10-09-2012 09:24 AM
Good afternoon! I hope someone can shed a little light on this. On Friday I applied (with fear of rejection) for a Kay Jewelers credit card. Thinking that they were going to deny me...they actually approved me for $5,600!!!! I was so excited! All I could think of is the drop in my CU % therefore bettering my credit scores that I have been working on!
However, on Saturday I was notified by MyFICO that because of the inquiry my score took a 7 point hit! Am I going to see a jump in my score due to the increased credit line? and if so...when?
Thank you in advance!!
10-09-2012 09:27 AM
I've read that the scores take the initial hit due to the new TL, but recover with the use and payments on the TL.
10-09-2012 09:49 AM
That bit of a drop is nothing, just got dinged for a HP and AAoA. That'll pass soon. Nice CL!
10-09-2012 10:06 AM
WHEW!!! Thank you for your answers!!! I get a bit freaky over it....I knew it was a good thing!!! :-)
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.