Reply
New Member
cruzer99
Posts: 1
Registered: ‎05-11-2007

40 point drop from 1 mortgage inquiry????!!!

Can anyone help me figure this out?
 
Husband's score finally over 700 (732 actually) after 2 years of on time payments and debt load reduced by half.  He goes and talks to his mortgage friend and they pull HIS tri-merge credit report.  Days later scorewatch reports a 40 point drop!!!   The ONLY other change I can even think of is the one cc we use all month and then pay off every month.  They must have caught this at the high point (around 3K) before the payment made it. We've been using this one cc this same way for at least 6 mos, so I don't see why that would have affected it much.  Then, to make things even worse, MY scores dropped by 46 pts and they didn't even pull my credit!!!  I pulled a score watch report on my hubby and saw nothing weird.  Needless to say we are TOTALLY MAD AND CONFUSED.  We were finally at a good place to think about buying a home, so what gives?  Any thoughts?
Thanks,
Moderator Emeritus
Tuscani
Posts: 6,182
Registered: ‎03-29-2007

Re: 40 point drop from 1 mortgage inquiry????!!!

Something else changed. An Inq would not cost you this many pts.
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007

Re: 40 point drop from 1 mortgage inquiry????!!!

You didn't change cell phone carriers did you?  :smileyvery-happy:
 
Or have a bunch of other enquiries?
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Established Contributor
Revike
Posts: 720
Registered: ‎05-04-2007

Re: 40 point drop from 1 mortgage inquiry????!!!

[ Edited ]
It's likely the utilization increase had far more effect than the inquiry, depending on the CL for that specific CC and your total CL for all revolving accounts.

Message Edited by Revike on 05-29-2007 08:30 AM

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+