topic Re: How much is a HP / score hit worth to you? in Credit Cards

How much is a HP / score hit worth to you?

1LostArk — Mon, 16 Oct 2023 20:43:49 GMT

I recently switched my cell service to Verizon, which gives me 3 total accounts (FIOS at 2 addresses). Don't like having to use a checking account to get the autopay discount. Thinking about just getting the Verizon Visa, but the SUB is only $100 and I have the spend categories covered by other cards. If I get it I'd be at 5/24 and back to 4/24 in January. Would you pull the trigger?

Re: How much is a HP / score hit worth to you?

Brian_Earl_Spilner — Mon, 16 Oct 2023 21:09:18 GMT

I seriously don't care about my inquiries. Other than with banks like chase, they've never hindered an application of mine. There are people on here with upwards of 70 on a single bureau and they have no problems being approved.

Re: How much is a HP / score hit worth to you?

CYBERSAM — Mon, 16 Oct 2023 21:10:14 GMT

I would go for it and I have... Why not get something back on regular monthly bill.

Re: How much is a HP / score hit worth to you?

SBR249 — Mon, 16 Oct 2023 22:39:48 GMT

It's not really the HPs that stop me from apping new cards but more so having cards that are too niche and that I may have to prune later. Some people don't mind managing a large card portfolio but I'm about at my limit of what I feel comfortable with. Instead, I use the discover debit card with VZ and it works for their autopay discount. It's 1% CB vs the 2% that VZ CC gives you. For me it works out to be around $12 difference a year which is not worth it to me to have an extra CC. Of course if your VZ bills are higher the calculus may be different.

Re: How much is a HP / score hit worth to you?

Hammer — Tue, 17 Oct 2023 14:53:26 GMT

I have 4-5 INQs on my EXP/TU reports. In order to take another HP I at least need $100/yr of cash back over my other cards, $200+ SUB, 5k+ SL, or 0% interest for 12 months. Ideally all of those benefits.

After getting the PPMC last month my credit score improved, despite the HP, because of the lower overall utilization.

Re: How much is a HP / score hit worth to you?

hdporter — Sun, 22 Oct 2023 23:53:14 GMT

I'll chime in with agreement with others in that HP's do not deter me from applying for a card that has either lasting value, or a very substantial SUB.

However, judging from your post, it seems that you concern is over new accounts rather than pulls. All I can say is that I don't app new cards over trivial benefits. So, if I deem a card merits an app, I don't sweat the new account tally (even if it might preclude me temporarily from apping Chase).

Re: How much is a HP / score hit worth to you?

xenon3030 — Mon, 23 Oct 2023 23:26:06 GMT

I would go for a new card, if I see a good card that I might want to keep for a long term and with a SUB of $500 or higher. The VZ SUB is very low. Does the card have any other perk?

Re: How much is a HP / score hit worth to you?

GreatLife — Tue, 24 Oct 2023 01:34:59 GMT

Verizon is really pushing that card. Changed my autopay from Amex to Synch M/C last month, woke up to a message on the due date that it was declined because Verizon doesn't accept the card, but neither Synch or VZ could tell me why. Yet always an invite on my VZ account for preapproval on the Visa, and I think that's why my Synch M/C was rejected. If I'm correct the Visa doesn't offer much except a small VZ bill discount and rewards for use on VZ merchandise. I wouldn't bother risking the shutdown bear if you have other Synch cards.