Credit Worthiness Question

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Credit Worthiness Question

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Posted 05-10-2012, 09:07 AM

hiwass

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Credit Worthiness Question

My credit score has been hovering around 720 for a year or so (albeit from credit karma) but when i applied for a cc i was denied. i called and inquired the reason and they said that i had a hard hit on my account around November. Told them that i was purchasing a car around that time and the agent approved me for the credit card with a $7000 limit. How long does a hard hit stay on my credit file?

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05-10-2012, 09:07 AM
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05-10-2012, 10:09 AM

qwertyaas L6: Expert Member sinceJul 2007 Posts1,984 LocationNew York Reputation 154 Followers 0 + Give Rep	6-12 months if affects the score. Visible for around 2 years I believe. I would worry about it. 1-2 hits don't do much. I just found out I have just above 780 after applying for an apt and car lease... And CC a few months back. Which means it's time to churn a couple more opening bonuses!
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05-10-2012, 06:18 PM

Boomancini L3: Novice Member sinceApr 2008 Posts190 Reputation 52 Followers 0 + Give Rep	They denied you because you had an inquiry on your credit and then approved after you told them what it was? Doesn't make sense, but whatever. The inquiry will show on your credit for 12 months but it's not hurting you anymore. Inquiries will lower your score minimally so I wouldn't really worry about it.
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05-11-2012, 07:20 AM

InfamousDX the #hustle blog Member sinceNov 2005 Posts1,894 LocationNJ Reputation 179 Followers 0 + Give Rep	Hard inqs stay on for 2 years but banks decide how long they care that it matters, anywhere from 6-12 months. No big deal that the computer instantly denied or sent it to pending and then a human had the final decision. Just another speed bump...
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05-11-2012, 09:14 AM

XReflection

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Quote from Boomancini

They denied you because you had an inquiry on your credit and then approved after you told them what it was? Doesn't make sense, but whatever.

The inquiry will show on your credit for 12 months but it's not hurting you anymore. Inquiries will lower your score minimally so I wouldn't really worry about it.

Assuming the OP applied online, the decision was likely done by a computer, using some formula for putting weight on certain factors in your credit report. It's not uncommon to be rejected initially then call in and explain your situation and get approved. I've had that happen to me before.

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