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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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New Inquiry for Mortgage

Just got a FAKO and FICO alert for the mortgage app that was run yesterday. I lost 10 pts on my EX FAKO but my fico score remained the same. Should I expect a hit to my fico score later on?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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Posts: 11,256
Registered: ‎12-30-2011
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Re: New Inquiry for Mortgage


MovingForward_2012 wrote:
Just got a FAKO and FICO alert for the mortgage app that was run yesterday. I lost 10 pts on my EX FAKO but my fico score remained the same. Should I expect a hit to my fico score later on?

Moving the post, but not necessarily.  Inquiries are scored on a step function in the FICO algorithm, in that one additional inquiry doesn't necessarily move you into a lower scoring bucket. or more score damage for that individual one.   Hauling had a nice writeup about it at one point which I should go and find for easy linkage, but for example on inquiry counts:

 

0->1: negative

1->2: no change

2->3: negative

 

or something akin to this.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 700, TU 04 731, EX 98 725 (05/24/15)
Goal Score: 700 on EQ 04 (01/01/16)


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Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: New Inquiry for Mortgage

Okay thanks. Kinda confused on what you wrote. I think I have 5 total inquiries on myfico. And the 5th one occurred yesterday and myfico alerted me of the inquiry but it said on the report that my score is unchanged at 703. So just wondering if later on it will drop or is what is on there now the final result of that 5th inquiry?
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
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Posts: 32,869
Registered: ‎08-04-2007
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Re: New Inquiry for Mortgage


MovingForward_2012 wrote:
Okay thanks. Kinda confused on what you wrote. I think I have 5 total inquiries on myfico. And the 5th one occurred yesterday and myfico alerted me of the inquiry but it said on the report that my score is unchanged at 703. So just wondering if later on it will drop or is what is on there now the final result of that 5th inquiry?

Not all inquiries hurt. Depends on how many you have and when the ones you have appeared before adding another. It also depends on the new credit on your report. Newer the credit less of an impact the inquiry will be.

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