Affects of Inquiries on Credit Score

Credit Tip: ✅📊🏦

An Inquiry can account for a drop of 0-6 FICO points and typically lasts for six months. 📅

After 6 months, the point penalty is reduced until the 1-year mark when the actual penalty is removed. 📅

It will show up on your report for up to a full 24 months in many cases. 📅

When you have fewer than 3 cards reporting

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The first 3 cards will not hurt as bad because the FICO provides a boost for your first 3 cards, that’s why lenders suggest most times 3 revolving lines of credit.

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Cards after the first 3 all incorporate these penalties, but can also boost FICO if it reduces overall utilization below particular breakpoint.