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I applied for HSBC credit card online. Originally it was a pre-approval process, which offered to lead them to me one of their platinum cards. After making the application, I was refused. How much influence does this have on my FICO score? and I should call her and ask for a reconstruction?
At same time, I also have AMEX and spraying pre-approvals, but I did not go with their offerings such as HSBC. Will they also bring my guests?
thanks!
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Did you apply for a new card? If you did then typically that would be a hard pull. A creditor can pull your bureau for a review at any time on an existing account (unless you live in Vermont), but they are always soft pulls in those instances.
Creditors review your credit and have the right to determine what they will loan to you based on what's in your credit file and your ability to repay. It looks like in your case BofA was comfortable with you having 20k available and not 24k. Nothing illegal about that. That's their lending decision.
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Reply:Inquiries generally only make up 10% (up to 50 points) of your credit score. This means that if you have 300 inqs, you will take a maximum loss of 50 points. I wouldn't worry about inquries too much. Focus on building age + good accounts. See my scores/age for a good example. The average age of my current open revolving accounts is 4 months. Even if i dropped every inq i had i'd gain at most 20-30 points. However, increasing the age to 1 year or more would give me a much larger benefit (myfico claims 700+).
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Reply: ZERO points lost from inqs often in my experience…
I have never personally seen that…
then it must not be true…
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Reply:Since I buy steak instead of feeding the MONSTER…I don't know much about scores anymore (other than P.F.I.C.O.)
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Reply: ZERO points lost from inqs often in my experience…
I have never personally seen that…
I have. When going from zero to one.
…and when I went from zero to three…I got -21
Yes, going over 1, I ALWAYS lose points.
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Reply: ZERO points lost from inqs often in my experience…
I have never personally seen that…
I have. When going from zero to one.
…and when I went from zero to three…I got -21
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Reply: ZERO points lost from inqs often in my experience…
I have never personally seen that…
I have. When going from zero to one.
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Reply: I lowered my utilization from 65% to 9% this month, hopefully that will offset the small deduction.
That will likely improve your scores far more than the hard INQ, however if that was done with new accounts it will be YMMV and dependent on the numbers. Utilization dropping below 35% and especially below 10% will definitely help. However, new accounts will hurt. However, 9 old accounts and 1 new one with a > $10K limit will score better than 4 new cards with 4K, but that is factored against your entire file and how many recent inquiries in the last year.
You will also most likely be moved into a new FICO scoring group, and that will probably change as any new accounts or CLIs report. This last very proprietary aspect is what probably fuels the "Random Number Generator" theory on FICO scores.
My score once dropped 27 points from one day to the next with absolutely NO changes (and I mean NO changes, no account updates, balances, etc), except it occured on the first day of a new month and was likely relating to our mortgages and people with newer mortgages as groups are scored lower. No FAKO scores changed.
I loved that I paid off another 0.00% BT and lost points
(P.F.I.C.O.)
Not the first time I have LOST for a payoff
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Reply: ZERO points lost from inqs often in my experience…
I have never personally seen that…
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Reply: I lowered my utilization from 65% to 9% this month, hopefully that will offset the small deduction.
That will likely improve your scores far more than the hard INQ, however if that was done with new accounts it will be YMMV and dependent on the numbers. Utilization dropping below 35% and especially below 10% will definitely help. However, new accounts will hurt. However, 9 old accounts and 1 new one with a > $10K limit will score better than 4 new cards with 4K, but that is factored against your entire file and how many recent inquiries in the last year.
You will also most likely be moved into a new FICO scoring group, and that will probably change as any new accounts or CLIs report. This last very proprietary aspect is what probably fuels the "Random Number Generator" theory on FICO scores.
My score once dropped 27 points from one day to the next with absolutely NO changes (and I mean NO changes, no account updates, balances, etc), except it occured on the first day of a new month and was likely relating to our mortgages and people with newer mortgages as groups are scored lower. No FAKO scores changed.
Thanks, it's good to hear that. Since my application for new credit card was denied, and never actually got a new account, it will not effect my net length of credit or utilization, it will only be limited to the "pull" itself.
I am still surprised about my scores not being good enough, perhaps when they go up they will (which will be less than 30 days). Can I recon it as soon as my scores go up? or it would be a new application?
Reply: I lowered my utilization from 65% to 9% this month, hopefully that will offset the small deduction.
That will likely improve your scores far more than the hard INQ, however if that was done with new accounts it will be YMMV and dependent on the numbers. Utilization dropping below 35% and especially below 10% will definitely help. However, new accounts will hurt. However, 9 old accounts and 1 new one with a > $10K limit will score better than 4 new cards with 4K, but that is factored against your entire file and how many recent inquiries in the last year.
You will also most likely be moved into a new FICO scoring group, and that will probably change as any new accounts or CLIs report. This last very proprietary aspect is what probably fuels the "Random Number Generator" theory on FICO scores.
My score once dropped 27 points from one day to the next with absolutely NO changes (and I mean NO changes, no account updates, balances, etc), except it occured on the first day of a new month and was likely relating to our mortgages and people with newer mortgages as groups are scored lower. No FAKO scores changed.
Reply: Anything above a single inquiry has cost me right around 5 points.
As for soft pulls, those don't affect FICO scores.
how long do inquiries hijack points? when they roll off? or before?
They'll only hurt your FICO for 12 months, but they stay on your report for 24. Some lenders may be sensitive to them over the full course of the 24 months that they remain on your reports.
I lowered my utilization from 65% to 9% this month, hopefully that will offset the small deduction.
Congrats! It most certainly will.
Reply: Anything above a single inquiry has cost me right around 5 points.
As for soft pulls, those don't affect FICO scores.
how long do inquiries hijack points? when they roll off? or before?
They'll only hurt your FICO for 12 months, but they stay on your report for 24. Some lenders may be sensitive to them over the full course of the 24 months that they remain on your reports.
I lowered my utilization from 65% to 9% this month, hopefully that will offset the small deduction.
Reply: Anything above a single inquiry has cost me right around 5 points.
As for soft pulls, those don't affect FICO scores.
how long do inquiries hijack points? when they roll off? or before?
They'll only hurt your FICO for 12 months, but they stay on your report for 24. Some lenders may be sensitive to them over the full course of the 24 months that they remain on your reports.
Reply:Be aware that some "pre-screen" sites are soft pull, but if you continue to apply based on the pre-screening, they pull a HARD. BofA, Cap 1 and HSBC all do this.
Most report 5-10 initial FICO score drop on a hard, however, how much and long the drop lasts is YMMV. If approved and when the account reports can make your score go up or down depending on your file and is far more variable.
I have applied for cards and had the new account report so quickly (< 48 hours) that I never saw a drop in FICO score, but rather an increase due to the affect on utilization. (I didn't feed the monster or get a scorewatch report right away.) When I have checked I have seen new hards drop my score as little as 2 points, and as much as 15.
Reply: Anything above a single inquiry has cost me right around 5 points.
As for soft pulls, those don't affect FICO scores.
how long do inquiries hijack points? when they roll off? or before?
Reply:Anything above a single inquiry has cost me right around 5 points.
As for soft pulls, those don't affect FICO scores.
Reply:ZERO points lost from inqs often in my experience…
Reply:I hate pre-approval denials though I have never applied for one. I just thing their wronga and shady. Hopefully this practice will change down the road. but as for the 1 INQ like CM said. And the closer the INQ's are together the less points loss then if they were spread out. like 24 INQ's in 1 day has a much smaller point loss then 1 INQ a month for 2 years straight. Just and example, don't go out getting 24 because that by itself is way too many
Reply: I applied for HSBC credit card online. Initially, it was a pre-approval process, which lead to them offering me one of their platinum cards. After proceeding with the application process, I was declined. How much impact will this have on my fico score? and should I call them and request a recon?
At the same time, I also did AMEX and Orchad pre-approvals, but I didn't proceed with their offers like the HSBC's. Will they also bring down my score?
thanks!
Expect the inquiry to cost you about five points (or thereabouts).
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Posted by admin on November 7th, 2010
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