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INQ --> 7 pt drop

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expatCanuck
Super Contributor

INQ --> 7 pt drop

New hard INQ on EX (4 --> 5, 4 of which are < 1 yr old) cost 7 points (821 --> 814).

I added a HELoan in June and a card in March of this year.

I'll be able to find out (for free) the impact on the other scores (848, 832) in a week.

 

We'll see what happens in April, when scoreable INQs fall back to 3.

 

Happy New Year, all y'all.  Smiley Indifferent


2023 Goal: save 3 months' net income

Starting FICO8: 666 (give or take a FICO)
[ Last INQ 12-Feb-2024 ]
EQ8415 INQ (Auto, CC, HELOC, 2 mort)7y2m
EX8125 INQ (2 CC, 2 mort, HELoan)6y11m
TU8294 INQ (3 CC, 1 mort)6y6m
5/243/12AoYA 0m | AoOA 23y6m~3%
5 REPLIES 5
CorpCrMgr1
Valued Contributor

Re: INQ --> 7 pt drop

@expatCanuck wondering if your inquiry has fallen off yet? If yes, please share the impact on your score. Thank you.

Message 2 of 6
mgood
Valued Contributor

Re: INQ --> 7 pt drop

My Experian FICO 8 dropped 7 points yesterday, from 777 to 770, after a HP from Amex.

It hasn't shown up yet on MyFICO, but I saw it on the Experian website.

I was 1/6, 2/12 inquiries on Ex. Now 2/6, 3/12. In May, I'll be 2/6, 2/12 (if I don't apply for anything else).

 



EQ8 809, TU8 790, EX8 797 as of May 9
AZE3 - 2% Utl - New Accts: 3/6, 3/12, 7/24
Message 3 of 6
SouthJamaica
Mega Contributor

Re: INQ --> 7 pt drop


@expatCanuck wrote:

New hard INQ on EX (4 --> 5, 4 of which are < 1 yr old) cost 7 points (821 --> 814).

I added a HELoan in June and a card in March of this year.

I'll be able to find out (for free) the impact on the other scores (848, 832) in a week.

 

We'll see what happens in April, when scoreable INQs fall back to 3.

 

Happy New Year, all y'all.  Smiley Indifferent


This suggests that 5 inquiries is a threshold, which is confirmed by my experience of gaining points when my EX inquiries dropped from 6 to 5.

 

Unfortunately, I think 3 is the bottom rung of that bin, so that your dropping to 3 in April could well be a non-event, and you would have to wait until you drop to 2 to see a point gain.

 

 


Total revolving limits 710800 (590300 reporting) FICO 8: EQ 712 TU 710 EX 710

Message 4 of 6
Godsdaughter
Member

Re: INQ --> 7 pt drop

Just the other day my Credit Karma TU score  dropped 3 points as soon as a 3rd inquiry showed  up on my report.

REBUILD TRADE LINES (as of April 2024)
|AU Discover it CC:- $25,700 [TU only]
|National Credit Direct:- $5000 (SL $500 Feb 2017) [EX only]
|Stellarfi:- $525 (SL $500 Jan 2024) [All 3 bureaus]
|Brigit Credit Builder Loan:- down to $500 (from $600 originated Dec 2023 ) [All 3 bureaus]
|Kikoff Credit Builder CC:- No CL reported [All 3 bureaus]
|CreditOne Amex:- SL $300 (April 2024) [All 3 bureaus]
|Extra Debit Card $300 (SL $100 Mar 2024) [EX and EQ only]

Total Exposure:- TU EX EQ
Total True Exposure:- TU EX EQ
Fico Scores:-

PHASE 2 GOAL CARDS

PHASE 3 GOAL CARDS


Message 5 of 6
SouthJamaica
Mega Contributor

Re: INQ --> 7 pt drop

Now I'm not so sure about the 3-5 bin. I just gained 7 points in EX FICO 8 from my scorable inquiries dropping from 4 to 3.


Total revolving limits 710800 (590300 reporting) FICO 8: EQ 712 TU 710 EX 710

Message 6 of 6
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