Applying for a Credit Card and affect of approval or denial
If I apply for a credit card, will the hit to my credit score be that my credit was pulled? Or is their some link to something more than that, I.E. applying for a credit card.
If I get denied or approved, does the amount my score changes differ?
Re: Applying for a Credit Card and affect of approval or denial
Whether approved or denied, you'll get his with an inquiry. Inquiry damage is minimal, but those who have high FICO scores tend to see more of a loss than those who do not. It depends on whether or not you have recent new credit and other inquiries.
If denied, the damage stops there. If approved, then there is an additional hit for the new TL reporting. On average I have lost 20-25 FICO points per new TL reporting. Most of those points have returned within 6 months. The remainder returned within a year. Now a new CC could help your score if it improved your utilization and/or it helped with your mix of credit (assuming you had no CCS before that one).
