Reply
New Visitor
Posts: 2
Registered: ‎05-07-2007
0

Auto loan inquiry hit

Hello all, I have been working on my score for about 5 months and have gone from 617 to 662. I recently received a pre-approval for a house loan based on my 662. My wife's car died and we recieved financing for a new one with no problems. The inquiry for the car ... along with the pre-approval for the house about a month back dropped my score by 4 points! 2 questions: 1. how can you abtain necessary credit like mortgage and car without taking a hit. (We couldn't do all inquiries within the 2 weeks because we didn't know we would need a car) 2. How long will this 4 point loss stay on my report? I have to get this score back up above 660 before closing on the house. Thanks in advance for any help.
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Auto loan inquiry hit



scorewatcher wrote:
Hello all, I have been working on my score for about 5 months and have gone from 617 to 662. I recently received a pre-approval for a house loan based on my 662. My wife's car died and we recieved financing for a new one with no problems. The inquiry for the car ... along with the pre-approval for the house about a month back dropped my score by 4 points! 2 questions: 1. how can you abtain necessary credit like mortgage and car without taking a hit. (We couldn't do all inquiries within the 2 weeks because we didn't know we would need a car) 2. How long will this 4 point loss stay on my report? I have to get this score back up above 660 before closing on the house. Thanks in advance for any help.

1. You can't. If you seek\apply for credit you get inqs which will impact your scores.
 
2. The inquiry stays on your reports for 2 yrs. But only impacts your score for 12 months, with the previous 6 months holding the most weight.
 
PS... I strongly discourage you applying for ANYTHING until you close on your home.
New Visitor
Posts: 2
Registered: ‎05-07-2007
0

Re: Auto loan inquiry hit

Thanks friend, Does this mean my score might regain the 4 points in 6 months or will it be a full year?
Contributor
Posts: 132
Registered: ‎05-02-2007
0

Re: Auto loan inquiry hit

Inq usualy drops 2-5 points, and 4 points are normal. Just wait and see hpw your score will go 10-15 in next couple od months just after you start paing house and car.
Highlighted
Moderator Emeritus
Posts: 6,182
Registered: ‎03-29-2007
0

Re: Auto loan inquiry hit

Yes, your score will increase once you start gaining positive history on the new Auto loan.
Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
† Credit cards for FICO Score ranges: The score ranges are guidelines based on actual applicant approvals and having a FICO Score in a particular range does not guarantee you will be approved for credit cards recommended in that range.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.