Rating took a big hit!

Idpullthecurtain

Has anyone had an experience like this? 

My Experian score has dropped over 100 points.  All I've done new is spend below 25% of a new credit card limit and paid bill on time.  Its a new card and its the first time I've got a ny credit card reporting to my file.  Weirdly my Credit Karma score improved  at the same time slightly, due to this (I assume).

I had only heard that using a Credit Card would improve the score.  But mine has resulted in a huge drop.

Rodders53

It's a made up number.

Lenders look at other things.  Never those numbers.  Check out similar comments on other threads here.

TheMilkmansDad

well the good news is the score is completely meaningless. If its a new card, as long as you pay of in full each month it will be fine.

MEM62

Rating took a big hit!

No, it didn't.  Your score is a randomly generated number produced for amusement purposes only.  

Catsacor

Idpullthecurtain said:

Has anyone had an experience like this? 

My Experian score has dropped over 100 points.  All I've done new is spend below 25% of a new credit card limit and paid bill on time.  Its a new card and its the first time I've got a ny credit card reporting to my file.  Weirdly my Credit Karma score improved  at the same time slightly, due to this (I assume).

I had only heard that using a Credit Card would improve the score.  But mine has resulted in a huge drop.

Spend some time reading this subforum in more detail - study the Stickies which are at the top of the list of threads and you'll learn a lot on this topic.