Score dropped 20pts why ?

Anonymous · ‎05-16-2020

So I'm fairly new to this credit thing. I just recently started building my credit. I opened up 2 secure cards and a self lender loan to start. Self lender reported like the next day and my CK scores was 595. Then today a few weeks later both credit cards showed up and my score dropped by 20 points.. why is that ? When I did the score simulator it was showing me my score would go up like 40 points for adding new accounts... The inquires for the CCs was there before they reported. Another thing one of the cards (First Progress) is reporting a $29 balance outta $200 limit. The other card I've is discover it which is $0 balance and $300 limit.

Mia there anything I can do to get this score up by adding like a AU card with longer history maybe ?

I'm trying to rent an apartment in July/August and most places want 620-640 scores...

Anonymous · ‎05-16-2020

Opening a new account will usually cause a drop, 10 to 30 points depending on other factors. Most of that should rebound after 2 or 3 months. The thinner or newer your credit profile the more wide these swings can be.

Just make sure your payments are on time and keep your utilization in check, under 30% for good results, and it should significantly boost your score after a few months.

SouthJamaica · ‎05-16-2020

@Anonymous wrote:
So I'm fairly new to this credit thing. I just recently started building my credit. I opened up 2 secure cards and a self lender loan to start. Self lender reported like the next day and my CK scores was 595. Then today a few weeks later both credit cards showed up and my score dropped by 20 points.. why is that ? When I did the score simulator it was showing me my score would go up like 40 points for adding new accounts... The inquires for the CCs was there before they reported. Another thing one of the cards (First Progress) is reporting a $29 balance outta $200 limit. The other card I've is discover it which is $0 balance and $300 limit.

Mia there anything I can do to get this score up by adding like a AU card with longer history maybe ?

I'm trying to rent an apartment in July/August and most places want 620-640 scores...

Don't make decisions based on your CK scores. They are not FICO scores.