Re: can applying for a credit card raise a credit score?
10-07-2012 08:26 PM
Yes a hard inquiry can sometimes raise your score. It depends on which bucket you are for your range of scores. If there are no inquiries reporting, probably because you stopped seeking credit due to derogs, this snapshot could be different from your peers in the same score bucket who have been active in applying for credit over a one yeard period, and expected to be doing so.
My score behaved the same way too over a 2 month period.
TBH an inquiry is a straight derogatory under FICO models; FAKO may be different. While at times it is zero damage initially (may factor later as other inquiries drop off, the number of inquiries and how they count against one's FICO isn't linear); however, it is never a positive.
An additional tradeline can at times be a straight positive (mix of credit function, and possibly some other more subtle details we don't know); however, an inquiry is never a positive and it's almost certain it was something else changing which admittedly is incredibly difficult to quantify.
Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 670, Wally TU 700, EX 718 (11/29/13, EX 07/11/13)
Goal Score: 680 in all three (01/01/14)
Take the FICO Fitness Challenge