Impact on credit score

[chaveza27]

I'm consider applying for credit to purchase new tires but want to minimize the impact it would have on my score.  I can go with a standard credit card which will more than likely have a higher limit of what I'm needing or get a store card such as the one Discount Tire offers which apparently is issued through Synchrony Bank.  I understand either way it's going to generate an inquiry but will getting either of the 2 have the same effect on my score?

[TRC_WA]

What's your credit history look like?

Accounts? Baddies?  Current scores?

The way you make it sound you don't have any CCs at all LOL...  If it were me for the minimal score impact I wouldn't apply for a card and all and use one that I had already.... if I had no cards I'd most definitely apply for a major CC... because you can use those virtually anywhere and having a higher limit than what you need is perfectly fine.  You don't want a $1000 card that you put $980 worth of tires on.... You want a $5000 card that you put $980 worth of tires on.

I'd avoid the Discount Tire store card.

[takeshi74]

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@chaveza27 wrote:

I understand either way it's going to generate an inquiry but will getting either of the 2 have the same effect on my score?

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The inquiry is a relatively small factor.  Either way you're also reducing AAoA.  The remaining significant impact that I can think of would be from utilization but you have no idea what limit you're going to get until you have applied and been approved.  That said, you can do the before and after number crunching to see where you'd see a significant impact to your utilization (i.e what sort of limit you'd need to see a singificant improvement).

Effect on score isn't just about the change but about the net effect of one's credit and the change.  A new card with a limit of $X can effect different profiles differently.  There's isn't a fixed effect of -Y or +Z points.