It depends on your profile and the Credit bureau. I've seen my scores go up and down with inqs. Sometimes they don't move at all. The new accounts seem to make more of a difference than the inqs.
@Anonymous wrote:Sorry if this has been asked.
When applying for new credit cards, a hard inquiry is placed on your credit report. Along with that, will your score always go down because of those inquiries? Or can it go up? Or does it matter either way on how many recent inquiries etc?
Im curious as to how ones score is affected up or down with recent inquiries. I am gardening until January 2017.
Thanks for the help.
Hello Husqvarna:
Credit scoring models (be they Fico, VantageScore or other 3rd party) all treat hard inquiries as a potential negative in scoring. Adding a HP can be score neutral or it may cause your score to go down. Addition of an inquiry never, as its own factor, causes score to increase.
As others have mentioned, a new inquiry is a trigger for credit monitoring to pull your data and generate a new score. It is possible for your new score to be higher - but not because of the HP. A higher score could be the result of a drop in utilization or fewer cards reporting a non zero balance.
Shown below is a categorization of inquiries from Credit Karma (CK). Both Fico and VS bin inquiries - but likely there are differences. If you stay in the same QTY bin, no score change associated with the new INQ. Also, the amount of score change if you switch bins can differ by scorecard. Effect likely greater with thin files.
Note 1: Hard inquiries factor into Fico scoring models for one year but, are considered in VS score for two years.
Note 2: Some types of hard inquiries are grouped together and only count as one in scoring (inquiries associated with mortgage shopping within a set amount of time).
