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Score impact adding accts./inquiries

Frequent Contributor

Score impact adding accts./inquiries

In the past week, I added 6 new accts(1 is still pending) totaling about $31K in credit. This will greatly reduce my overall utilization to about 9%. But in the process I added 7 inquiries on EQ and 2 on EX. I know my AAoA will take a huge hit, but with the increase of lines of credit, will that outweigh the inquiries?

Amex PRG(NPSL), Amex BCE($5K), Amex Hilton($1K), NavCheck ($15K), NFCU CR Siggy($20K), USAA Amex($7K), USAA World MC($7K), CSP($2.3K), Chase Marriott($1.8K), Care Credit($2.5K), Cap1 QS($3.5K), VS($500), Cap1 Secure($200) Starting Scores(Jan 2013): FICO EQ: 643, TU: 552, EX: 567 Current Scores(Sept. 2016): FICO EQ: 672, TU: 703(?), EX: 682 In the Garden FOR-EV-ER!!!!! Cards and goals achieved! Let's grow and mature these babies!!!
Message 1 of 12
11 REPLIES
Epic Contributor

Re: Score impact adding accts./inquiries

Did you already receive the points for the TLs reporting?

 

Inquiries generally don't have a huge impact unless your scores are high.  1 or 2 points per inquiry,  I have seen one inquiry impact a higher score for much more.

Message 2 of 12
Frequent Contributor

Re: Score impact adding accts./inquiries

no, the TL haven't starting reporting as they were all opened in the past week. I did receive a score boost because of two INQ on EQ. It was an 11pt jump.

Amex PRG(NPSL), Amex BCE($5K), Amex Hilton($1K), NavCheck ($15K), NFCU CR Siggy($20K), USAA Amex($7K), USAA World MC($7K), CSP($2.3K), Chase Marriott($1.8K), Care Credit($2.5K), Cap1 QS($3.5K), VS($500), Cap1 Secure($200) Starting Scores(Jan 2013): FICO EQ: 643, TU: 552, EX: 567 Current Scores(Sept. 2016): FICO EQ: 672, TU: 703(?), EX: 682 In the Garden FOR-EV-ER!!!!! Cards and goals achieved! Let's grow and mature these babies!!!
Message 3 of 12
Established Contributor

Re: Score impact adding accts./inquiries

Score boost because of Inq? Am I missing something?

My Wallet:Fidelity Amex $1K, DCU $3.9K, US Bank AeroMexico $300, Quicksilver $1.3K, Cap1 secured MC $750, DiscoverIT $200, Care Credit $5K, Sportsman Guide Visa $3K, Kay $3K, Jared $3K,American Airlines CC $3K, Amazon $2.9k, Walmart $2.2k, Macy's $800 revolving/$5k furniture, Comenity retail cards $5.55kStarting Score: 618Current Score: 711
Message 4 of 12
Epic Contributor

Re: Score impact adding accts./inquiries


CreditJunkie917 wrote:

no, the TL haven't starting reporting as they were all opened in the past week. I did receive a score boost because of two INQ on EQ. It was an 11pt jump.


That is odd.  You don't get increases due to an inquiry.  Are you sure nothing else happened?  An account aged, AAoA got older, something that would add points.

Message 5 of 12
Frequent Contributor

Re: Score impact adding accts./inquiries

It's possible. When I got the SW from EQ, it noted my INQ's. My secure cap1 account turns 4 next month. other cap1 turned 15mo this month. everything else is less than 8months old.

Amex PRG(NPSL), Amex BCE($5K), Amex Hilton($1K), NavCheck ($15K), NFCU CR Siggy($20K), USAA Amex($7K), USAA World MC($7K), CSP($2.3K), Chase Marriott($1.8K), Care Credit($2.5K), Cap1 QS($3.5K), VS($500), Cap1 Secure($200) Starting Scores(Jan 2013): FICO EQ: 643, TU: 552, EX: 567 Current Scores(Sept. 2016): FICO EQ: 672, TU: 703(?), EX: 682 In the Garden FOR-EV-ER!!!!! Cards and goals achieved! Let's grow and mature these babies!!!
Message 6 of 12
Established Contributor

Re: Score impact adding accts./inquiries

Guess I DO learn something new every day Smiley Happy

My Wallet:Fidelity Amex $1K, DCU $3.9K, US Bank AeroMexico $300, Quicksilver $1.3K, Cap1 secured MC $750, DiscoverIT $200, Care Credit $5K, Sportsman Guide Visa $3K, Kay $3K, Jared $3K,American Airlines CC $3K, Amazon $2.9k, Walmart $2.2k, Macy's $800 revolving/$5k furniture, Comenity retail cards $5.55kStarting Score: 618Current Score: 711
Message 7 of 12
Mega Contributor

Re: Score impact adding accts./inquiries

Wow! Nice bunch of cards! The score drops will come back.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $13.5k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $6.1k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $4.85k / Citi DC (WMC) $7.1k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 8 of 12
Frequent Contributor

Re: Score impact adding accts./inquiries

I have no doubt about it. And thanks!!

Amex PRG(NPSL), Amex BCE($5K), Amex Hilton($1K), NavCheck ($15K), NFCU CR Siggy($20K), USAA Amex($7K), USAA World MC($7K), CSP($2.3K), Chase Marriott($1.8K), Care Credit($2.5K), Cap1 QS($3.5K), VS($500), Cap1 Secure($200) Starting Scores(Jan 2013): FICO EQ: 643, TU: 552, EX: 567 Current Scores(Sept. 2016): FICO EQ: 672, TU: 703(?), EX: 682 In the Garden FOR-EV-ER!!!!! Cards and goals achieved! Let's grow and mature these babies!!!
Message 9 of 12
Valued Contributor

Re: Score impact adding accts./inquiries


CreditJunkie917 wrote:

In the past week, I added 6 new accts(1 is still pending) totaling about $31K in credit. This will greatly reduce my overall utilization to about 9%. But in the process I added 7 inquiries on EQ and 2 on EX. I know my AAoA will take a huge hit, but with the increase of lines of credit, will that outweigh the inquiries?


It's hard to say what the net effect will be.

 

Utilization is a really big deal, but you don't say what the old utilization % was.

 

If you can add $31K in CLs via a series of applications, and started with relatively high utilization, then it's probably a net win.

 

The reason this strategy fails for many people is that they get small CLs like $500, and thus a bunch of new TLs does more harm than good.

 

 

Message 10 of 12