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Question By
Sburton1044

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Does getting approved for a credit card have a positive impact on my credit score?
I went from a credit score of about 738 earlier this year down to a low of about 630 because of a car salesman running countless credit applications while my wife and I were simply test driving a car. We made it clear that we weren't committing to buying yet just wanted to drive the **** thing. Still angry about that. Anyway, That was about a few months ago. Since then I have raised my score to 698 (these scores are all credit Karma scores btw) and have been approved for a credit card that I applied for. So, with the card I was approved for, I now have one with my bank as well as the new one through amazon. Just wondering what kind of impact I may see?

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**** car salesmen -- and **** the faulty credit scoring system. In theory, when you're shopping for a mortgage, a vehicle, or a student loan, multiple inquiries in a short period is supposed to count only as one. Too bad the theory often doesn't match reality. But good on you for clawing your way back. Now, as to the new Amazon card ... you'll probably see a sharp dip from the inquiry (since you already have others on your record). Then a rebound from the approval. Then a slow, steady build as you manage the new credit well. (However, an Amazon store card may affect your credit differently than an Amazon Chase Visa, and since everyone's credit picture is different, nobody can really say exactly what will happen in your case.) Good luck!

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Clairissa

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LOL, CK censored my response. The word I used was a rather innocent one starting with "d." From the look of it, you'd think I was f-bombing. Wasn't!

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Sburton1044

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Thank you! I actually thought I was applying for the Chase Visa (If that is the amazon rewards visa card, that is) I'm not sure why but I made a dumb mistake of not checking it all out as much as I normally do, and missed the fact that they were differnt cards. I thought it was something to the effect of "Hey this is the Amazon Store card, which is actually a Chase Visa card..." But I was wrong. I also have another question up asking how detrimental it is to apply for the chase visa one, and then if I am approved to cancel the store card? Or possibly even cancel the store card first, and then apply for the chase visa? Thanks for all responses!

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it will drop your score 3-5 points from the inquiry and it will lower your age of accounts but in 6 months it will bounjce back and your should be slightly higher

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Let me do some clarification. I have noticed a drop of 15 points since the New credit line was opened, and I have no plans to have any inquiries on my credit from lenders (mortgages or car sales or anything like that). Although, I am moving in about 4 months to a new apartment but even if my score has a temporary drop of 100 I should still be fine in getting an apartment especially since they will run credit on both my wife and I. So as far as a temporary drop from utilization and account age after dropping my 1 week old card, I don't forsee it being too detrimental to my credit. I would really really really like to get the chase visa card as opposed to the store card.

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