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: 2,383
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: 1/22/15 TU 645; EQ 605; EX 633 Goal Score:
 625 for now– New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (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).

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.