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How Credit Inquiries Impact Your FICO Score

Monday, May 7, 2012 - 10:35 AM
This Mintlife blog post provides some useful insights into how credit inquiries can affect your credit score. Credit inquries are done not only when you apply for credit cards, but they are also done for many bank account applications. The good news is that the "inquiries have a marginal, at best, impact on your credit scores."
3
Ken TuminKen Tumin5,469 posts since
Nov 29, 2009
Rep Points: 125,077
1. Tuesday, May 8, 2012 - 4:03 PM
Applying for a new credit card doesn’t mean all three of your credit reports are being accessed. Only one is going to be pulled so the new inquiry will only appear on that particular credit report. That means your FICO scores at the other two credit bureaus are not impacted at all.

The only exception to this rule is a mortgage application where the lender or broker will likely pull all three of your credit reports.

This "only exception" assertion is incorrect. There are other known exceptions, including but not limited to Capital 1 credit card applications. Also, the post makes it appear as if all other components of the FICO score are more significant: that may also be incorrect. Finally, the FICO score is not everything; some applicants may find themselves rejected for individual FICO score components, including the supposedly insignificant criterion of recent credit inquiries.
2
pNapNa2 posts since
Dec 12, 2010
Rep Points: 6
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