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HomeCredit ForumCredit repair

Effects of opening new credit card

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jalegn01



Joined: 31 Aug 2008
jalegn01's page
Posts: 1



94 Magic Points
Subject: Effects of opening new credit card
 
 Posted on Sun Aug 31, 2008 3:44 pm  
I currently have 2 credit cards and want to open a Southwest CC, giving me 3. My credit score is 750 and I have never missed a payment. How far down do you think my score will go by opening this card?

Thanks.
 
1002543



Joined: 31 Aug 2008
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Posts: 84



96 Magic Points
 
 Posted on Sun Aug 31, 2008 7:36 pm  
How many ing.'s you have on your report.
Your score is pretty high, so you is going to take a hit, like 20-30 points
(MY GUESS ONLY)
 
anthony

anthony

Joined: 31 Jul 2006
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Posts: 506



12637 Magic Points
 
 Posted on Mon Sep 01, 2008 10:38 am  
Hi jalegn01
A credit score of 750 is ideally a good credit score and so you can easily opt for southwest credit card. However, the credit card company may pull out your credit report to find out your payment history and other details. This hard inquiry may lower your credit score by as much as 10 points. But this should not affect your creditworthiness because a score of 720 and above is considered as very good.
_________________
Anthony Marx

A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible.
You can also visit my blog
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Justin

Justin

Joined: 17 Jul 2006
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Posts: 440



11395 Magic Points
 
 Posted on Mon Sep 01, 2008 11:19 am  
Even if you have applied for Southwest credit card, it may happen that the credit card company may make hard inquiry without your authorization. If you find a hard inquiry in your credit report which has not been authorized by you, it can easily be removed from your report. For this all you need to do is to send a letter to Southwest credit card asking them to remove the listing from the credit report.
_________________
Best Wishes
Justin
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3172



1091 Magic Points
 
 Posted on Mon Sep 01, 2008 2:55 pm  
That is one thing that I have learned here that I did not know about, contacting the creditor and asking them to remove the hard inquiry.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
fireyone



Joined: 26 Feb 2008
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Posts: 2967



4112 Magic Points
 
 Posted on Tue Sep 02, 2008 12:57 am  
Good Advice Gn. In any case I don't believe the score would be effectred by as much as 30 points, more like the 10 Anthiny suggested.
 
goodnatured



Joined: 03 Nov 2007
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Posts: 3172



1091 Magic Points
 
 Posted on Tue Sep 02, 2008 2:20 am  
In order to see how many that you would have to pull your report to keep an eye on this.
_________________
Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!
 
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 378



4034 Magic Points
 
 Posted on Tue Sep 02, 2008 3:17 am  
Also, Keep in mind that if the new CC has a higher limit it will improve your debt/income ratio. Although, with a 750 score I am guessing you don't need help with that or history.
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1002543



Joined: 31 Aug 2008
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Posts: 84



96 Magic Points
 
 Posted on Tue Sep 02, 2008 10:50 am  
The higher score the bigger hit.
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2967



4112 Magic Points
 
 Posted on Wed Sep 03, 2008 12:37 am  
Is this true? I never heard of the higher the score the bigger the hit.
 
1002543



Joined: 31 Aug 2008
1002543's page
Posts: 84



96 Magic Points
 
 Posted on Wed Sep 03, 2008 12:54 am  
Yes it is.
 
fireyone



Joined: 26 Feb 2008
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Posts: 2967



4112 Magic Points
 
 Posted on Wed Sep 03, 2008 1:33 am  
Wow so in other words if my score is 800 and I have hard inquires it would take a bigger hit than someone with a lower score?
 
1002543



Joined: 31 Aug 2008
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Posts: 84



96 Magic Points
 
 Posted on Wed Sep 03, 2008 1:35 am  
That's correct
 
fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 2967



4112 Magic Points
 
 Posted on Wed Sep 03, 2008 2:05 am  
Doesn't quite sound fair....
 
1002543



Joined: 31 Aug 2008
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Posts: 84



96 Magic Points
 
 Posted on Wed Sep 03, 2008 2:26 am  
Nothing is perfect
 
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