Hi everyone,
I have a quick question and I’m hoping someone here might have some insight. I currently have a secured credit card through my bank with a $400 limit, a traditional credit card with a 4,000 limit, and a car loan as well. I’m trying to slowly build credit as I know I have a thin file and I’m in my early 20s. The traditional credit card was opened in July/August. My transunion score went from 754 to 682 and my Equifax score from 752 to 665. I’m afraid that I’ve damaged my score and that it’ll take forever to come back up. I looked at the credit changes on Credit Karma and the only thing that changed was I had a high utilization rate on the secured credit card (69%) when I typically keep it below the preferred 30%. All my payments are on time and I’ve never had any late payments on anything.
If I keep utilization below 30% for each card, is it realistic that my score might come back up? Or are there other actions that I need to be taking?
TLDR: Credit score dropped by 87 points b/c of high utilization. Will it bounce back or do I need to take further action?
Submitted October 15, 2021 at 06:00AM by luvrocknsoul https://ift.tt/2XfrWYt
