@Anonymous wrote:
I wanted to sign up for a Chase checking account to get the $125 bonus. I called Chase to see if they do a hard pull and was told yes, and to expect to lose 10 points off my score. I'm a credit score noob. I'm 25 and a 6 months ago my score was 764. In the past month I've opened a Etrade account, Fidelity, Capital One Money Market, and got a new credit card. So I'm thinking my score probably took a beating. Do things like this impact your credit for a long period of time? I read on another site that it would go away in a few months. I'm not sure how true that is. I don't plan on buying anything that would require a good credit score for years to come but I wanted to see if too many hard pulls in a short period of time did serious damage.
Thanks in advance.
Hi, welcome to the forums!
You might or might not lose 10 points. Since you've recently been on an app spree, you already have hard inqs, although I don't know how they would be spread across the three reports; in other words, which app resulted in a hard on which report. You might lose 2 or 3, you might lose 10, although I seriously doubt the 10.
Score drops on a CC app generally result from a combination of two three elements: a score ding from the hard inq, a score ding from the presence of a new account, and a score ding from a drop in your AAoA (average age of accounts), although you don't necessarily lose points from the first and third. At any rate, since you're opening a checking account, you won't have a new account appear on your credit reports, as checking is not credit, and your AAoA won't drop. So any score damage will be confined to that from the inq.
Although hard inquiries display on your reports for two years, they're only scored by FICO for one year. I doubt that you'll see any major damage from this. hth
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
