credit score hit

[keithc]

opened a c/u visa w/5k limit. eq was 714! i am guessing 10 pts-2 for the inq. dont wall to fall below 700. am going to close 1st premier, cortrust for sure- 2 manyfees!! also i am a "prime" customer now!!

[jaysdad2k]

Is this your first new account in the past year? It may not drop.

When I opened 3 accounts in May, I had a Discover from last October, no EQ inquiries in the previous 12 months, and my EQ was 744. The first new account had no effect at all. The second one dropped me to 740. The third one dropped me to 733, and it has stayed there since.

In November the Discover will be over a year, and all the new ones will be over 6 months. I'm hoping for a FICO bump.

And congrats for being "prime"!

Update: I just rechecked my Scorewatch archives. Apparently the first account DID drop me from 744 to 740, the second to 733, and the third was "unchanged" at 733. Sorry for being inaccurate in the first post.

Message Edited by jaysdad2k on 10-24-2009 01:57 PM

[spiritcraft1]

It could go up if it lowered UTL

[keithc]

thanks for the posts-u r right my util is at 4% overall- it will drop it to less than 1% should go way up!!

[score_building]

keithc wrote:

thanks for the posts-u r right my util is at 4% overall- it will drop it to less than 1% should go way up!!

your util is already so low... going from 4 to <1 may have a marginal score impact, if any.

[RobertEG]

Unless you are about to app for major new credit within the next year, the impact of the inquiry needed to secure your new card is meaningless.

I goes away after one year.

Congrats!

Yes, you took a new hit for the inq, but also increased your CL, and thus reduced your % util.  Much better, and more long-standing.

As an aside, why are you considering closing other accounts?  If to avoid annual fees, then maybe.  But for any other reason, you will lose their CL, aqnd thus incrrease your % util.  Why close?

[Anonymous]

The real question is what happened to your AAoA?

[keithc]

robert, r u a mod? surely u know there r a ton of fees with 1st premier and cortrust not af/!!  as far as c/ls they r small and wont effect util? they r credit rebuil. cards and dont grow with u!!!