@Anonymous wrote:How many points did I lose on my credit score for applying and how long before I recover them?
Soft pull right?
How long before I should re-apply?
If you're approved for a CC, you lose points on your score?
Last question... I now a settled acct its still a negative on your report, is it possible to get it removed from the CRA?
Thanks in advance
There is a lot here to address. But let's try to get you some answers.
So first, a hard inquiry stays on your report for 2 years, but only impacts your credit score for one. The amount of points you will lose depends on how many inquiries you already have and other parts of your credit profile, but let's just say that anecdotal evidence on these forums claima between 5-10 points. Could be more, could be less. Not a huge deal.
When you apply for new credit, it is generally always a hard pull, which means others can see it on your credit report. However, there are a few exceptions to that. Let me ask you this, are you already an Amex cardmember?
You should re-apply when things improve in your credit enough to give you confidence to apply again. If you give us more information about your credit profile we can certainly try to help. Information we need is: Average Age of Accounts, which cards you already have and their limits, income, are there any negative marks on your report already, how old is your oldest tradeline, and if you have it, what is your current FICO score?
When you open a new tradeline onto your credit report it will usually drop your score for a temporary period of time as it is a new account. But your score will easily recover in the long term as long as the card remains in good standing.
On removing negatives, some people on these forums do what is called a Pay For Delete - where they will pay an account they owe money on only after they negotiate the deletion of the negative off their credit report. But you sort of lose leverage with the lender after you already pay them, and getting the negative removed is much more difficult. There is a lot more discussion of that type of thing in the Rebuilding section of these forums.
The last thing I want to mention is that if you haven't looked at your credit report recently, you can do that for free with any of the bureaus at www.annualcreditreport.com - This will help you see what is going on in your reports and give you a sense of why you are being denied.
Welcome to the forums and start reading around for lots and lots of information.
