Should I wait or go for it?

[llecs]

I've seen many a post by those with high scores who took a hit immediately after apping, because of the inquiry.

[RobertEG]

FICO Webinar on credit scoring, posted on the Credit Education tab on this site by Fair Isaac.

[smallfry]

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@llecs wrote:
I've seen many a post by those with high scores who took a hit immediately after apping, because of the inquiry.

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I've seen this too but I will read the link Robert says the info is in.

[RobertEG]

I was not precise in my prior post... it deals with auto loan and mortgage inqs.

Here is is an exact quote from their webinar...

"There are two stages to the treatment of an inquiry associated with mortgage and auto loans. First, there's a 30-day buffer period. For the first 30 days that an inquiry is on your credit report it will be ignored by the FICO score. Then, once it passes that 30-day window, inquiries are grouped so that all inquiries within a rolling 14-day period are considered as just one inquiry by the FICO score."

Message Edited by RobertEG on 06-03-2009 08:49 PM

[smallfry]

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@RobertEG wrote:

I was not precise in my prior post... it deals with auto loan and mortgage inqs.

Here is is an exact quote from their webinar...

"There are two stages to the treatment of an inquiry associated with mortgage and auto loans. First, there's a 30-day buffer period. For the first 30 days that an inquiry is on your credit report it will be ignored by the FICO score. Then, once it passes that 30-day window, inquiries are grouped so that all inquiries within a rolling 14-day period are considered as just one inquiry by the FICO score."

Message Edited by RobertEG on 06-03-2009 08:49 PM

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More like it. 

[nothingman02]

This thread has been hijacked!

[llecs]

Sorry...bumping here....

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nothingman02 wrote:

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@llecs wrote:
1) IMO, inquiry damage is overrated. If you'd app, you probably wouldn't see a change. Once anything new reports, then you'd see the damage, albeit mostly temporary.

Thats great! So my scores are probably okay now but will likely drop after everything updates this month? Because of the new TL? Will the new TL really hurt that much? I lost 14 points for increase in UTL and was assuming I would atleast get those 14 back as the UTL is gonna decrease more than it increased.Will the new TL offset and further, even hurt my scoresmore despite that?

If so, I will app for the new CC+Auto tomorrow and hoping TU wiuldnt have updated the new TL. Else I will wait till the end of this month. 

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IMO...the new credit ding will exceed points gained from util by a few points. However, you'll gain all back within 3-4 months and come out ahead eventually, all things being equal of course.

[nothingman02]

Was only kidding. Thanks for the info. I am going to the bank today to app. Will post back here the results.