Newer to the fourms and the credit rebuilding process so I’m sure this has been discussed plenty of times but it shocked me to see today. I’ve been working on my credit for the past few months, have gotten from poor to fair on all three companies. Only credit card I had as of yesterday was the Capital One platinum secured and I am an authorized user on my wifes Discover IT card.
Last night I decided to try to get approved for my own credit card as I hadn’t tried in about a year and wanted to see where I stood. I was approved for a small limit, $ 300, on the Capital One BuyPower Card. Pretty excited as it was the first time for me. It was rough to see this morning though that my experian report took a 22 point hit, dropped from 618 to 596, all from the credit inquiry. I could understand if I try to get approved for credit every other day but the first time in a year that just seemed like a big drop to me….maybe I’m wrong and it could just be because my scores are on the lower end anyway.
My question for anyone out there is, is that normal? and will I get those points back fairly quick once I start to establish good standing credit with my card? I’d just hate for it to be a huge process to get my hard work back all from one credit inquiry which I was approved for.