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Regular Contributor
inquring_minds
Posts: 171
Registered: ‎08-11-2007
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3 point reduction

My EQ score dropped 3 pts for an inquiry.  
 
Will it drop again when the new TL reports? and if it does, will low utilization (3%) offset any possible dip in score (due to new TL)?
Great Credit is Sexy :smileywink:

May 2013 - TU 699 / EX 718 / EQ 737


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fused
Posts: 16,373
Registered: ‎03-12-2007
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Re: 3 point reduction



inquring_minds wrote:
My EQ score dropped 3 pts for an inquiry.  
 
Will it drop again when the new TL reports? and if it does, will low utilization (3%) offset any possible dip in score (due to new TL)?


Good questions! Scores can go up, down and even go unchanged when a new inq and a new account report. What was your indiv and overall util before you apped?
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Regular Contributor
inquring_minds
Posts: 171
Registered: ‎08-11-2007
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Re: 3 point reduction

Hi Fused,
 
3% on one card and 7% on the other for 10% overall. 
 
I am keeping util low to see what kind of gains I receive of the next few months.
Great Credit is Sexy :smileywink:

May 2013 - TU 699 / EX 718 / EQ 737


Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: 3 point reduction


inquring_minds wrote:
Hi Fused,
3% on one card and 7% on the other for 10% overall.
I am keeping util low to see what kind of gains I receive of the next few months.

Think it's still middle of the night for fused :smileyhappy: , so I'll jump in. Depending on the CLI's of your cards, your overall util is probably more like 5%. Total of balances due, divided by total of CL's = total util.

I haven't done a lot of recent app'ing, but looking back over my older scores, I think I recovered my score drop and more by month three. If you work them for optimal util, you'll be pleasantly surprised at what happens in 2008! I would expect that you will see a steady increase in scores as you go along, not just a big jump at the end of one year.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
inquring_minds
Posts: 171
Registered: ‎08-11-2007
0

Re: 3 point reduction

Good morning Hauling,
 
CL's are -
3k - 3%
2K - 7%
 
I have a neat spreadsheet setup here I plug in the numbers and it calculates indiv and overall util :smileywink:
Great Credit is Sexy :smileywink:

May 2013 - TU 699 / EX 718 / EQ 737


Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: 3 point reduction


inquring_minds wrote:
Good morning Hauling,

CL's are -
3k - 3%
2K - 7%

I have a neat spreadsheet setup here I plug in the numbers and it calculates indiv and overall util :smileywink:


There might be something funny going on with your spreadsheet. If I read your numbers right, you've got $90 out of $3000 (3% ) and $140 out of $2000 (7% ) for a total of $230 out of $5000 = 4.6%.

You might run some trial mock accounts through your program. Give yourself 3 or 4 accounts with $100 limits (makes the math easy!) Make sure that your overall util is totalling the credit limits as well as the balances. Right now it looks as if it's totalling your balances, but averaging your CL's. Or maybe it's summing your individual percentages.

All I know is, your overall percentage can't possibly be higher than your highest individual percentage, or lower than your lowest.

Whew, time for another cup of coffee!
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Moderator Emeritus
fused
Posts: 16,373
Registered: ‎03-12-2007
0

Re: 3 point reduction

[ Edited ]


inquring_minds wrote:
Hi Fused,
 
3% on one card and 7% on the other for 10% overall. 
 
I am keeping util low to see what kind of gains I receive of the next few months.


I'm not sure how your overall util can be 10% with individual util of 3% and 7%.?? Since your util was very low to begin with, my guess is you might take a hit when the new account reports.


Message Edited by fused on 12-20-2007 09:55 AM
Credit Profile -
FICO 08 Scores (11-08-2014): EQ 818, EX 817, TU 822
All three scores were 850. Lost points for not having an open installment TL. So, BE WARNED!!!!!
Credit History: 26+ years ~ AAoA: 12 years ~ Util: 1% ~ Inqs: EX 1

Regular Contributor
inquring_minds
Posts: 171
Registered: ‎08-11-2007
0

Re: 3 point reduction

Am I missing something in the calculations?
 
I thought 3% + 7% would = 10%
 
honestly tell me if i'm off, please
Great Credit is Sexy :smileywink:

May 2013 - TU 699 / EX 718 / EQ 737


Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
0

Re: 3 point reduction

Percentages aren't added up -- the percentage for overall util is total balance divided by total credit limits. So make sure that the cell than shows total util isn't summing the individual utils.

If you think about it, if someone had 4 cards, 2 with 20% util and 2 with 40%, adding the utils would mean that they had 120% total util. Bad news! But instead, they have 30% total util.

Set up your spreadsheet to calculate the way I have it in my earlier post, and it should come out right.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Regular Contributor
inquring_minds
Posts: 171
Registered: ‎08-11-2007
0

Re: 3 point reduction

[ Edited ]
Thanks Hauling, I need a math refresher - I feel totally stupid! :smileyindifferent:


Message Edited by inquring_minds on 12-20-2007 05:41 PM
Great Credit is Sexy :smileywink:

May 2013 - TU 699 / EX 718 / EQ 737



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