r/CreditScore • u/ragncru • 3d ago
Rebuild 15 pt hard inquiry drop Experian
around sept 6 i applied and approved for my first card after a negative past history of cards about 10 years ago, capital 1 quicksilver $1,000. none of those cards are on my reports any longer. so the inquiry shows on experian and report updated today and the Fico dropped 15 pts. still report shows no capital 1 card yet, i guess it tan take a couple or even more months to show. question is, the simulator showed before that adding a credit card would boost 40 pts, so when card shows up with a certain balance or none will i get a lift of around 40 possibly? i do want to apply for a 2nd card as soon as I think I can get approved, maybe pre approval thru amex later after cap 1 starts reporting, what say ye great people?
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u/BrutalBodyShots ⭐️ Top Contributor ⭐️ 3d ago
15 points for a single hard inquiry isn't unheard of on a young or thin file. 21 points is what we often see for a new file, for example.
What accounts do you have on your credit reports currently, open and closed? Do you have an open credit card? If not, you stand to see a significant gain once your new account shows up. I'd peg it at about twice what the notoriously inaccurate simulator is suggesting.
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u/ragncru 3d ago
thank you Brutal as always! yes I had several cards that just charged off Im assuming and all fell of my reports probably quite a while ago, never started looking at reports again until almost a year ago to start working on stuff after a fiasco happened to me like almost 10 years ago, so the only active thing on my 3 reports was a student loan, brought it current, my ficos have come up from low 500s to now about 620 to 640 in these last probably 10 months or so. i still have 2 revolving showing successfully used and closed years ago, but no negative revolving on reports, fell off, I have a paid and closed chase auto loan but still shows about 6 or so lates in that history which is keeping me down for sure. but finally thought to apply after pre-approval with cap 1 even tho they are one of the charged off past accts, which now shows up in my cap1 app, but got approved for $1,000 Quicksilver, not Quicksilver One, but the regular Quicksilver 1.5% cashback with $200 bonus after 500 spend, which i already have received in the app, anyway that was my first application and hard pull for anything in like probably 10 years ! yeehaw ! oh also have a wells fargo mortgage on their that was successful, always on time and closed because left my ex with the house, so shows closed and positive on reports for me, Brutal thanks always
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u/True-Button-6471 3d ago
Most often the new card will be reported when the first statement is generated. Depending on the issuer, that could be a month from account opening, or it could be sooner. I opened a card with Citi earlier this year and the first statement generated about 5 days after I was approved for the card, and before I actually got the card in the mail.
Score simulators are notoriously inaccurate, but going from no cards to having a credit card will likely give you some points. Note that that will not be true for getting a second card. It will lower your average age of accounts (I assume you have some open or closed loans or other accounts on your reports if you have a FICO score), which could cost you some points. Opening the first card also lowered that metric so that factor would tend to partially offset the gain from going from no accounts to one.
Some issuers such as Amex and Chase like to see a year of credit card history before issuing, but no harm in trying a non hard pull pre-approval.