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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

💳💳💳


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.


✅✅✅


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


FAQ:


Will this 30 day and a 60 day late hurt my credit? 😱😱😱


I get a lot of questions about late payments.


Here is the general score penalty; however, it will vary by the scorecard (which is basically you up against others in your community)


Typically - 30-day lates will have a 9-12 month penalty, 👀


60-day lates 2-2.5 year penalty. 🤯


A major derogatory like a 90-120 day late can impact the score for the full 7 years; 😱


however, around the 48-month mark very little impact is left. Especially if you’ve outweighed the negative payments with posts one’s. ✅


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CS: 833 976-6684

© 2020 by Mr Then Consulting LLC All rights reserved. Carlos Ariel Then

255 Main St. Suite 201 

Pawtucket RI 02860

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