Third Line of Credit lowered my score. Why?

[Anonymous]

When I began the process to rebuilding my credit, my bank suggested a package of three lines of credit that will maximize the benefits. A secured credit card, a secured loan and a secured line of credit. I added the first two immediately and my credit score went up. After I added the line of credit, my score went down 58 points. Is this normal? Will it rise and even back out once monthly payments are reported? I am regretting the third line now. Anyone know about this?

[dragontears]

Where are you getting your score from and how does the new tradeline report (i.e. revolving, installment, finance, etc.)?

[Anonymous]

Revolving. I checked experian as well as credit karma. The explanation seems to be it added a hard inquiry and the third line lowered my credit age average. They said that on time payments may raise the score.

[Adkins]

Ignore the credit karma score, it doesn't count. What is your current average age of accounts?