Credit drop of -120 points?

[Anonymous]

I'm only 20, and my credit score was 706 back in April this year; than I started getting credit cards from Dillards, Macys, Discover, Capital One, etc.. and I started shopping for a car that I never did buy; and made quite a few inquiries... Went over my credit line on few of my cards... needless to say; I checked my Fico score and is 588...

Is it possible to drop 120 points so easily in less than 4 months? I mean,... I guess it is when mine did... is just... I made stupid mistakes...

Oh well... I thought I share... but I'm trying to rebuild my credit score and pay off them cards...

[Anonymous]

Well, inquiries can drop your score by 10-40 points maybe even 50 however the most I've seen is -40. If you have balances on your credit cards, that too can drop your score even over 100 points if near maxed out. If you were ever 30 days or more late, that is totally different and will drop your score too. If you weren't late it's probably just too much debt. Paying off your credit cards 60 days before applying for credit will raise your score in most cases.

[Tuscani]

I have seen a 120 pt drop in matter of 24 hours.

[MidnightVoice]

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Tuscani wrote:

I have seen a 120 pt drop in matter of 24 hours.

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So what did you screw up to get that?