How much will my credit score go down by applying for a new card?

how does your credit score go down

Question by stuinblue. How much will my credit score go down by applying for a new card?

I would prefer answers from people who work in the credit industry and can tell me roughly the number of points, and how long it will take for my score to recover once the new higher available credit kicks in…

I know part of your credit score is determined by how much available credit you have. I closed several cards a few years back before I knew it would hurt my score, and now I have very little credit available. I have excellent credit otherwise, and pay off anything I charge the next month. However, I do have a balance I’ve been slowly paying down, and want to open a new card so that my balance takes up less of a proportion to my total credit debt.

13 Responses to “How much will my credit score go down by applying for a new card?”

Amanda H says:

An inquity generally only affects your score by 2-3 points. I know becuase I check my score daily thru a monitoring service and have seen the ‘before’ and ‘after of an inquiry….its very minimal.

Inquiries are only on your report 2 years and as long as there are only a few, its not too damaging.

Marlietta says:

It can go

down by as much as 6 points, but usually only by a point or two. It depends on various factors, such as whether or not you’re approved or denied, how many credit inquiries you’ve had recently, whether or not those were approved or denied, etc.

The inquiry will remain on your report for two years, but will only count against your score for one year.

A good place to brush up on credit scoring information is http://www.myfico.com

Also to get all three of your credit scores and the negative reasons codes (The list of reasons why you may have had points taken off your scores) http://www.myfico.com/12/Home.asp

This is from the FICO website and the ONLY place you can get all three of your REAL FICO credit scores. It is NOT free, but any site offering free credit scores is not using the real deal. These FICO scores are the same ones lenders use when determining whether or not to give you credit.

Also, ordering your credit scores through those free promotions ticks points from your scores, whereas ordering the scores yourself through the FICO website DOES show as an inquiry on your credit, it DOES NOT count against you.

The inquiry will remain on your report for two years, but will only count against your score for one year.

Hope this helps!

haasmba05 says:

Source: www.whats-a-good-credit-score.net

Category: Credit

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