Yup. Especially if the inqs were on two different CRA's, i.e., one on EQ and one on EX.
Four things happen when you open a new account:
- probably a slight point drop for the inq, only on that particular CRA,
- point drop for a new account once it starts to report,
- potential point increase for higher overall credit limit and lower overall util, and
- point increase for a new tradeline with clean history.
If you pull your scores far too often (don't ask how I know this), you might see:
- maybe around 2-3 points gone on the report that had the inq,
- next maybe around 5-10 points gone (more if you have really high scores) on all three reports when the new account posts for the first time,
- at the same time, maybe a score increase if the new account really helps your util, and
- after a month or so, gradual score increases as the new, clean tradeline continues to report with clean payment history and low util.
You might not lose points for the inq if it's your only one, or alternatively, if you already had a bunch, and this is just yet another.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007