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New inquiry damage

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New inquiry damage

Ok I am building credit. I gave 1 secured card with a $200 available and an unsecured card with $300 available. And revolving loan with Audi that I got in March. How much damage will I be doing by applying for a care credit card and how long will the damage last if I keep my utilization low?? Thanks!
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Frequent Contributor

Re: New inquiry damage

The point damage depends on how many inquiries you have already.  If you are approved, you can expect a new account to "ding" your score as well, depending on your age of accounts.  

 

These are usually small "dings" that you can recover from quickly, if you don't add anymore inquiries or accounts (let your credit age).  However, everyone's profile is different.  

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Super Contributor

Re: New inquiry damage

Any adverse scoring damage from the addition of a single account is usually overcome within 6 months time.  This can vary from profile to profile, but that's a good general time amount that covers most cases.

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