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New Credit

10% of your FICO score

New credit is broken up into two main parts, newly established credit and Inquiries.  Newly established credit looks at how many new accounts you have opened up within the last 2 months.  According to FICO, “research shows that opening several credit accounts in a short period of time represents greater risk – especially for people who do not have a long credit history.”  What does this mean for you?  Slowly establish your credit.

The second part of new credit is inquiries.  An Inquiry is a record of someone requesting your credit information.  There are two types of inquiries, hard inquiries occur when someone checks your credit information for the purpose of obtaining a loan.  And a soft inquiry is when someone checks your credit information for any other reason.  Soft inquiries do not affect your credit score while too many hard inquiries in a short amount of time can negatively impact your credit score.  Too many hard inquiries make a person look desperate for credit.   Try to limit yourself to one hard inquiry every six months.  Speak to a Credit Firm consultant about maximizing your FICO score today.


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