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Score dropped by 74 points after taking out a new credit card - What to do?

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I have taken out a new credit card a month back. While checking my crediut score, I found that my score has dropped by 74 points. Why has it happened? What should I do now?




Usually, your credit score won't drop by so many points just for taking out a credit card. Did you apply for too many credit cards at the same time?
It is better you pull your credit reports and check for errors. Dispute errors if any.

Sub: #1 posted on Mon, 06/19/2017 - 06:07

Good Nelly Good Nelly
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Too many inquiries within a shop period may drop your credit score. However, get your free credit report and check thoroughly.

Sub: #2 posted on Mon, 06/19/2017 - 06:11

sanderspatricia29 sanderspatricia29

(Posts: 728 | Credits: 75.94)

I agree with Good Nelly and Patricia, you somehow made few wrong moves which might have backfired.

Did you use your other credit cards too much? Your credit score might have dropped due to an increased utilization ratio. The ratio is an image of how much credit you're using by dividing your total credit card balance by your total credit limit.


Sub: #3 posted on Wed, 06/21/2017 - 06:12

tiarajoseph11 tiarajoseph11

(Posts: 330 | Credits: 45.57)

To protect your credit score from falling down, it's important to pay your accounts timely. Did you ever fall behind on your payments?
It is possible that your account was sent for collections and included on your credit report. Once it happens on your credit report, it will surely cause a drop in your credit score.

Sub: #4 posted on Wed, 06/21/2017 - 07:07

Barbara Delinsky Barbara Delinsky

(Posts: 331 | Credits: 33.32)

Did you close any old credit card account that is in good standing? Did you settle any debt recently? This may be a reason.

Sub: #5 posted on Thu, 06/22/2017 - 00:56

SC SC
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