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Credit drop of -120 points?

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Credit drop of -120 points?

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...
Message 1 of 4
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Senior Contributor

Re: Credit drop of -120 points?

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.
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Message 2 of 4
Moderator Emeritus

Re: Credit drop of -120 points?

I have seen a 120 pt drop in matter of 24 hours. Smiley Happy
Message 3 of 4
Super Contributor

Re: Credit drop of -120 points?



Tuscani wrote:
I have seen a 120 pt drop in matter of 24 hours. Smiley Happy


So what did you screw up to get that?  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 4 of 4
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