scores dropping from new credit card account

tray · ‎05-12-2008

Hi everyone, target national bank(target credit card) $200.00 CL was just placed on my equifax report today I applied for this card the mid of April can anyone tell me why your credit score drops it was 632 now it is 627 do you think it is a big hit, also to add I have a new inquiry on my report from this weekend i wondering if that is adding to the decrease in the score. I am trying to rebuild my credit and show I can pay my bills on time and be responsible, also after a few months of positive payment will I see my score go back up.

Thanks any information will be helpful.

Starting Score: EQ 546 TU 566
Current Score: EQ 693TU 08 729 EX 08 738Need to Garden/New Accounts
Goal Score: 800

Anonymous · ‎05-12-2008

It will take an initial hit but as it ages the increased CL will help with overall score. But your score is also based on how you manage your overall CL

FretlessMayhem · ‎05-12-2008

FWIW, I've noticed that for me, EQ and TU both don't seem to care much about new accounts.

EX, however, is another story. I had one new CC report and it dropped 12 points.

Here we go again...

Anonymous · ‎05-12-2008

Give it 3 months. Score will bounce back up. In 6 months you get another bump and start gaining points.

Normal and very small dip. I get hit for 10, 15 and 20 points for new accounts.

Anonymous · ‎05-12-2008

5 Points is nothing...... Your score should recover in the next few months with proper usage and payment history... Target will grow with you too, which is a plus!

Anonymous · ‎05-12-2008

New account AND inq. Think of 5 points as a positive hit.

haulingthescoreup · ‎05-13-2008

DD#2 applied for and got a J.Crew card (sigh) and a BofA card. Both inqs were on EX, plus BofA also harded her on TU 9 days later when they were finally deciding. BofA is reporting; J.Crew isn't yet (and won't, if she handles it smart!)

Anyway, with 2 inqs on EX and 1 on TU, and one new account on each, her EX went from 698 to 678 (20 point loss), and her TU went from 705 to 703 (2 point loss.)

The only difference between the two is EX's notorious hatred of new accounts, and the one extra inq on EX.

Her oldest account is 1 year 10 months, LOL, and her average is 1 year, so this is to be expected.

* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007

Anonymous · ‎05-13-2008

I didn't much plan on two new store cards this month but so far not much of a problem. Anyway I love cameras and electronics so they will come in handy for my hobbies. Just keep me away from a Harley Davidson card or I'm in trouble.

Trishco · ‎05-13-2008

Just keep me away from a Harley Davidson card or I'm in trouble.

AMEN! We just sold ours in January and OMG have I been "jonesin"!!!! I hadn't even thought about a HD card until now!

OT but as I've read the forum over the past couple of months, I initially thought "wow there's a lot of HD lovers on here..cool ..then *duh*...ummm...it hit me they meant Home Depot...lmao!

Anonymous · ‎05-14-2008

I was born to be wild. Now I come here to figure out how to grow to be mild.

Trishco wrote:
Just keep me away from a Harley Davidson card or I'm in trouble.

AMEN! We just sold ours in January and OMG have I been "jonesin"!!!! I hadn't even thought about a HD card until now!
OT but as I've read the forum over the past couple of months, I initially thought "wow there's a lot of HD lovers on here..cool ..then *duh*...ummm...it hit me they meant Home Depot...lmao!