I have a credit card that offers free "credit score" viewing monthly. Last month it was 797..this month it dropped to 760! Could it be I got another (new) credit card last month? I transferred an amount ($1,600) from my other CC to them and they also doubled my limit to $10,000 up from $5,000. They ask me if they could do an "inquiry" also..so I said yes. I have 5 accounts and always pay them to almost no balance every month and never late on them...any answers?
2006-12-19 11:39:46 · 8 answers · asked by jazcomania 2 in Business & Finance ➔ Credit
Inquiries can make your credit score go down. Your limits raised also means that you have that much possible debt, whether you ever hit those limits or not.
2006-12-19 11:42:31 · answer #1 · answered by donnabellekc 5 · 3⤊ 0⤋
Yes, the new inquiry probably hurt you about 5 points and then since you have a new account that you haven't had a chance to proven yourself, that is also a slight hit. The doubling your limit helped your score since you are using a fewer percentage of your available credit. You may want to look at your credit card bills that they send you each month. If the amount you need to pay before the due date is high compared to your limit, that could hurt your score since the credit companies are reporting that balance to the bureaus, not the balance you have on your due date.
2006-12-19 21:55:46 · answer #2 · answered by Mariposa 7 · 0⤊ 0⤋
The new card could be what changed the score. Inquiries YOU make should not affect your score. Check the 'inquires' section on the report you received to see if you inquiries are showing. (They shouldn't be.) Don't complain about a 760 score. That is better that 80+% of the country.
2006-12-19 20:37:12 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
I think you have figured out exactly what happened. Call them...ask what the hey happened. Next time, refuse inquiries. But , hey, you're still safe and have a good credit report. Just always pay on time! If you get behind on one card, the others also will probably hike your rates. They have a very delicate networking system because they have to absorb so much credit card fraud. But, believe me, they don't want to lose you as a customer, and they will work with you.
2006-12-19 20:09:04 · answer #4 · answered by Anonymous · 0⤊ 0⤋
A new account affects the "average" age of all your accounts, so it's possible that's what affected the score. We won't know because the FICO scoring model is a secret. I wouldn't worry about it, however, anything above 750 is considered A+ credit. So if your score is 750, 760 or 790 it won't affect your loan rate any.
2006-12-19 21:00:53 · answer #5 · answered by Kevin K 3 · 0⤊ 0⤋
For each and every inquiry on your credit report your score drops.
2006-12-19 19:47:36 · answer #6 · answered by Anonymous · 0⤊ 0⤋
every time you apply for credit it affects your score negitively dont worry it will come back up as long as you pay your bills on time
2006-12-19 19:49:17 · answer #7 · answered by wookie 3 · 0⤊ 0⤋
If you have been getting alot of inquiries that will do it.Did mine.
2006-12-19 19:49:09 · answer #8 · answered by Ts-mind 2 · 0⤊ 0⤋