5 inquiries can drop score almost 200 points

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:
http://www.investopedia.com/ask/answers/111714/how-do-balance-transfers-affect-my-credit-score.asp

You guys better watch out. 5 inquiries can drop your score by 175 points. They are basically saying inquiries account for 35 percent of the FICO score. I literally laughed out loud as I read this.

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No !!! 5 inq's will NOT drop your score 200 points. There has to be other reasons why a score would drop that much. Considering what the current portfolio consists of, there has to be other reasons to the drop in conjunction with the Inq's. New accounts.... Accounts age... Utilization....etc.

I have 17 inq's and I dropped about 20 points.

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[ddemari]

I agree, 200 point drop from that amount of inquiries is very very very rare. The inquiry effect on your fico score is all situational based on our profiles, but I have had experiences where 3 inquiries did nothing but then maybe if I did a 4th a few weeks later id lose 3 points. I have never seen a LARGE more than a couple points from inquires. 

[Anonymous]

I wouldnt say very very very rare. I would say nonexistent.

[Kb109]

Well I have about 12 inquiries all across the board and my FICOs are 766+ (shown in signature). Whoever wrote that article is a moron lol

[Revelate]

For those that don't understand what we're talking about, it is flatly impossible to drop 200 points from inquiries with the way the algorithm is setup.

Diminishing returns, much like my 2nd tax lien only dropped my Beacon 5.0 by 5 points; eventually the negatives stop hurting you, and that's been demonstrated over the years by some of our members racking up slews of inquiries and not taking any damage for them past a certain point.