@marty56 wrote:
@sooner63 wrote:I had a hard inquiry hit my report and recieved a Score Watch alert saying my score went up 4 points. They may not have anything to do with one another, but I suspect they do. I only had one open CC reporting, and a closed store card with some lates reporting. I hadn't applied for anything in over a year. Maybe myFico thought I needed more credit.
IMHO I don't think an INQ would case a score increase nor would adding a new CC cause that either. I would suspect lower %util or an aging affect.
Inquiry would never be a score increase I agree, though an additional one is not always a score decrease.
That said, I got a score increase (slight) when my Orchard card reported as my second revolving tradeline, and my other one had not reported yet that month. Near zero out of 2300 ~= near zero out of 2000 so it was unlikely to be a revolving utilization change. If you have 0-1 revolving lines, adding a second one can be a straight benefit to your credit score depending on your profile... the first one obviously under mix of credit, possibly the second one too but it may have just been aggregate tradelines in my case as well as I was definitely on the thin side.
@Anonymous wrote:Does my AmEx count as a revolving tradeline?
Ugh, for scoring purposes, qualified maybe? There's been some recent debate on the forum on how an Amex charge card actually fits in the mix of credit function. I believe it's listed as Revolving - Other, but we don't really know how that's factored in but the consensus was it was just the same as another revolving bankcard for scoring purposes. Someone else may be able to offer more details on that.
I'd probably still go get a total of three anyway (the Amex charge card + 2 others) from a credit building perspective, but probably Amex + one other is fine too. We aren't dealing with exact science here as it's just estimates made off what people have observed in their own credit profiles, and the third card isn't necessary to achieve a good score.
