10 point drop because of inquiry

[Anonymous]

My FICO dropped 10 points because of an inquiry (which was approved). There is a new account on there as well as a result. How long does it take for the score to rebound (because I will have a new TL)?

[Anonymous]

Okay, no new account reported yet... Will this further reduce the score or go up? One of the "negatives" on my report was that I didn't have that many recent active accounts... I am looking at possibly refinancing next summer and am trying to get my scores up a little before then (they are TU: 689, EQ: now 711 - was at 721, and EX: 749).

Thanks.

[Tuscani]

Your score will bounce back... inqs have very little impact (10%) on your total score. The new account may initially bring your score down, but will only help you in the long run assuming you are responsible with it!

[Anonymous]

10 points. Not bad. I was hit for 20 points. The new account might show good points after 3 months, but the inquiry will effect mostly for 6 months. Then fade off after 12 months. I always tell people 6 months.

[Tuscani]

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ilovepizza wrote:
10 points. Not bad. I was hit for 20 points. The new account might show good points after 3 months, but the inquiry will effect mostly for 6 months. Then fade off after 12 months. I always tell people 6 months.

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There is no difference between 6 and 12 months. All Inqs within 12 months are weighted the same.

[MidnightVoice]

Including getting new cell phones for your family from Cingular    And changing cell phone service when the old ones expired.  Meaning 3 **bleep** enquires in a year, and me being told by my credit report that I was desperately seeking credit 

[Tuscani]

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MidnightVoice wrote:

Including getting new cell phones for your family from Cingular    And changing cell phone service when the old ones expired.  Meaning 3 **bleep** enquires in a year, and me being told by my credit report that I was desperately seeking credit 

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Its frustrating...  I would hardly call this seeking credit. Should say "desperately seeking new phone service".

[MidnightVoice]

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Tuscani wrote:

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MidnightVoice wrote:

Including getting new cell phones for your family from Cingular    And changing cell phone service when the old ones expired.  Meaning 3 **bleep** enquires in a year, and me being told by my credit report that I was desperately seeking credit 

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Its frustrating...  I would hardly call this seeking credit. Should say "desperately seeking new phone service".

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More a case of "I have a daughter - desperately seeking cheaper phone service that does a million things adults don't want" 

[Tuscani]

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MidnightVoice wrote:

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Tuscani wrote:

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MidnightVoice wrote:

Including getting new cell phones for your family from Cingular    And changing cell phone service when the old ones expired.  Meaning 3 **bleep** enquires in a year, and me being told by my credit report that I was desperately seeking credit 

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Its frustrating...  I would hardly call this seeking credit. Should say "desperately seeking new phone service".

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More a case of "I have a daughter - desperately seeking cheaper phone service that does a million things adults don't want" 

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HAHAHAH! Luckily my kid is only 5.. I am dreading the teen years as she already thinks she is 14.

[Anonymous]

Don't worry about it, it will bounce back up.  My exp score dropped almost 60 points in two weeks because of new trade lines, 2 new inq and disputed information that was corrected [not corrected right, but changed nonetheless].  I'm not too concerned, as it should bounce back in a few weeks.  I think it is important to monitor and be aware of the changes to the score, but if there is no negative information reporting [new negative], then the scores should equalize eventually [like a few weeks or a month].  I think that the dings the credit take for inqs or new credit are transient.  It is the bad stuff that hurts your credit in the long run.  I think we just have to learn to ride the waves...JMHO