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Why did my credit score go down after I got a new credit card?

Asked by kareem about 1 year ago, 1 answer.
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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?

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Answered by thedude on Nov 20, 2006, 02:43PM
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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.