@Anonymous wrote:
@Anonymous wrote:Hello from Bahrain!
I'm a Junior Officer stationed in Bahrain and recently applied and was accepted for an AMEX Plat. I currently have Navy Federal Credit Card that was only giving me cash back and I wanted something that'd be giving me points.
I assumed I'd take a slight hit for the hard pull but I went from 760 to 726 (34 point hit). Is this normal? I have a few friends who have taken hits with AMEX Plat but not quite this hard. Should I expect this to rebound after a few months when I show responsible use?
Thanks all for your time!
The hit comes from the inquiry, and from the new account. The inquiry stops counting completely in a year, and starts impacting less within a few months. The new account hit costs more on "thin" files, where a new account will greatly impact the average age of the accounts (if you have just one account on the report, getting another one halves the average age, if you have10, a new one has much less impact) This impact will also lessen with time as all your accounts age.
+1
Agreed
@Anonymous wrote:
@Anonymous wrote:Hello from Bahrain!
I'm a Junior Officer stationed in Bahrain and recently applied and was accepted for an AMEX Plat. I currently have Navy Federal Credit Card that was only giving me cash back and I wanted something that'd be giving me points.
I assumed I'd take a slight hit for the hard pull but I went from 760 to 726 (34 point hit). Is this normal? I have a few friends who have taken hits with AMEX Plat but not quite this hard. Should I expect this to rebound after a few months when I show responsible use?
Thanks all for your time!
The hit comes from the inquiry, and from the new account. The inquiry stops counting completely in a year, and starts impacting less within a few months. The new account hit costs more on "thin" files, where a new account will greatly impact the average age of the accounts (if you have just one account on the report, getting another one halves the average age, if you have10, a new one has much less impact) This impact will also lessen with time as all your accounts age.
FWIW I don't see any drop off throughout the year on FICO 04, nor have I seen it on FICO 8 either though my file is less rigidly fixed there so it's harder to isolate. Basic straight sum of scoreable inquiries dumped into a bin and if you go over a breakpoint, you lose those points until you go back under it. EQ FICO 5 explicitly I am at 693 with 3 inquiries, and 700 with 2 inquiries and this has held for the past few years as an example of a breakpoint.
Recently on EX I lost 2 for an inquiry, then 0 for the next, and then -10 for the third (my 6th scoreable within a year). I have an inquiry falling off in a couple of months, if I get those 10 points back since there shouldn't be any major changes to my file between now and then, that'll confirm it for me at any rate.
