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Why did my credit score go down after I got a new credit card?
I just got a credit card in July. Then I got another one in September, thinking my credit score would go up, because I have more lines of credit that are open, etc. However, my credit score actually went down 20 points! Why did my credit score go down after I got a new credit card?
One of the things I’ve read is that part of your credit score is based on the average age of all your currently open accounts. So, by obtaining the new credit card, your credit score went down, as the average age of your open accounts shrank from several months to 1 & 1/2 months or so.
Don’t worry too much about it, keep paying your bills, etc, and it should go back up or be even better in a few months.
Good luck.
Even if everyone of your accounts is paid in full, that could lower your credit score because the more accounts you have, the more of a risk you become….you have more credit available to you or cash advances (stay way from those) than you can afford to pay back if you decided to go wild and charged a car on one card, bought a computer on another one…..boom! So keep in mind that your CREDIT SCORE is actually more important than your credit report. I’d check my credit score quarterly if you’re holding too many cards. Let’s face it, you know what your report will say, you don’t kinow what the magic number will be!
I agree with jeremy goodrich…do what he says…dont warry about it..
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