Fico fun!

I sent Chase an email asking how often they update the credit bureaus with new information, but haven’t heard back from them yet. I’m eager to see what paying off my credit card will do to my credit score(s). I’m also eager (or anxious, rather) to see what difference, if any, being turned down for a credit card recently made in my score. I’m not usually one to quote Fox News, but in my online searching this article was the only one that answered this question directly:

“Every time you apply for credit, the prospective lender asks for a report of your credit history. Every inquiry--even if you are ultimately turned down--counts against you…[Pulliam-Weston] says, ‘Every time you open an account it can take almost 5 points off your credit score.’ That could be just enough for a lender to increase the interest rate you would otherwise get or to refuse you credit completely.”