huge score drop after new tradeline reported!

[tanyia1969]

Hello all,

I applied for 3 new trade lines earlier this month.

here's the damage

Chase freedom finally reported yesterday my score went from 749 to 691.

Then today my Citi ty preferred reported and my score went up to 703.

Cant wait to see what my FNBO does to my scores.

[red259]

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@tanyia1969 wrote:

Hello all,

I applied for 3 new trade lines earlier this month.

here's the damage

Chase freedom finally reported yesterday my score went from 749 to 691.

Then today my Citi ty preferred reported and my score went up to 703.

Cant wait to see what my FNBO does to my scores.

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Heh. I don't even know how to interpret that. Will be interesting to see what the FNBO does you are right about that.

[djc1puno]

hang in there...it'll stalize after a few months of aging

[GaTech]

Well, 3 hard pulls @ roughly 5-15 points per inquiry = a big drop in FICO. No surprise there...

[goosedog]

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@GaTech wrote:
@Anonymous, 3 hard pulls @ roughly 5-15 points per inquiry = a big drop in FICO. No surprise there...

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That is not correct information. There's no way its between 5-15 per INQ. I recently put in 13 INQ in the last month and had my score drop only 16 points from 613 to 597

[GaTech]

http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-much-does-a-hard-inquiry-hurt-your-cr...

We have a topic covering this. Checkout the 2nd poster's comment.

[goosedog]

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@GaTech wrote:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-much-does-a-hard-inquiry-hurt-your-cr...

We have a topic covering this. Checkout the 2nd poster's comment.

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That may me true...back in 2008. I am willing to trust me recent experience, not a post over 5 years old. Scoring has changed ALOT in the last 5+ years. I am sure you can agree with me on that.

[GatorGuy]

What was your AAoA and how many tradelines did you have before this? There is no way you should have that much of a drop from inq.

[CashOnDelivery]

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@goosedog wrote:

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@GaTech wrote:
http://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/How-much-does-a-hard-inquiry-hurt-your-cr...

We have a topic covering this. Checkout the 2nd poster's comment.

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That may me true...back in 2008. I am willing to trust me recent experience, not a post over 5 years old. Scoring has changed ALOT in the last 5+ years. I am sure you can agree with me on that.

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+1

In my recent experience as well, I had an inquiry and it dropped my score 3 points. Scoring models used in 08 may be different now. 

Also, this what was originally posted by the 2nd poster (HTSU) in the linked thread:

- maybe around 2-3 points gone on the report that had the inq,
- next maybe around 5-10 points gone (more if you have really high scores) on all three reports when the new account posts for the first time,
- at the same time, maybe a score increase if the new account really helps your util, and
- after a month or so, gradual score increases as the new, clean tradeline continues to report with clean payment history and low util.

You might not lose points for the inq if it's your only one, or alternatively, if you already had a bunch, and this is just yet another.

[528491]

I think the weight of the inquiry is inversely proportional to your account history. For instance, someone with a long history won't see a big score drop from a couple inquiries. On the other hand, someone like me, who only has about 1.5 years of credit history, will see about 8-10 points drop per inquiry. I speak from personal experience here, since my score just dropped that much after apping for a couple cards.