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Equifax dropped 38 points from two mortgage inquiries!

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Anonymous
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Equifax dropped 38 points from two mortgage inquiries!

I had a lender pull my credit for a mortgage, then he did a rapid rescore and refilled my credit a week later. My score went up from the rescore then down 38 points from the 2nd inquiries from the same mortgage lender. Is equifax crazy with their scoring? I thought mortgage and auto pulls within a short time only counted as one. I haven't had an inquiry for two years prior to this. Even if they count them separately, two hard inquiries dropped my score almost 40 points?! The other two bureaus didn't change at all.
Message 1 of 7
6 REPLIES 6
Anonymous
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Re: Equifax dropped 38 points from two mortgage inquiries!

One or two scoreable inquiries IMO would not drop a score nearly 40 points.  I suppose on just the right profile anything is possible, but I've never heard of that.  About half that many points is what I'd think would be the max and maybe a quarter of that would be about right in going from 0 to 1 or 0 to 2, again, depending on profile.

Message 2 of 7
xenon3030
Valued Contributor

Re: Equifax dropped 38 points from two mortgage inquiries!

Can it be due to having the first HP at the end of one month but the second HP at the begining of the next month? So, in this case, it might count two HPs.


Fico8: EX~EQ~TU~810 (12 month goal~840).
BOA (CCR, UCR), Chase (CFF, CSP, Amazon, CIC, CIU), US Bank (Cash+, AR, Go, Ralphs), Discover, Citi (CCC, DC, SYW), Amex (BCP, HH, Biz Gold, BBC, BBP), Affinity CR, Cap1(Walmart), Barclay View.
Message 3 of 7
Anonymous
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Re: Equifax dropped 38 points from two mortgage inquiries!

No, it has to do with the amount of time between the inquiries. Even so, it's believed that going from 0 to 1 may be equal scoring wise as going from 0 to 2, as 1 or 2 are thought to be "binned" together, as many have reported no score drop going from 1 to 2.
Message 4 of 7
Anonymous
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Re: Equifax dropped 38 points from two mortgage inquiries!

Alert reasons and alert score changes aren't connected frequently. The alert reason doesn't mean it was to blame for a score change.
Message 5 of 7
xenon3030
Valued Contributor

Re: Equifax dropped 38 points from two mortgage inquiries!

How does the 45 day period would be counted to count several HPs on mortgage as 1? Is it like Jan 01-Feb15, Feb16-Mar 31, etc.? Or does it count from the first HP date  and independent of the calendar day?


Fico8: EX~EQ~TU~810 (12 month goal~840).
BOA (CCR, UCR), Chase (CFF, CSP, Amazon, CIC, CIU), US Bank (Cash+, AR, Go, Ralphs), Discover, Citi (CCC, DC, SYW), Amex (BCP, HH, Biz Gold, BBC, BBP), Affinity CR, Cap1(Walmart), Barclay View.
Message 6 of 7
Anonymous
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Re: Equifax dropped 38 points from two mortgage inquiries!

As far as I know, calendar date isn't considered, it's simply the amount of time between your first and last inquiry.  This is over course assuming that the inquries get properly coded as being for an installment loan.

Message 7 of 7
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