Looking for a credit card with at least $4,000 CL

[DonDraper]

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@Creditaddict wrote:

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@DonDraper wrote:

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@Creditaddict wrote:

I disagree that applying in it's self will lower your credit score, however if the account is approved depending on if it helps util balance off from a higher balance on another account you could see your score go up or down based on AAOA etc.

I think it would be helpful if you post your current Cards/Limits/Balance.  A few offers out right now are 15-22 months of 0%.

and I would look at your CU for sure, they usually are more relaxed to give higher limits especially if you are already a very good customer with them

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The question was whether or not each application counts against your score. The answer to that is yes. Inquiries always knock points off your score. How many points and what happens after that could be just about anything depending on approval/denial and your credit profile (up for improved utilization, up or down for new account, down for lowered AAoA etc.) , but the OP asked if  each inquiry counts against your score. Yes. Every time.

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If I'm not mistaken Fico stops calcuilating INQ into score once you reach 5? 7... forget the number... it's been a while since it was last talked about.

I mean I opened what 5 credit cards, refi my car and applied for a bunch of other things and my TU score didn't move more than 2 points. I know each person is going to be different based on if you have no INQ and you apply you are probably going to see a big dip but take a look at the post from yesterday with the person with 40 accounts and over $300k available credit and scores that have stuck around the 770+.

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Because other things are always happening, minute by minute, hour by hour, on your reports that also affect your scores. Accounts are aging, payments are being made, utilization is changing, buckets are shifting... but an inquiry will still always count against your score, regardless of whether or not something else happens to cancel it out later on. Your score may have "moved" just 2 points, but have you considered all the things that were moving your score up and down all the time, before it landed on that 2-point change at that particular moment in time when you checked your score?

Everyone forgets how much happens on their reports all the time, behind the scenes. Not just the things you can immediately pinpoint as having happened, like an inquiry or new account. People say "an inquiry/new account changed my score by [x] points, I know this because it's the only thing that's different since last time I checked my score." No it's not. Not by a long shot. It's just the only thing you did. A bunch of other stuff happened too, you just didn't notice it.

[DonDraper]

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@Anonymous wrote:

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@DonDraper wrote:

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@Creditaddict wrote:

I disagree that applying in it's self will lower your credit score, however if the account is approved depending on if it helps util balance off from a higher balance on another account you could see your score go up or down based on AAOA etc.

I think it would be helpful if you post your current Cards/Limits/Balance.  A few offers out right now are 15-22 months of 0%.

and I would look at your CU for sure, they usually are more relaxed to give higher limits especially if you are already a very good customer with them

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The question was whether or not each application counts against your score. The answer to that is yes. Inquiries always knock points off your score.  but the OP asked if  each inquiry counts against your score. Yes. Every time.

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Careful.  Unless you have proof of this, it is all just conjecture.  It is my believe that there are thresholds of inquiries you must pass before losing points.  i.e. there was no score loss for me going from 13 to 14 inquiries, but there was when I went from 1 to 2.  Please let me know if you have proof of your claim.

Thanks.

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Like I just said in my last post, there may have been no visible score loss to you because something else happened to make it up, like an account aged to a certain point to give you a bump. These are things you don't notice because you don't initiate them, but they affect your scores just the same.

[DonDraper]

I think there's confusion here between "will an inquiry count against my score?" (yes) and "will an inquiry automatically lower my score?" (no, because something else may happen to make it up). The difference is subtle, but it's there.

[haulingthescoreup]

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@DonDraper wrote:

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@Creditaddict wrote:

I disagree that applying in it's self will lower your credit score, however if the account is approved depending on if it helps util balance off from a higher balance on another account you could see your score go up or down based on AAOA etc.

I think it would be helpful if you post your current Cards/Limits/Balance.  A few offers out right now are 15-22 months of 0%.

and I would look at your CU for sure, they usually are more relaxed to give higher limits especially if you are already a very good customer with them

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The question was whether or not each application counts against your score. The answer to that is yes. Inquiries always knock points off your score. How many points and what happens after that could be just about anything depending on approval/denial and your credit profile (up for improved utilization, up or down for new account, down for lowered AAoA etc.) , but the OP asked if  each inquiry counts against your score. Yes. Every time.

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No, in fact, this is not correct.

Most of us with dreary, stable histories (= we've done all we can, and now we're just waiting around) have noted that the first inq on a given report doesn't result in a score change, the second does, and so forth. And after somewhere around 6 inqs (again, on one report), they don't hurt any more.

What is more likely to hurt is the new account: you get moved into the new account bucket, which often (but not always) hurts, and your AAoA is lowered, possibly enough to affect your score.

As you correctly noted in a later post, most consumers have enough changes going on on their reports that it's difficult, if not impossible, to isolate the causes of changes, but for those of us with a whole lot of 'nuthin going on, it's easier.

edit to add: and this (not every inq affects your scores) was confirmed by a FICO insider, who knows his stuff.

[DonDraper]

I give up trying to explain that a hard pull counts, even though you may not notice any score change because something positive happens to offset it. But I'm still not going to tell someone to apply with reckless abandon because hard pulls are harmless after you rack up enough of them (except for auto or mortgage shopping, of course). I've spent too long as a moderator on another credit board (under a different name, of course) to tell someone that. 

[Anonymous]

sorry big guy.. but it sounds like you are just making assumptions like the rest of us, so your input goes in the "conjecture" pile with the rest of ours... It helps to separate fact from possible-fact when we are trying to figure out FICO scoring.  We appreciate your input, though!

[Creditaddict]

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@Anonymous wrote:

sorry big guy.. but it sounds like you are just making assumptions like the rest of us, so your input goes in the "conjecture" pile with the rest of ours... It helps to separate fact from possible-fact when we are trying to figure out FICO scoring.  We appreciate your input, though!

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Yup, even going into Fico's Eduction center tells you INQ sometimes or sometimes don't effect you, it talks about 1 pull vs more but no real number of at 10 nothing... but it for sure does not say IT ALWAYS EFFECTS.

I don't know how you would be able to say without a doubt INQ effect your score when we have seen multiple people continue to get approval after approval with 40,60+ INQ with scores still over 750.

[haulingthescoreup]

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@DonDraper wrote:

I give up trying to explain that a hard pull counts, even though you may not notice any score change because something positive happens to offset it. But I'm still not going to tell someone to apply with reckless abandon because hard pulls are harmless after you rack up enough of them (except for auto or mortgage shopping, of course). I've spent too long as a moderator on another credit board (under a different name, of course) to tell someone that. 

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I have to disagree.

Every single inq DOESN'T impact your score every single time.

It can definitely affect how lenders will look at you, though.

[Anonymous]

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@haulingthescoreup wrote:

I have to disagree.

Every single inq DOESN'T impact your score every single time.

It can definitely affect how lenders will look at you, though.

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That.