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Good news and bad news (I think)...

Good news and bad news (I think)...

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!!

FICO Equifax: 7/2012-629 8/2012-636 9/2012-659
FICO TransUnion: 7/2012-618 8/2012-618 9/2012-633
Message 1 of 5
4 REPLIES
Established Contributor

Re: Good news and bad news (I think)...

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.

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Message 2 of 5
Highlighted
Moderator Emeritus

Re: Good news and bad news (I think)...

That bit of a drop is nothing, just got dinged for a HP and AAoA.   That'll pass soon.  Nice CL!

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+
Take the myFICO Fitness Challenge

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 3 of 5

Re: Good news and bad news (I think)...

WHEW!!!  Thank you for your answers!!!  I get a bit freaky over it....I knew it was a good thing!!!  :-)

FICO Equifax: 7/2012-629 8/2012-636 9/2012-659
FICO TransUnion: 7/2012-618 8/2012-618 9/2012-633
Message 4 of 5
Regular Contributor

Re: Good news and bad news (I think)...

Yea a small drop like that is nothing compare to what you can gain back from utilizing your new tl.
TU 746 (10/13)
GOAL: 750+






Message 5 of 5