Demetria Gallegos

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238 appearances 5 recordings 1 series first heard Feb 2018 last heard Aug 2023

Demetria Gallegos’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Debunking Myths About Your Credit Score · 22 Oct 2019 podcast

And they are going to cluster all of those inquiries together as one.

Now, you do have to work rather fast.

VantageScore 3.0 has a 14-day shopping window.

And on the FICO side, there are different scoring models that a lender might look at.

And those shopping periods range from 14 to 45 days.

Right.

I learned this myself.

I was shopping for a mortgage over the summer and I was taking my time about it.

And I had two inquiries.

And as soon as I discovered that they had damaged my credit score, I stopped looking to other lenders.

So I no longer was in a competitive bidding place.

I instead decided to go with one of the first bids I got.

If I had been working more quickly, I might have been able to shop myself around a little bit more.

This really depends on what your score starts at and what your credit history has been in the past.

If you have a relatively mature credit history, the average age of your accounts is at least several years old, you have relatively low utilization, and you apply for a new retail card, it could actually cost you points.

Because what you've done by opening the new credit account is you've shortened the average age of all of your accounts cumulatively.

because you have a brand new baby account with zero history.

Also, if you've already been using your credit card sparingly, your utilization was already low, you have a new credit line that hasn't been charged up yet with the new card, but it's kind of inconsequential because you had plenty of available credit to start with.

However, if you are new to credit or you've been relatively inactive, it may be that a new credit card, if you are successful in that application, could help your score because lenders now have another way of examining your behavior,

gauging your credit worthiness over time, and you've suddenly increased your utilization because you have a brand new credit card with zero charged on it, and all of that utilization is free, it makes you look like a better credit bet.

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