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npcl

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Why did a hard inquiry from CAP One that resulted in approved credit card reduce my score by 19 pts?
Originally I had 4 hard inquiries. I applied for a pre-qualified credit card that CAP One mailed to me. They made a hard inquiry, making a total of 5. My application was approved. I will get my card in 2 weeks. I am shocked that my credit score went down by 19 points. Should it not have gone up instead because the credit application was approved?

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When you apply for credit from a lender, it means you need money.  It's really very simple.  The credit agencies know that if you had the liquidity, you wouldn't need credit from anyone.  The more creditors you ask for a loan, the less liquidity and thus the decrease in credit rating.  Every time you ask for credit, you are shouting to the credit5 agencies..."I WANT SOMETHING I CAN'T AFFORD!".

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Good question

Over a year old and nobody knows? I ask again...Why does a hard inquiry lower your credit score so much?

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Hard Inquiry Effects

The credit agencies may have reduced your credit score because of a different reason than the inquiry itself.  The increased outstanding debt can be the reason your score went down.

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