Does the following apply for credit card applications also?
I read following somewhere ...
"hard inquiries (the ones that show up when you actually apply for credit) only affect your score after 2 weeks. The formula for your credit score excludes the number of inquiries that you have had over the past two weeks. The credit bureau got wise to the fact that people apply for credit at a lot of places at once and that their score shouldn't suffer because of it."
Does this apply towards our credit card applications also ..I thought it only applies when we compare rate with various auto or mortgage companies..does this apply for credit card companies as well?
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I can tell you from experience, that you never know when it’s gonna report to the credit reporting agencies.
It could land on there the next day. It just depends on when THEY do their updating.
The more you apply for, the lower your score goes. Inquiries stay on for 2 years.
Don’t apply for credit more than one time a year.
Read the fico message board for more info on scoring.
http://ficoforums.myfico.com/fico/board?board.id=ficoscoring