Department store new credit card application

Forum|Forum|6 years ago
June 4, 2019
1 reply
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My credit score was in the 'good' range when I applied for a well known credit card while Christmas shopping in order to save a good deal of money on the purchase. I only received a $1000 credit limit which the sales person said was a higher start limit compared to other customer applications. I only charged 170.00 and have since paid it off. However my credit score dropped 25 POINTS after the app approval. WHY??? I would have never applied for this CC if I knew my credit report was going to be penalized so severely. Now I'm back in the 'fair' range and it will take MONTHS to get it back to 'good'.

Anonymous_

Employee

@Lmarmcg wrote:
However my credit score dropped 25 POINTS after the app approval. WHY??? I would have never applied for this CC if I knew my credit report was going to be penalized so severely. Now I'm back in the 'fair' range and it will take MONTHS to get it back to 'good'.

Hard inquiries (from applications for credit) can have a larger impact if you have few accounts or a short credit history.

Regardless, the impact should drop off after a month or two.

See https://www.experian.com/blogs/ask-experian/how-many-points-do-you-lose-from-a-soft-or-hard-inquiry/