EX score dropped 22 points!!!

[Anonymous]

Newer to the fourms and the credit rebuilding process so I'm sure this has been discussed plenty of times but it shocked me to see today. I've been working on my credit for the past few months, have gotten from poor to fair on all three companies. Only credit card I had as of yesterday was the Capital One platinum secured and I am an authorized user on my wifes Discover IT card. 

Last night I decided to try to get approved for my own credit card as I hadn't tried in about a year and wanted to see where I stood. I was approved for a small limit, $300, on the Capital One BuyPower Card. Pretty excited as it was the first time for me. It was rough to see this morning though that my experian report took a 22 point hit, dropped from 618 to 596, all from the credit inquiry. I could understand if I try to get approved for credit every other day but the first time in a year that just seemed like a big drop to me....maybe I'm wrong and it could just be because my scores are on the lower end anyway. 

My question for anyone out there is, is that normal? and will I get those points back fairly quick once I start to establish good standing credit with my card? I'd just hate for it to be a huge process to get my hard work back all from one credit inquiry which I was approved for. 

Thanks everyone! 

[Anonymous]

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@Anonymous wrote:

Newer to the fourms and the credit rebuilding process so I'm sure this has been discussed plenty of times but it shocked me to see today. I've been working on my credit for the past few months, have gotten from poor to fair on all three companies. Only credit card I had as of yesterday was the Capital One platinum secured and I am an authorized user on my wifes Discover IT card. 

Last night I decided to try to get approved for my own credit card as I hadn't tried in about a year and wanted to see where I stood. I was approved for a small limit, $300, on the Capital One BuyPower Card. Pretty excited as it was the first time for me. It was rough to see this morning though that my experian report took a 22 point hit, dropped from 618 to 596, all from the credit inquiry. I could understand if I try to get approved for credit every other day but the first time in a year that just seemed like a big drop to me....maybe I'm wrong and it could just be because my scores are on the lower end anyway. 

My question for anyone out there is, is that normal? and will I get those points back fairly quick once I start to establish good standing credit with my card? I'd just hate for it to be a huge process to get my hard work back all from one credit inquiry which I was approved for. 

Thanks everyone! 

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Welcome to the forums.  Yes, a 22 point drop from an inquiry happens.  This is especially true when you have a small credit file.  The points will come back but it will take some time as the inquiry ages.  Nonetheless it's all part of the rebuilding process.    Good luck. For great suggestions on ways to improve your score during the rebuilding process I'd suggest you visit our Rebuilding your Credit forum.

[takeshi74]

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@Anonymous wrote:

My question for anyone out there is, is that normal?

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What's "normal" varies.  The effect of any change isn't just about the change itself but the net result of one's credit and the change.  As stated above, inquiries can have a bigger impact on thinner and/or poor credit profiles.  They have less of an impact on thicker profiles in good standing.

That said, you have to be very careful assuming causality.  How did you determine that the score change was solely due to the inquiry?  Unless you have carefully reviewed reports from before and after the change you cannot determine the cause.  If you're relying on myFICO updates then be careful.  Only certain activity triggers alerts and scoring updates.  Not all activity with a scoring impact is a trigger.  See also:

http://myfico.custhelp.com/app/answers/detail/a_id/463/~/understanding-what-triggers-fico%C2%AE-3-bureau-credit-monitoring-and-fico%C2%AE-identity

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@Anonymous wrote:

I'd just hate for it to be a huge process to get my hard work back all from one credit inquiry which I was approved for. 

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The effect of inquiries tapers off relatively quickly and they fall off after 2 years.  Building/rebuilding is a long slow process so be prepared.