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Affects of Inquiries on Credit Score

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.

Late Payment impact on Credit Score

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. ✅