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617LeeLee

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Why the major credit (negative) jump?
Help! I had really good credit (745-755) and opened a Lowes credit card for some home improvements. I was approved for $4,000 and put $3,500 on the card. Initially when I applied for the card, my credit jumped about 10 points. But now after a billing cycle, it's dropped to "fair" (670-675). I had no idea that it would go down that significantly. The payment isn't due until mid October so it's not like it is late or anything. So why did that happen and how do I get it back up? Thanks!

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Do some reading on "credit utilization". You have high utilization on this card and that will hurt your scores. In general if you want to avoid a big hit to your scores you will want to keep your utilization under thirty percent of the credit line, less than ten percent for the best scoring. Also, watch your FICO scores.

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