This is my 5th credit card, i have no balanaces except on one of them and always pay on time. This new Capital 1 card just showed up on one of the bureaus and that score dropped 61 points as a result. Is 5-6 credit cards too much? Why else would it plummet like i had a bankruptcy or something. I was very careful about every step of credit building but this took me by suprise. HELP????
2007-05-29 04:36:04 · 5 answers · asked by Robert 1 in Business & Finance ➔ Credit
thanks to those who tried to help. theres one thing you have to understand. i don't carry balances on my card, check my report daily with one monitoring service and monthly with another. there is nothing i forgot to pay, believe me. plus this card only has 1k limit, which makes it even stranger that it would make a difference. yesterday a second bureau reported the account but that score stayed the same it was before(transu). looking forward to see what experian does. maybe it's equifax that's just acting up. i still don't get it
2007-05-30 00:16:48 · update #1
I have an idea what happened. It's the Capital One card. Capital One doesn't report your true credit limit, only what's owed.
2007-05-29 10:30:38 · answer #1 · answered by Anonymous · 0⤊ 0⤋
I have been told by several people that having mutliple open accounts only HELPS your credit score. And even if it did drop it, it would NEVER ben by 60 points. There is nothing on a credit report that sais having two many open accounts is bad. If anything, its the opposite because it gives you a highe credit line.. which is a good thing for your credit report. I would double check your report and see what shows up on it. There may have been something that slipped into collection that you forgot about.
2007-05-29 05:52:38 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The more credit cards you have available to use, the deeper you can get into debt by using all of them to the maximum potential. Therefore, the potential of you going deeper into debt will reflect unfavorably upon your credit score. Cancel the cards which you do not use, and restrict yourself to one or two cards. Do not keep a higher maximum credit line on these cards than you will need.
2007-05-29 05:51:56 · answer #3 · answered by acermill 7 · 0⤊ 0⤋
You have too many accounts open. Try to have 2. Also if you have too many (more than 6) inquiries into your credit it brings down your score. You should try to have the older accounts open and close the newer ones. I did and it brought my score up by 30 points in about 2 months.
2007-05-29 04:41:48 · answer #4 · answered by Bettyboop 2 · 1⤊ 1⤋
new credit always hits your credit at first. wait three months and you'll be rolling again.
2007-05-29 10:51:33 · answer #5 · answered by allaboutme 3 · 0⤊ 0⤋