Credit score??

Question by intendo56 Reward: 500 Pond Points + 10 Knowledge Tokens Status: Answered
I subscribe to a credit monitoring service and several weeks ago I noticed that my score went down 30 points! I always pay my bills on time and haven't had any credit problems lately, but I did sign up for a new credit card recently. Is that enough to lower my score that much, and if not what is causing it? How can I bring my score back up?



Reply from AeroSpear Accepted answer! User Rating:  80 Knowledge Tokens
Adding a second credit card does lower your credit score. The amount it lowers depends on how much total credit is now at your disposal. If it lowered 30 points I would guess your new card has a limit of around $15K (give or take 5). Also, factor in any loans you currently have because that adds to the overall credit amount.
To lower your score, pay off any loans, reduce the number of credit cards you own (or just request a lower limit), and continue to pay bills on time.
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