Member
iwillacheive
Posts: 7
Registered: ‎05-07-2012
Good news and bad news (I think)...

Good afternoon!  I hope someone can shed a little light on this.  On Friday I applied (with fear of rejection) for a Kay Jewelers credit card.  Thinking that they were going to deny me...they actually approved me for $5,600!!!!  I was so excited!  All I could think of is the drop in my CU % therefore bettering my credit scores that I have been working on!

 

However, on Saturday I was notified by MyFICO that because of the inquiry my score took a 7 point hit!   Am I going to see a jump in my score due to the increased credit line?  and if so...when?

 

Thank you in advance!!

FICO Equifax: 7/2012-629 8/2012-636 9/2012-659
FICO TransUnion: 7/2012-618 8/2012-618 9/2012-633
Established Contributor
S7
Posts: 568
Registered: ‎08-24-2012
Re: Good news and bad news (I think)...

I've read that the scores take the initial hit due to the new TL, but recover with the use and payments on the TL.

"When you are down in the mouth, remember, everything turned out ok for Jonah."

Current FICO's(by lender) 10/9/12
EX:649, EX:651, TU:683
Moderator
Shogun
Posts: 12,884
Registered: ‎04-15-2011
Re: Good news and bad news (I think)...

That bit of a drop is nothing, just got dinged for a HP and AAoA.   That'll pass soon.  Nice CL!


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Member
iwillacheive
Posts: 7
Registered: ‎05-07-2012
Re: Good news and bad news (I think)...

WHEW!!!  Thank you for your answers!!!  I get a bit freaky over it....I knew it was a good thing!!!  :-)

FICO Equifax: 7/2012-629 8/2012-636 9/2012-659
FICO TransUnion: 7/2012-618 8/2012-618 9/2012-633
Regular Contributor
Tran92
Posts: 217
Registered: ‎09-25-2012
Re: Good news and bad news (I think)...
Yea a small drop like that is nothing compare to what you can gain back from utilizing your new tl.
TU 746 (10/13)
GOAL: 750+