Fico score points deducted for credit card applications

[Anonymous]

Does anyone have an idea of how much your credit score is lowered (in terms of points) when you apply for a new credit card? I know better cards are available to me in terms of interest rates, balance transfers, etc. but I am afraid to apply. I am concerned the long term benefit of a better credit card will be nullified because submitting the application may lower my FICO score, thus I may have not really gained anything. Is my thinking correct?

[Anonymous]

The INQ costs between 0 and 80 points.

You really are not providing much information for us to guide you in one direction or another.

[Anonymous]

Thanks for responding Timothy. What other information should I submit to get more help from you?

[Anonymous]

Thanks for responding Timothy. What other information should I submit to help you advise me better?

[Anonymous]

Current FICO scores, baddies, CC Balances/CL's,
How long since last late, Number of INQ's on each,

What you are looking for in a new card..

[Anonymous]

Thanks for getting back to me Timothy. I appreciate your time.

My current FICO score is 696.

My last free annual credit report was pulled on 10-18-2007. ( All 3 credit reporting bureaus.)

All my accounts are in good standing.

I have a Chapter 7 BK filed in 11-2000

Per Equifax, I have:

a) No accounts currently past due on file.

b) No negative account history of file.

c) No inquiries within the last 12 months on file.

My annual income is around $45,000 per year, (salaried).

I have a Wells Fargo credit card with a balance of $771.00 (with a credit limit of $1600.00) as of today. My interest rate is 9.9%.

I have an installment automobile loan with a payment of $246.00 per month with a balance of $7800.00 as of 11-30-2007. My interest rate is 5.49%.

I have no other credit cards, except for a VISA overdraft line of credit through the credit union who holds my auto loan. My balance on this account is $0. I have used it a few times, but it is also in good standing. The available balance is $ 1500.00. The interest rate is 18%.

In a new card, I am looking for the lowest interest rate for balance transfers and purchases, with no annual fee. I am planning on being self employed next year (mid year) and would like to have a card with a decent credit limit in case money is a little tight at first.

[Anonymous]

Looks like you have done very well after you BK-

If you want a score boost before you apply- pay that CC down to $150 before that statement posts. (even if you run it back up afterwards)

Check out the BK friendly Cards thread -
http://ficoforums.myfico.com/fico/board/message?board.id=creditcard&thread.id=207&jump=true

Try CCCU myccu.com

0% APR - Introductory rate for 6 months on purchases
2.90% APR - Introductory rate on balance transfer for 18 months

They gave me a 5K limit.

[Anonymous]

Thanks very much Timothy.

I will try the site.

Anyway, after reviewing my info, how many points should I expect to suffer when applying for this, or any other CC?

[Anonymous]

Just a guess 3-15 points BUT

I think you could will gain 20 to 50 points just paying that card down.

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@Anonymous wrote:

Thanks very much Timothy.

I will try the site.

Anyway, after reviewing my info, how many points should I expect to suffer when applying for this, or any other CC?

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[Anonymous]

Thanks Timothy.

You have given me some very valuable information.

Last Question.

What CC did u apply for that gave u the $5K limit on the myccu.com site?

Thanks again.