Why did my credit score drop from 721 to 714?

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Why did my credit score drop from 721 to 714?

Postby JasonB » Thu Dec 05, 2013 11:20 pm

So, I'm new to this whole credit card / credit score scene. I'm trying my best to do myself good in the future. I'm 21 now and I just opened my account the middle of last month. Since then I have spent 240 dollars over the course of a few weeks.

When I started my card I looked on creditkarma and my score was 721. I thought that was great. After making my card payment the first of this month my score dropped to 714. It shows on the site "On time payments: 1" which is right.

What would cause my point to drop for no reason?

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Postby takeshi » Fri Dec 06, 2013 12:34 pm

We can't tell you as we aren't psychic. All we have to go on is whatever you tell us and any of a number of things (or combination of things) could cause a score drop. 7 points really isn't worth fretting over IMO.

What changed on your report? Is there nothing in the Credit Report Activity section?

JasonB wrote:I'm 21 now and I just opened my account the middle of last month.

A credit account? An account on this site? A CK account? The former could certainly cause a score drop due to a drop in AAoA and a hard pull.

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Postby daniel2304 » Fri Dec 06, 2013 1:09 pm

It seems like you just opened a new credit card account, this could a drop in your credit score but it's temporary. Also, please consider your credit limit with your spending. The ratio between those two call utilization can hurt your credit score as well. Keep the ratio as low as possible. 10% would be ideal, but under 30% would be fine too.
All my posts are my opinions. All my posts mentioned "you" are merely for discussion-purpose only. No advice is given in any post at any time. It is also impossible for me to put effort to verify every statement that anyone has given.

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