Why did my credit score drop from a 762 to a 689?
According to creditkarma I got hit with:
JPMCB-Card Service: Opening a new account can temporarily lower your score because it adds a hard inquiry to your report and lowers your average age of credit history. But with on-time payments and responsible use, your score may actually increase over time.
CBNA-New credit inquiry: Applying for a new line of credit will usually result in a hard inquiry on your credit report. You could also see inquiries from applications for a new apartment, phone or utilities account. Each hard inquiry will typically lower your score a bit, though the effects often wear off after a few months.
The combination of which took me from an excellent credit rating to a trash credit rating in one move? Why did this happen????
I applied for the Chase card (JPMCB), and was approved months ago.. why would they all of a sudden make an inquiry? Then, creating a new card with CITI (CBNA) resulted in a drop, but not with Chase? Should I be worried that CITI is also going to make an inquary, and drop my score by another 50 points?
Why would they even bother looking. I have gotten credit cards in the past, and they didn't bother to make these inquiry's. I just don't understand I have never missed a payment in my life. Will canceling these cards fix my credit score?