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Credit score went down because of hit from credit union savings application

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cpereyra1
Member

Credit score went down because of hit from credit union savings application

Just opened a new savings account with Delta Credit Unions because I plan to apply for a credit card with them in the next few days.  When I opened the account I guess they checked my credit report because my equifax took a 3 point hit.  I know that may seem like a little but being in the process of rebuilding any amount of points count.  My question is this, since a savings account has nothing to report, how would my credit score recover from that hit? If it ever does?

 

Thanks,

Message 1 of 3
2 REPLIES 2
Shogun
Moderator Emeritus

Re: Credit score went down because of hit from credit union savings application

You just took a hit from the Inquiry.  It'll bounce back up pretty quick.  Smiley Happy

Starting Score: 504
July 2013 score:
EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+
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Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!

June 2017 update: All scores over 820, just pure gardening now.
Message 2 of 3
namvet
Established Contributor

Re: Credit score went down because of hit from credit union savings application

Checking/savings inquiries have always been a source of irratation to me and usually cause a slight drop in your credit scores.  IME the scores will recover in 3-6 months.

Message 3 of 3
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