Originally Posted by
NYmetsfan111
My credit karma score went from 758 to 701 in a matter of a week. I have only applied for the Chase SW and the 2 Citi AA cards (8/6/11) which aren't from Transunion. I was thinking about applying for another card until I saw this today. It is also telling me that I have an outstanding balance of $3,000 which I can't edit myself since it was from using the Citi AA cards to meet the minimum spends. I already paid both of those cards in full before getting the next statement.
Is it because of the outstanding balance that my score has dropped 57 points and if so how long does it take for Credit Karma to update that I already paid all the balances?
Should I hold back from applying for a credit card until it is cleared up?
Thanks!
I'm a long time Flyertalk user but this is a throw away account. If you have 3 credit inquiries within a relative short period of time, you can expect a large drop like this. The inquiries are designed to identify desperate/high risk people. If you are asking many people for credit, it is a big red flag. I realize you might be doing it for points but the credit reports & bureaus don't know.
As for how these inquires reach TU, almost all major credit card companies will use all three credit bureaus. Many have logic in how to pull data.
Hope this helps.
K Lin
Founder, Credit Karma, Inc.