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credit score drop?

Date: Tue, 11/05/2019 - 22:35

Submitted by Letumein
on Tue, 11/05/2019 - 22:35

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Total Replies: 6


I have opened a credit card account recently. It has been a week. But my score has dropped. Can you tell me why


Have you recently closed a credit card account? Then your credit score might drop as your length of payment history (accounts for 15% of your credit score) gets affected. Or it might happen that you have missed payments on your another credit card (if any). If you find any discrepancy on your credit report, dispute with the credit reporting bureau.


lrhall41

Submitted by Craigh.terry on Tue, 11/05/2019 - 22:58

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Yes, Craigh-terry is right. Moreover, to grant your credit card request, the bank might have pulled your credit report which is a hard inquiry. So, it might have a small role to play too. However, check put your reports and dispute errors if any. Checking your credit reports regularly also brings to your notice of fraud, if any.


lrhall41

Submitted by Good Nelly on Wed, 11/06/2019 - 03:19

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only opening a credit card account is not enough, you have to manage the account properly. Make sure you repay the payments on time and in full. Also stay within your credit limit.

With time, you will see the difference.


lrhall41

Submitted by Sanders Patricia on Fri, 11/08/2019 - 05:10

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Many possibilities are there. Hard inquiry is one possibility but in that case your credit score will drop by around 5 points. So my question is, have your credit score dropped by 5 points or is it a lot more? If it's more than 5 points, then the reason is something else. It can be a collection account which you're ignoring or a high credit utilization ratio. Check your credit report and come back to us.


lrhall41

Submitted by Nick Jonas on Wed, 11/13/2019 - 20:40

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First, the credit card issuer will check your credit score and report when you apply for the account — this hard inquiry can cause the score to drop by a few points temporarily.
If you wish to have credit card debt and collections erased from credit report visit 4Ficorepair.com they removed 27 inquiries from my credit report my score went to 780 from 507.


lrhall41

Submitted by on Sun, 12/01/2019 - 16:18

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