New CC dropped score 15 pts!

[debz]

I just got my capital one card (and I'm regretting it already).  They reported a $500 balance with no limit.  I was approved for $750.  I'm going to do a balance transfer to get this capital one reporting $0.  When this new card hit my report, it dropped my score by 15 points!  Is that normal?

[sl]

Depends. How many inquires do you have on your CR? Inquires can drop your score. Also, Capital one does not show CL, so it makes it look like you have high utilization.

I hope this helps.

Message Edited by sl on 07-30-2007 04:34 AM

[debz]

I have 3 inq.  I was recently approved for Hooters with $8k limit and CCCU with $3k limit.  I'm hoping when these report that my score will go back up again.

[sl]

I think once the Hooter's hits your report, it will go up. I would would wait a while before you apply for any more cards. Inquires can really hurt you.

[debz]

That's it for the CC's for me.  I plan to close First Premier and Orchard Bank since they only have $300 limits and high fees.