Drop in credit score after getting new credit card.

7
Posted 8th Feb
Morning all!

So I got a new credit card to replace an old one as the 0% purchase offer has ended.

My clearscore score for this month has dropped 74 points and this is the only reason I can think it would drop.(nothing else has been iiut of the ordinary)
Does that sound right?
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7 Comments
Yep, that’s normal. That’s why they recommend not opening any cards or changing banks before getting a new mortgage or big things like that.
Yep fine, and if you use it correctly, in a few months time it will go back to normal and possibly higher than it was before.
Cool thanks for the replies. I'm sure when I got the previous card it wasn't that bad a drop. I haven't got anything big coming up so alls good. Time to rebuild!
They do a hard credit check when you take out a credit card which is why too many credit card applications isn't good for your credit score but it should build up again fairly soon
Martin Lewis's MSE site says it can take about 6 months to "recover". Personally I find it takes a bit longer as the data is so slow to be updated!
markmc99908/02/2020 12:04

Martin Lewis's MSE site says it can take about 6 months to "recover". …Martin Lewis's MSE site says it can take about 6 months to "recover". Personally I find it takes a bit longer as the data is so slow to be updated!


Incredibly slow. I always pay my Cc each month and its still showing money owed on it.. As long as it gets back to there eventually I'll be happy
Three impacts on credit file: the hard search related to new card; the reduction in mean length of agreements (made even worse when cancelling the existing card); temporary reduction in further affordability until existing card cancelled. Typiçally 6m-12m to recover
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