Hard inquiries or a new card, which is worse?

Shmike · ‎12-15-2023

So I have an insane amount of inquiries. I'm curious as to what's more detrimental to your score: the initial hard inquiry, or the actual acquisition of the card?

I've already bounced back from the initial hard inquiry, but the new credit line has yet to be reported. Is the new card going to be more detrimental, score wise, or is the fact that I got another inquiry?

Wouldn't adding more available credit to my total credit line be beneficial? Or should I be expecting my score to drop, from having open to new card? I know it's going to lower my average age of credit, but will that be worse than the initial inquiry? I have recently within the past 3 months got a new card prior to this one. It didn't hurt my scores very much, When I first started getting cards, the higher my credit limit went, the more my score went up. That doesn't seem to be the case any longer. I'm expecting a $6,000 credit limit to report, from the bread American Express card. My highest credit limit to date, which will almost double my line of credit enter totality.

Thanks in advance

Post: this is of course, before I've committed to gardening for a year.

FICO Score 8 as of 8/4/24:

simplynoir · ‎12-15-2023

With scoring impact this is going to be dependent on your current credit report in regards to balances, total credit, AoA/AAoA, inquiries, and so on. From what you have shared it's probable the inquiry will hurt more initially but the new account when it finally reports it has more impact since it will lower your AAoA. I'm, basing this off your posting history seeing as how you have gone on a little spree and have asked a variation of this question before here. I would let your accounts/inquiries age for the time being and let your metrics recover

https://ficoforums.myfico.com/t5/Credit-Cards/Can-too-many-inquiries-really-hold-you-back-this-much/...

Shmike · ‎12-15-2023

Yes, as you may have noticed I've edited this post several times. I hope you're right, as I said my average age of credit won't really be affected, because I've recently opened the savor one card. I might lose a month, tops. I intend on stopping, my "spree" as you put it, and fully commit to gardening for at least 12 months! I'm just hoping this $6,000 infusion will be ultimately beneficial. My scores are pretty strong at this point, I probably can stand to lose a few points. I just want to have a foundation of decent credit limits, for when I'm through gardening, and begin to get more Prime cards. Thanks for taking the time to read this, and your Insight.

FICO Score 8 as of 8/4/24:

Junejer · ‎12-21-2023

@Shmike wrote:
So I have an insane amount of inquiries. I'm curious as to what's more detrimental to your score: the initial hard inquiry, or the actual acquisition of the card?
I've already bounced back from the initial hard inquiry, but the new credit line has yet to be reported. Is the new card going to be more detrimental, score wise, or is the fact that I got another inquiry?
Wouldn't adding more available credit to my total credit line be beneficial? Or should I be expecting my score to drop, from having open to new card? I know it's going to lower my average age of credit, but will that be worse than the initial inquiry? I have recently within the past 3 months got a new card prior to this one. It didn't hurt my scores very much, When I first started getting cards, the higher my credit limit went, the more my score went up. That doesn't seem to be the case any longer. I'm expecting a $6,000 credit limit to report, from the bread American Express card. My highest credit limit to date, which will almost double my line of credit enter totality.
Thanks in advance
Post: this is of course, before I've committed to gardening for a year.

No way that's the case. INQ will hurt for the full first year. There are other factors at play that could've caused an increase.