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Question By
mholiv

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Why will getting an additional credit card hut my score?
Hello.

I've had a secured capital one card with a $500 limit for 10 months now.

Last month I applied for a Discover IT and was approved with a limit of $750.

It hasn't been added yet, but whenever I simulate adding this new card threw CK or CapOne credit simulator it drastically brings down my score.

Why is this? When my scores update should I expect the dramatic drop that the simulators suggest?

If the simulators are accurate how can I alleviate the situation?

My eventual goal is to drop the secured card and to get a Barclaycard Arrival Plus World Elite MasterCard.

My Info:
Current CK Score: 691
Current CapOne Score: 691

CK Score if I pay off everything: 728
CapOne Score if I pay off everything: 734

CK Score after I add the card: 668
CapOne Score after I add the card: 656

If it helps I pay off all my cards every month.

Thanks!

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Top Contributor
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Any time you apply for a new Credit Card your Credit Score will drop,  how much depends on your Credit information and history.  nobody knows for sure how much,  How long will it stay down is also a unknown, but for most folks its just a few months and then it will climb back up to where you were or higher.  Again nobody knows for sure.

As for getting the "Barclaycard Arrival Plus World Elite MasterCard." I would look at other cards with no yearly fee.  This one has 89 dollars after the first year.  So lets say you charge 10,000 dollars that will get you  20,000 miles or 200 dollars in airfare  ( subtract that 89 dollars and you are at  111 in dollars towards airfare.  if you are into rewards there might be better cards, also I don't know how much you will be spending on this card every month so could could be better,  Thinking the break point where the card becomes useful is if you charge 30,000 dollars a year or more on it.  If you can then your good.  if you can't then look at other cards.  

Good Luck

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