How will credit application affect 850 score?

[PaultheSheik]

I am new to posting however, I've been a member of this forum for some years. My latest credit report says I have 27 open accounts with a total credit limit a little under $500 K and utilization of about 3%.

My question is about the impact of a new credit application on my FICO scores. I currently have an 850 FICO 8 and 837 FICO 9 although the FICO 9  has not updated since I reduced my utilization from 8% to 3% about a month ago,. I am planning to apply for the Capital One Venture card next month for the signing bonus. How much is the new credit application going to affect my score and for how long?

Secondly, I know I had the Venture card together with two other Capital One cards previously but all of them got closed six years ago [long story]. Would I be eligible for the sign on bonus again? I called Capital One this morning to check and strangely according to them, I only have one card in their system which is not the venture card.

Thank You

[JoeRockhead]

My guess is that with your thick file, and high scores, you're not going to see much of a hit for the inquiries, or any approvals. Either way, they will recover fairly quickly and if you're not going for a mortgage anytime soon, it shouldn't matter anyway. I posted a thread a while back about this here, and the results for me, as well as some others that posted were interesting. I've recovered all my points and gained from where I was. 

[PaultheSheik]

Thanks!

I am not going for anything except cards anytime soon, definitely not in the next two years. I guess I just have to pull the trigger. I kinda like seeing the 850 however I guess I'll take a $500 signing bonus and 830 over 850 and no moolah. I hope full recovery doesn't take longer than six months.

[Thomas_Thumb]

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@PaultheSheik wrote:

I am new to posting however, I've been a member of this forum for some years. My latest credit report says I have 27 open accounts with a total credit limit a little under $500 K and utilization of about 3%.

My question is about the impact of a new credit application on my FICO scores. I currently have an 850 FICO 8 and 837 FICO 9 although the FICO 9  has not updated since I reduced my utilization from 8% to 3% about a month ago,. I am planning to apply for the Capital One Venture card next month for the signing bonus. How much is the new credit application going to affect my score and for how long?

Thank You

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An inquiry typically costs 5 points and impacts score for 12 months.

If you currently have a revolving account under 12 months age, immediate impact of a new revolver opening may be zero. However, if your newest revolver is over 12 months, the new account may cost 12-18 points.

The new account impact should decrease at 3 and/or 6 months age by atleast 5 points total.

Side note: a points buffer exists with many profiles having Fico 8 or Fico 9 scores at 850. As a result, many of the stronger 850 profiles won't see a score drop from a single new inquiry and may even hold 850 with a new account. Your profile appears to have minimal buffer so some drop in score is likely.

[SouthJamaica]

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@JoanneGrimes wrote:

Thank you for the advice, I am new here and that is why I don't know much.

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I should point out that some of @Thomas_Thumb 's estimates are very profile specific.

In my profile, crossing the rubicon of 12 months AoYA caused a 26-point swing in EX FICO 8.

[MeredithLepore]

In terms of your eligibility, if you received a sign on bonus from the venture card in the past, the odds are slim that you'll be eligible for it again. However, if you didn't or if you received a bonus from other capital one cards, you should be in the clear.