How damaging is a CLI inquiry?

For just about anything you want to get off your chest about credit cards.
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Centurion Member
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Location: US

Postby takeshi » Tue Feb 17, 2015 8:52 am

spy23714 wrote:My FICO is 685, which I don't really understand.

Here are a couple of reasons from your own post:
spy23714 wrote:I have one late payment that is 31 months old

spy23714 wrote:My utilization is a bit high

I'm not sure how much impact a 31 month old late has off the top my head but your odds of getting the CLI would probably be better if those items were addressed. The hard pull from the request is a minor concern IMO with the number of HP's you indicated and when the existing one will fall off.

If you haven't read this then take a look. The derog impacts Payment History. Utilization falls under Amounts Owed. HP's fall under New Credit:

spy23714 wrote:I don't have any revolving payments as I recently paid off my truck.

Auto loans are installments. Your credit cards are examples of revolving. But, yeah, that did impact Mix of Credit.

spy23714 wrote:We were heading into a Texas summer with no air conditioner

Being in Houston I can definitely understand that affecting your priorities.

Green Member
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Joined: Tue Jun 18, 2013 6:40 pm
Location: Fort Worth, Texas

Postby spy23714 » Tue Feb 17, 2015 9:34 pm

I'm not real sure how to do all that fancy quoting you've done, so this will just have to work for now.

I understand the late payment and the utilization will affect it, but I don't guess I realized how much. The late payment was there and my FICO was at 715, then dropped to 658 when the utilization increased. I don't guess there is much to address, though. I'd given my wife a check to drop by the bank for my truck payment, and she forgot about it until they called me 30 days later. I'm just going to have to ride that one out, but my understanding is that it stops really hurting your score after about 2 years or so, so that is quickly approaching.

Yeah, with only 1 inquiry and it's pending departure in 5 months, I'm not so much concerned about number of inquiries as much as if/how much it would affect my score. Being that the HP is on an existing account, would it still fall under "New Credit"?

I find it quite silly to think about adding an installment loan just for credit score purposes, but I won't say it hasn't crossed my mind. I'm at a 685 now and have played with various credit simulators. Even with getting my utilization down to below 30% and having the inquiry and derogatory account fall off my report, I'm still barely eclipsing 700. After fixing those issues, I'm not really sure how to build a credit score without an installment loan. Both my home and my truck are paid for, so I don't have a need for an installment loan at the moment, other than to affect the mix of credit.

Right? Texas heat and humidity is no joke around August.

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