@Anonymous wrote:So how many HPs do you have Churner123...I meant Open123? So basically you open the account for the MR and then close it after 1 year? Do you have any cards with AFs? Open...how many MR points have you racked up or earned this year?
I believe I read here before, but is there some sliding scale for inquiries based on the number of points deducted? Is there a point beyond which you no longer lose points based on the # of inquiries?
The FICO points charged for each HP depends on where the file is. I've had a few INQ this year, and it seems to be 2 pts to 7 pts, and that tends to be for the HP and New Account Reporting combined. On the actual HP for the SPG, I lost zero points recently. If you get up to 10 HP, the per-HP effect should diminish, but I doubt you would go from 800 to 700 on the basis of 15 INQ alone. Most of the negative impacts to scoring seem to have a declining scale of impact: The first one or two are relatively large impacts, then as the negatives add up, the impact of each subsequent negative is reduced. One late payment is a huge impact, the 10th late payment, not so much (because the score is already reduced).
In the last year I have 5 INQ on EQ, 4 on TU, and 7 on EX, and most of those are for cards with sign up bonuses:
The Marriott and Hyatt, due to the annual free night, are no-brainers to keep forever. The AMEX Hilton card is no AF, no worries. Capital One Venture, I haven't decided but I have nearly a year and the AF is fairly low. The Citi AAdvantage card, I'm not sure yet, but 6 weeks in and they already upgraded me to WEMC, and are changing the card to have no-FTF, and the APR may be reducable, so at this point is seems likely I will keep the card. The SPG has a good earning rate, potential reduced APR, so I'm leaning toward keeping it. The point is, not everyone who takes a sign up bonus is planning to close the card immediately, and oftentimes, you can't really decide what you want out of the card, whether it meets your requirements, until you get the card and get familiar with the details of how it operates.
In 2014, on the other hand, I opened and closed both the AMEX Delta Platinum and US Bank Travel Rewards VISA cards because once I figured out how they worked, either the AF was too high, or the ongoing earnings didn't make sense to keep. In each case, it wasn't until I actually used the cards that I was able to clearly decide this, and I don't regret closing either of them.
Since 10/1/2014, I have gotten 2 HPs on all three reports. Both were for CLI on existing cards. ON at least EX I did not notice a point loss with the first HP. And with the second one, my score went up I believe because my utIl % dropped a fair amount because my CL went up 10X thanks to Synchrony Bank. Does Fico score a HP differently for an established account vs a HP for a new TL? I'm not sure if I have seen this discussed. And I have not applied for anything new in more than a year.
According to the simulator on CCT, if I get a new CC with a $5000 Sl (what?) 
then it says I will drop 10 points.
I like the detail of your response. Frankly I think I'm a little spooked because of the the number of inquiries I got when I bought a new car last November. I had no idea that my credit was being run that many times. Lesson learned. I'll walk in with as check from my CU.
Still HPs or inquiries are important depending on a person's file. I'm not trying to see my scores drop 30-40 points.
@Anonymous wrote:Since 10/1/2014, I have gotten 2 HPs on all three reports. Both were for CLI on existing cards. ON at least EX I did not notice a point loss with the first HP. And with the second one, my score went up I believe because my utIl % dropped a fair amount because my CL went up 10X thanks to Synchrony Bank. Does Fico score a HP differently for an established account vs a HP for a new TL? I'm not sure if I have seen this discussed. And I have not applied for anything new in more than a year.
According to the simulator on CCT, if I get a new CC with a $5000 Sl (what?)
I like the detail of your response. Frankly I think I'm a little spooked because of the the number of inquiries I got when I bought a new car last November. I had no idea that my credit was being run that many times. Lesson learned. I'll walk in with as check from my CU.
Still HPs or inquiries are important depending on a person's file. I'm not trying to see my scores drop 30-40 points.
Your scores are at 800 on EX, where AMEX goes to check. Any HP impact will be negligible. Anything over 760 is not getting you any more favorable terms, although it may get higher limits on new cards with certain banks... like AMEX.
You know, people here keep talking about the "value of a HP" and "I don't like giving up HP", but no one pays you not to use the HP, so it isn't like there's a savings account somewhere that, every time you don't app for a card, cha-ching! another dime drops in your savings account.
AMEX is offering to pay you to give up a HP and try their card out with your normal spend. That's the game as it is played these days.
@NRB525 wrote:
@Anonymous wrote:Since 10/1/2014, I have gotten 2 HPs on all three reports. Both were for CLI on existing cards. ON at least EX I did not notice a point loss with the first HP. And with the second one, my score went up I believe because my utIl % dropped a fair amount because my CL went up 10X thanks to Synchrony Bank. Does Fico score a HP differently for an established account vs a HP for a new TL? I'm not sure if I have seen this discussed. And I have not applied for anything new in more than a year.
According to the simulator on CCT, if I get a new CC with a $5000 Sl (what?)
I like the detail of your response. Frankly I think I'm a little spooked because of the the number of inquiries I got when I bought a new car last November. I had no idea that my credit was being run that many times. Lesson learned. I'll walk in with as check from my CU.
Still HPs or inquiries are important depending on a person's file. I'm not trying to see my scores drop 30-40 points.
Your scores are at 800 on EX, where AMEX goes to check. Any HP impact will be negligible. Anything over 760 is not getting you any more favorable terms, although it may get higher limits on new cards with certain banks... like AMEX.
You know, people here keep talking about the "value of a HP" and "I don't like giving up HP", but no one pays you not to use the HP, so it isn't like there's a savings account somewhere that, every time you don't app for a card, cha-ching! another dime drops in your savings account.
AMEX is offering to pay you to give up a HP and try their card out with your normal spend. That's the game as it is played these days.
+1
I still have yet to put a "value" on my own HPs, but I'm aware some folks value their own up into the hundreds of dollars.
To me, an HP is a means to get credit, which is how you get rewards cards (for me, anyway). I don't plan to get a mortgage or make a vehicle purchase any time soon, and I have all the cards I need/want, so my personal "value" on an HP is actually negligible at this point. That might change some day, but since they only last for two years there's not much to worry about (again, for me).
For the folks that do place a high value on their own, that works for them, and I'm certainly not going to tell them they're wrong, since it's subjective anyway. They think of their own HPs as an 'investment' of sorts, which under certain circumstances can make sense (getting ready for a mortgage, a new car, or an app for a desired card). Otherwise, I would just say that when you invest, the idea is at some point you plan to 'cash in' your investment, otherwise it's not an investment at all, it's just a collection.