New credit lowers score?

New credit lowers score?
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I aquired 2 new credit cards in June (BP and Home Depot). My score immediately dropped from 702 to 641 (FICO). As of today my score has not risen 1 point ! True Credit states the reason is I aquired the cards in too short of time. Now had I been denied the cards my score would have not dropped. My banker says I should cancel the cards and it should go back up. Since the score hasn't risen at all in 4 months I'm pondering doing just that! Any thoughts?
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The card limits are only 400 and 700. Debt to income is 10% ( moot point since credit bureau does not factor that norr is privy to your income. My other credit cards have a total limit of 10,000 and I only owe 220.00. 1 car loan never late on anything , no collections.
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Transunion does not use FICO any longer, they use Vantage.I owe nothing on theses cards. I owe 3% of my total available credit. One of my credit cards show my score each month. I also have a friend that ran my credit thru his car dealership.. all scores are within a 5 point differential, so they can't ALL be wrong. Point is how long before my score starts going up? Been 4 months now
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The Answer : This is some important things to know:
1. Payment history- 35%
2. Total debt owed vs. available credit-30%(debt to income ratio)
3. Length of time establishing credit-15%
4. Types of credit established-10%
5. Inquiries and New accounts-10%With that saidThe 2nd poster's correct about what your banker not knowing what he's talking about.
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Just by applying for those 2 cards alone, it dropped your score because of the inquiries when you formally applied for credit, regardless if you're approved or not. Cancelling the cards at this point is not going to bring your score up. It can take anywhere between 6 months to a year for your score to even show signs of raising when it comes to new accounts. Opening up the cards also shortened the average age of accounts that you have. You've already done the damage. You'll need to pay on time and keep the balances low in order for those accounts to help your score.