Re: Is this advice correct?
11-24-2012 11:05 AM
My experience has been that if a company does a soft pull (which is what they typically do for a credit line increase) that I loose 5-10 points off of my FICO score.
My experience has been that if a company does a hard pull (which they SOMETIMES do for a credit line increase) that I loose 9-16 points off of my FICO score.
My FICO score is typically in the low 800's/borderline 800 -- depending on life and the volatile mood of the FICO algorithm.
You would take a hit for the credit inquiry (soft or hard), BUT may gain a few points with more available credit. So big picture, it may be a wash as for a the score goes.
Sorry, but you will not loose points for a soft pull. Or am I wrong here? Only on hard pulls.
If it is soft or hard depends on the bank, you may ask prior to requesting the pull. With an increase your score can go up, for your Util would go down. Of course this will only be the case if you do not PIF your cards before they report to the cra. Otherwise your Util will still be 0 of course.
FICO (TU/EX/EQ): 760/780/780 - Total CL 200+K