What dropped my credit score dramatically?

Question

My score dramatically fell from something like 660 to 550, but I am not sure what caused the dramatic drop.

Basic Info:
I opened 1 new credit card with low limit
I was 30 days late on 2 items (for the first time)
I was over my credit limit by 100 on one of those items (all fees)
I was deliquent 2 months by around $60 on 1 item (first time)
I had 19 inquiries in past 12 months (Had been looking for a car, so 1 was car, couple others)

NO items in collections or public records..ever.

So what has hurt my credit the worst? I thought being 30 days late would not have so severe an impact.

This month I resolved everything. It looked like though that the delinquency was hurting me the worst.

Answer 1

A combination of all of that, especially the inquiries and the new credit card. Each time that you have your credit pulled, it drops 2.5-3 points, that's up to 57 points right there. Being delinquent 2 months for anything is going to hurt you as well. Just pay your bills on time, keep it under the limits, don't apply for too much credit, and you'll be fine

Answer 2

Basic Info:
I opened 1 new credit card with low limit
I was 30 days late on 2 items (for the first time)
I was over my credit limit by 100 on one of those items (all fees)
I was deliquent 2 months by around $60 on 1 item (first time)
I had 19 inquiries in past 12 months

You answered your own question better than any of us can. Everything on this list will reduce your score.

Answer 3

Unfortunately, not one thing has affected your credit score but a combination of all of what you have mentioned can have a severe impact on your Credit Score to the negative.

Opening a credit card with a 'low limit' reflects a high risk. 'Why didn't the issuer allow for a higher limit?' is the question.

30 days late on 2 items 'for the first time' - This sends red flags if you have not truly established yourself with a history of credit lines.

'Over your credit limit' - whether it is for $1.00 or $1000, this reflects as 'bad management' of credit lines. Considering that the overage was due to 'fees' makes it worse.

'Delinquent for 2 months by around $60' - Delinquent is delinquent. The longer you allow the delinquency to go on, for whatever reason, will damage your Credit Score.

'19 inquiries' is far too many to have had in a 12 month period. If they were within 14 to 30 days, the Credit Score takes into account the type of purchase causing the multiple inquiries.

Therefore, your statement that 'I thought being 30 days late would not have so severe an impact', would be valid if it was all that was the matter.

Again, a combination of all that you have listed is the reason for the dramatic fall of your Credit Score.

Take note, if you fall behind again, or go over your limit or go through any of the number of items you have listed above, the damage to your Credit Score may be compounded.

Answer 4

I'm not sure what exactly you mean by "I was delinquent 2 months".... do you mean that you had an account with no payments for 60 days? A 60 day late is more damaging than 2 30 day late pays. A combination of both would DEFINITELY drop you 100 points or more-- especially since you were only in the 650+ range and not really solid with over a 700 score.

The late payments hurt most. As soon as you get your balances down the over limit part will take care of itself. Theinquries is also excessive.

Answer 5

Everything, except opening the credit card, hurt your limit. Being late, no matter how much you owe, will dramatically hurt your credit. Going over the limit isn't too big a deal and the inquiries don't help.

Answer 6

It could be the 19 inquiries, evertime someone looks at your credit it lower it and u being late can make a change.

Answer 7

You really answered your own question with you explanation.

Points go to back to the Asker!!!

Answer 8

you answered your own question; it's all there in black and white