Credit score drop after new CC inquiry/addition

[AQ]

Hello,

I am in the process of rebuilding credit after a BK discharge a little over one year ago.  I applied for a Walmart Card (store card) last week, it was approved, but it dropped my credit score almost 30 points on my EQ.  This was my 4th inquiry in the last year (and will be my last!).  Is there a guesstimation how long this might negatively impact my credit score.  I don't plan to have any more HP inquiries for the rest of the year.  I figured it would drop my score, but not that much.  A bit of a sting, for certain. 

Thanks!

[navistar]

new inquiries and cards hurt at first but you have to start somewhere.

[AQ]

Agreed.  To be fair, I had three cards.  I was iffy about applying for a fourth, but the financing options seemed beneficial, in case of rare situations.  I just didn't expect a 30 point drop, but that doesn't seem to be unheard of, from what I can tell. Maybe that was one pull over the line.  My others didn't hurt my score like that, and some of them actually helped right off the bat.

[gdale6]

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@AQ wrote:

Hello,

I am in the process of rebuilding credit after a BK discharge a little over one year ago.  I applied for a Walmart Card (store card) last week, it was approved, but it dropped my credit score almost 30 points on my EQ.  This was my 4th inquiry in the last year (and will be my last!).  Is there a guesstimation how long this might negatively impact my credit score.  I don't plan to have any more HP inquiries for the rest of the year.  I figured it would drop my score, but not that much.  A bit of a sting, for certain. 

Thanks!

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If that score is a FAKO ignore it, it means nothing in the real world. Inquiries usually only drop score a few points for those in the 600 and low 700 groups, for a FICO drop of 30 points you would need to be in the 800 club for that many points to be given up.

[AQ]

Thanks, but it was EQ FICO. I don't bother with FAKOs.

Seems an 800 club would fall less, due to resiliency factors.

[Shogun]

Acquiring new accounts is sometimes a necessary evil.  You need accounts that will age, and you need them to thicken your file.  With the new account, it's like fertilizer, sure it stinks, but your scores will grow!