Hey all,
I know inquiries lower the credit, and people with thiner files will see more points dropped in comparison to those with lengthy histories. However, this Experian article suggests about 5 points. My credit dropped from 750 to 731 after one inquiry. My credit history is 1 year, 1 month.
Posted May 10, 2022, 5:20 PM UTC
It could be just that, but maybe there was some other change as well? Balance change on one of your cards? Did you open anything new after that hard pull?
Yes, I opened a new account, that was last night, so for now the system only shows one account for me.
Is there an associated new account with the HP? That can cause a secondary ding.
Yes, I did, but when I go into Experian it ways only One account.
I see. Honestly, I wouldn’t sweat it too much. A 19 point drop isn’t totally uncommon. Just keep paying your bills on time and your score will eventually go up past the previous high.
Awesome, thanks! Just wanted to make sure it didn’t seem super weird. As nothing has changed regarding payments or balances.
How many accounts do you have and hard inquiries within the past 2 years?
Just one at the time of the hard inquiry, now I have 2 (one has not been reported yet).
Your account age halved and a hard inquiry just hit. Hence the high drop in points. As you build up more accounts and age to your credit, it’ll be no more than a couple of points.
Súper, thanks!
It fluctuates up and down that much when you have new credit. By contrast, I have a long history. I have 32 hard inquiries in the last 24 months, and was recently approve for the CSP with a 15k limit. My score has not fluctuated more than 15 points.
Don’t sweat it. You have a very very young account by credit standards so you’ll experience some turbulence at the start. After a few years this won’t really happen unless you have missed payments or go into delinquency
Thanks for the assurance, appreciate your input
I had a very similar situation when my score was that age. I wouldn’t worry about it. Keep everything in good standing and you’ll be back to normal in no time.
Good to know, thanks for sharing your input. Appreciate it a lot.
For a thin profile 19 pts is totally reasonable
Applied for Venture X and my score dropped 5pts with very similar avg age of accounts 1 year an 7 months.
Had this happen to me with getting the citi premier last week… I’ve had a fair amount of credit inquiries and a new car loan that’s barely 2 months old. Thing is all the recent credit lines tanked my average credit age to 1 year (my oldest card is 3 years) and so my score dropped by 18 points. It’ll recover.
Expect your score to go back up in 6 months if nothing else happens (new accounts, missed payments, etc)
Your history is very young, so yes. You will see it completely recover within a few months and the inquiry will fall off in 24 months.
Super, thanks so much for your input!