Effect of new accounts and inquiries on score

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Effect of new accounts and inquiries on score

Postby MemberSince99 » Wed Jan 16, 2013 12:25 pm

Just as an FYI, I was sitting at 765 and 764 with my scores (TU and EQ) and after the new accounts and inquires all hit, my scores dropped 11 points when I checked yesterday. These are FICO scores.

You can see in my signature which cards were added (anything 11/12 or later) which caused the drop. Just FYI for anyone wondering what the effect of doing that is.

Of course as always YMMV with this sort of thing.

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Postby FutureBillionaire » Wed Jan 16, 2013 12:59 pm

Good info. thanks for sharing.
Gas: Discover It, Penfed Platinum Rewards x2, Chase freedom, Citi TYP
Plane tickets: CSP
Groceries: AMEX BCP, Penfed Platinum Rewards,Citi TYP
Clothes: Express, Amex BCP, Discover IT
Amazon: Citi Forward, Cash +
Restaurants: Citi Forward, Chase Freedom, Discover IT, CSP
Hotels and other travel: Discover Escape, CSP
Movies: BofA travel rewards visa signature(fandango), Discover IT, Citi Forward, Freedom
Bars, clubs, tomfoolery: CSP, Citi Forward, Discover IT, Freedom
Balance transfers: Kroger 123 rewards
Bill Pay: Chase Ink Plus, Citi Forward
Everyday spending: Bofa Accelerated cash rewards amex, Discover Escape

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Postby Randiesel75 » Wed Jan 16, 2013 2:40 pm

good stuff, thanks.

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Postby Calipso » Wed Jan 16, 2013 6:29 pm

Had a similar drop after two new accounts hit my report last week.
My Limits:
NFCU NavCheck: $15,000/NFCU Platinum: $11,500/NFCU nRewards: $8,000
Chase Freedom: $6,500/Chase Slate: $6,000/CSP: $5,000/Marriott Rewards Primier: $5,000/United MileagePlus Explorer: $5,000/Southwest Primier: $3,000
Citi Hilton HHonors: $9,700/Citi Simplicity: $8,200/Citi Forward: $5,500
AMEX Blue Cash Everyday: $8,000/SPG AMEX: $5,000/AMEX Everyday: $5,000/AMEX Delta Skymiles Platinum: $3,400
Discover IT: $7,700
Barclay's NFL Extra Points (Carolina Panthers): $5,000
DCU Platinum: $3,000
RTN FCU CC: $2,000
CCCU Platinum Rewards Visa: $2,000

Current total limit: $129,500

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Postby RewardHop » Wed Jan 16, 2013 10:58 pm

Same, I had similar drops on my FAKO CK score each time after applying for a card. I've applied for 1-2 cards a year for the past 2 years and saw very similar number score drops.
Amex BCE: 3% grocery, 2% gas
Bank of America Better Balance Rewards MC: $25/quarter bonus
Barclaycard Rewards Visa Signature: 2% gas, groceries, utilities
Capital One Quicksilver Visa Signature: 1.5% everything
Chase Freedom Visa Signature: 5% rotating
Citi Forward Visa: 5% restaurants/fastfood, movie theaters, amazon.com
Discover It: 5% rotating
SallieMae MC: 5% Groceries, Gas, Amazon
US Bank Cash+ Visa Signature: 5% electronic stores, restaurants
Sock Drawered: Chase Sapphire, Chase Amazon[/size]

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Postby nomnomnom » Thu Jan 17, 2013 3:04 pm

Thanks for the information. I was sitting at 715, 729, 738 (EX/EQ/TU) and have just opened two new accounts and raised my total credit limit by $28,000. I fully expect to take a hit for the inquiries, but I'm hoping the CL increase and addition of a major card (Discover) will help in the long run.
[CENTER][font=Arial][size=60]Equifax: 753, Transunion: 742, Experian: 740
Discover It 10,000
USAA Total Rewards Visa 16,000
AmEx HH 16,300 | AmEx BCP 2,000
Chase Freedom Visa 10,000 | Chase Slate Visa 1,500
PenFed Platinum Visa 10,000 | PenFed Line of Credit 3,500
CapOne Platinum Mastercard 5,000 | CapOne Best Buy 4,500 | CapOne Orbitz Visa 1,000
OnPoint Platinum Visa 5,500 | Barclays NFL Visa 2,500 | US Bank Cash 1,500 | KeyBank PLOC 1,500
Amazon Store Card 400
Total Credit Line: $91,200 -- Last Updated: July 28th, 2013[/size][/font][/CENTER]

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