How many points are lost when applying for a new credit card?

[SteveL]

My FICO score just dropped from 806 to 796 because I applied for a credit card.  Turns out I didn't get the card because I already had one with them, yet my score dropped 10 points.  Is that normal?

[Jazzzy]

Hi Steve,

I recently had an inquiry from a credit card, and it cost me 9 points...so this must be pretty average.

There is no set point loss because a lot depends on your credit status already, how many other inquiries you've had, etc. There are times that people don't have any loss in points.

[MarineVietVet]

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@SteveL wrote:
My FICO score just dropped from 806 to 796 because I applied for a credit card.  Turns out I didn't get the card because I already had one with them, yet my score dropped 10 points.  Is that normal?

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Welcome to the forums.

It doesn't matter whether credit is actually extended after an application. It is the app itself that causes the inquiry and possible ding to a score.

[DI]

Fortunately, you will be able to quickly recover those point after one year.  I say one year since your scores are very high.  Scores tend to rise slowly as you make it to the high scoring range.  Regardless, as you know, your scores are still in the high FICO category. 

[RobertEG]

Up to 10 points is typical for a high scorer.  It all goes away in one year.  Not a biggie.

I am just curious.  With existing high FICO score, you obviously have existing revolving credit with low utilization.

Why even get a new card?