Ok...so I'm in the process of rebuilding my credit. I only have one baddie on my report...a biggie, but only one (repo 04) and since then I do have a paid auto loan. About 3 months ago I got a secured BoA card with a $300 limit and was looking at the advice of the Truecredit people and it said that I don't have enough credit and that I should look into getting more revolving credit. I read somewhere that you should have a store card...so I applied and was approved for a Macy's card with a $400 limit. I was on cloud 9 and proud of myself for actually being approved for something without forking out money first. Today I was messing around with the MyFico score simulator and I checked the "open new store account" and it showed my score dropping 50 points (at least)! I was expecting to be dinged with the inquiry and the newness of the card, but I didn't think it would be that much. I held off pulling my Experian report because I wanted to see the report with this new Macy's card on it...so I have no clue what it did to my fico score yet?
So did I do the right thing by opening this account? I don't mind the short term drop if it will increase later. I'm not in the market for a new house or anything, but maybe possibly a car in a year or so?
