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.