credit just dropped 47 points!! I have less than a year that i started my credit and I have another 2 credit cards both of them below 30% of line credit usage and always paid on time, none late payment at all...last week my credit use to be above 720 and today is 674...Whyyyyyy???!! can somebody explain it to me plz? what shoud i do??!!

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
3 Contributions
3 People Helped
Most Helpful Response

Credit Scores will Fluctuate Widely

Helpful to 1 out of 1 people

Your credit score can fluctuate widely for many reasons, though 47 points for opening a credit card seems odd.  Especially because opening a new card increasing your overall available credit thereby reducing your utilization.  The drop may be due to something else. Two thoughts come to mind: multiple credit pulls or an increase in utilization.

Did you apply for multiple cards at once in the last month?  One hard pull won't affect your score too much, but many hard credit pulls will cause a noticable drop.  This isn't something to worry about for too long, as the hard pulls should only affect your scorefor 6 months to a year (even though they usually stay on your file for 2 years).

Also, you said your current utilization is around 30%, but if it was 15% or 20% last month, that will cause a noticable drop.  My score was 754 last month with a utilization around 12%.  This month, my score dropped 16 points to 738 due to a 7% increase in utilization to 19%.  Again, this isn't a bad problem to have, as you can pay down your cards and watch your score return to normal in the following month.

Hope this helps.

1 Contribution
1 Person Helped

My Credit Karma score suddenly dropped

Helpful to 1 out of 2 people

I have been watching the credit score Credit Karma posts daily because I have spent the last month paying down my credit cards. Elsewhere my score has gone up, but after rising a bit, I have now seen it drop nearly 60 points over night. I see my balances are correct. No new inquiries, yet my score has plummeted.

1 Contribution
0 People Helped

A sharp drop in my credit score

My credit score dropped for no reason. Two months ago I applied for two cards and I got them, plus I had 8 inqueries which obviously afftected on my score. I had a good increase after both items and was keepoin the 711 for three weeks. But it dropped by 41 scores literally for no reason. My utilization was around 40% but after I got these new cards it is 32% now. I am really really confused. 

Results 1-3 of 3Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.