New Capital One Card - Credit Score dropped..

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SVTNorthTexas
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New Capital One Card - Credit Score dropped..

Postby SVTNorthTexas » Wed Mar 23, 2011 10:03 am

I currently have one active platinum card open with Capital One. I figured I would apply for another one for grins. I thought it wouldn't hurt if I had more credit available and not being used. Turns out I was approved for a rewards card with a $500 limit, but it dropped my score 13 points. That's not too bad and I assume was just because of the credit inquiry.

I went from a 593 to a 580. Any advice on bringing up my score?


ashleyAMX
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Postby ashleyAMX » Wed Mar 23, 2011 8:58 pm

Your score dropped because of a few reasons. New account shortened your account age. Inquiry hurt a few points as well. I would focus on the negatives to improve your score. Let your accounts age, pay off balances, keep untilization low, watch inquiries fall off, pay on time every month. Just general things.

SVTNorthTexas
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Postby SVTNorthTexas » Fri Mar 25, 2011 8:28 am

that makes sense. I only applied for a new card because I thought having more "available" credit would help.

ashleyAMX
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Postby ashleyAMX » Fri Mar 25, 2011 8:21 pm

It does, but that means you must keep your utilization rates low. 25% to 30% of the limit.

SVTNorthTexas
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Postby SVTNorthTexas » Mon Mar 28, 2011 10:06 am

Thanks for the advice. How long do inquiries stay on your credit report for?

SVTNorthTexas
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Postby SVTNorthTexas » Wed Mar 30, 2011 12:34 pm

Anyone? Bump.

AmanteDecor
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Postby AmanteDecor » Wed Mar 30, 2011 3:42 pm

SVTNorthTexas wrote:Thanks for the advice. How long do inquiries stay on your credit report for?


Inquiries generally stay on your credit report for 2 years, though I wouldn't worry about it too much, since other factors such as credit utilization, on-time payments and AAoA are more important in building and maintaining good credit. Just try to keep the inquiries to a minimum :P

SVTNorthTexas
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Postby SVTNorthTexas » Thu Mar 31, 2011 7:15 am

AmanteDecor wrote:Inquiries generally stay on your credit report for 2 years, though I wouldn't worry about it too much, since other factors such as credit utilization, on-time payments and AAoA are more important in building and maintaining good credit. Just try to keep the inquiries to a minimum :P


I looked yesterday and it showed I had 26 inquiries on Equifax, but only 6 on Experian and Transunion. I printed off some dispute letters today and figured I would send them in. Hopefully some of them will be deleted. I hear anymore than 1 or 2 is bad.

ashleyAMX
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Postby ashleyAMX » Thu Mar 31, 2011 7:06 pm

Sorry I'm overseas. But yeah 26 will kill your score. I think more than 5 is considered bad. And it takes 2 years to drop off 1 year to have less of an impact



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