July 10, 2011

Getting Another Credit Card Didn't Hurt my Credit Score

Earlier this week I wrote about my latest credit score report.   My credit score was 779.     Before that it was 776 and before that it was 773.   You might notice a pattern.    Then this past week FreeMoneyFinance (one of my favorite personal finance blogs) wrote How Getting a New Credit Card Impacts Your Credit Score

It occurred to me that during that time we applied for and got a Sears credit card while buying a new dishwasher.

Here is the timeline of my credit score checks and getting that Sears card.
Dec 2009 = credit score 773
May 2010 = apply for Sears credit card
July 2010 = credit score 776
July 2011 = credit score 779

It would seem that getting that Sears card didn't have much impact on my credit score at all.    You can see that before I got the Sears card my credit score was 773 and then after I got the card it had gone up to 776.     Its possible that the card application had a negative short term impact but if so then it didn't last.    I would expect though that if there was a large impact to the credit score that it would have lingered longer or had more impact in general.  

I should point out that this isn't super scientific.   Ideally I would have wanted to check the credit score the week before I applied for the credit card and then checked it again the week after and then monitored it for a while longer.

No comments:

Post a Comment

I'm starting to get too many spam messages in the comments so I'm turning on moderation. Please be patient and wait for your comment to be approved. Note it may take up to a few days for approval, thanks. I've also had to remove anonymous posting of comments to cut down on spam and pure stupidity.

Blog Widget by LinkWithin