Valued Member
Posts: 28
Registered: ‎11-15-2011

New CC / score drop

I didn't have any credit cards. I closed them all out about 3 years ago. I have been trying to rebuild my credit to get a mortgage. My LO told me to get a capital 1 CC and in a few months it should help my score. Well I got a $1000 unsecured card (617 fico) and charged very little on it ( less than 9percent). Problem is my score has dropped from 617 to 583 due to this new credit line. My question is will it rebound quickly? This has got me nervous. Thanks everyone.
Community Leader
Valued Contributor
Posts: 2,271
Registered: ‎11-29-2012

Re: New CC / score drop

Yes, it will rebound.  But you need more than one cc reporting for maximum score.  Between 2-4 seems to be the advice here.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 11/14/14 TU 649; EQ 648; EX 653
Goal Score:  625 for now– New goal 675

Cap1 sec $1k (SD) / Fingerhut $2k / nRewards $12k / cashRewards $10k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $500 / Target $400 / PPSC $800 / Texaco $400 (last app 09/29/14)
Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007

Re: New CC / score drop

IMO, I wouldn't open any more credit. I'd guess your mix of credit is satisfied with the pre-existing CCs. Their inclusion as part of the mix of credit would be indicative of the score drop when another was added (new LT ding and potential AAoA impact).

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