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08-22-2013 08:01 PM
I purchased a new home recently with no negative impact to my credit score (which was an average of 762 between the three). Because of HOA rules in the new neighborhood, we had to switch to AT&T for Internet. Today I learned (thanks to a myFICO email update) that my Experian FICO score dropped FIVE POINTS to 756 (it was 761) because of an inquiry from AT & T SERVICES INC. Are you seriously telling me that I can obtain a mortgage without impacting my FICO score, but an inquiry from AT&T for $50 per month Internet decreases a FICO score by five points? What should we have done, waited for six months to get Internet to avoid too many credit inquiries in a short period of time? This whole FICO nonsense seems very archaic.
08-22-2013 10:34 PM
I agree with you! I had just posted that we had just refinanced our mortgage and it pulled our scores down by 23 points after our former lender reported "Closed Account/Zero Balance"on our mortgage. I can't wait to see what our scores would be after the new mortgage account shows on our credit report!
08-23-2013 08:18 AM
This is why I truly don't think it's useful to get too concerned about scores unless you're planning to app for something. I got a five point drop too, (new AT & T customer!) but it rebounded in a month.
08-23-2013 09:09 AM
There is a difference in where you are in your scores as to the importance of a score change. Where I sit now, a +/- 20 point change in score doesn't phase me. When I was in the rebuilding stage, a 1 point change would drive me crazy. I think that more focus on cleaining and rebuilding should be emphasized. Don't put all that pressure on the scores, just keep making that report clean and healthy.
08-23-2013 09:51 AM
Good feedback, Invincible and Shogun. I guess I am overreacting. It has taken me almost seven years to recover credit-wise from a bad divorce (sub 500 FICO's), so I am probably being touchy. Oddly enough, the reason I have not been able to get above the 765 range is that I don't have enough credit.
08-23-2013 09:58 AM
Your CR might be a bit thin. That's OK. Youl can add as you need to. IMHO you're sitting pretty right now.
08-23-2013 10:43 AM
OP, did you mean your Equifax FICO? I ask because there is no service that provides Experian FICO updates, yet alone via e-mail, though Equifax through ScoreWatch does.
It's probably been stated already but inquiry damage is no big deal. I lost a few points after the 30-45 window expired for my mortgage inquiries but lost no points when I applied for CCs the following month. It's a YMMV-thing.
08-23-2013 01:57 PM
Yes, I did mean Equifax. That is the only score I get through myFICO. Although, it appears that I have the choice to get scores from Experian and Trans Union as well. Is that not the case? There are links under both logos that read "Check my FICO score."