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Cost of inquiries?

Established Contributor

Re: Cost of inquiries?

I have noticed that for me...on my report that an inq costs me about 6 points each. Other factors has bumped me back up but each time an inq has hit my reports it has cost me 6 points. But thats on my CR. I'm sure everyones is different.
9/18/08 TU=707 EQ=706 EX=702
Message 11 of 14
Established Member

Re: Cost of inquiries?

The interesting thing is that, so far, inquiries don't appear to have cost me anything... or, well, not much of anything. I have (what would be considered) a large number of inquiries over the past year (a big chunk of which are going to be falling off over the next few months), and in the past couple of months, I've had something like 4 hard pulls. The first one dropped my EQ by 1 point, and the rest (so far) have had no effect at all. I'm really curious to see what the new AMEX TL's do when they start reporting...
Message 12 of 14
Valued Member

Re: Cost of inquiries?



focused07 wrote:
Anyone know on average how many points each inquiry costs you on your credit report?  I am curious about the impact to my score based on a couple of recent inquiries.



Well I applied for a citi AAdvantage Master Card they pulled my Equifax which was a 727 at the time It dropped to a 712. So that inquiry was a big hit. Not only that I got denied, which there's a huge story behind that but to sum it all up, it was due to a fraud alert i had placed on my account and man did that come back to haunt me, like now. Smiley Indifferent
Message 13 of 14
Established Contributor

Re: Cost of inquiries?

I think that is the best way to tell how an inquiry hurts--or to average out what an inquirey really costs you:

Take someone with zero inquries on their report in the past 2 years and no accounts moving from negative to positive (meaning he hasn't recently disputed anything, or older accounts aren't likely to become more negative or positive because of anything he's done). Payment history is perfect.

Now lets say this person (with a score of say, 750) applies for the AMEX BLACK card (or as Kanye West calls it "The African American Express") and gets denied.

His score Drops to 740.

Maybe inquiries (if nothing else changes) are worth on average 5-10 points each.
Message 14 of 14