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Score DROPPED 24pts from hard inquiry

Valued Contributor

Re: Score DROPPED 24pts from hard inquiry


BrutalBodyShots wrote:

OP, a couple of things here.  One, your thread title states "inquiry" where in your first post you say "inquries" - there's a big difference here.

 

What is the exact number of inquiries that landed on the bureau in question?

 

You also wrote that you've opened 5 new accounts recently.  How recently were each of the 5 opened?  When did each of the 5 first report to the bureaus?  "New accounts" can drop scores more than inquiries for a short period of time. 

 

I opened up 3 accounts over the summer on the same day and a 4th a few weeks later.  Inquiry wise it resulted in 2 on 1B and 1 on each of the other 2B.  The inquiries didn't do much to my scores as that first month they only dropped a couple of points.  The next cycle however, after the accounts started reporting my scores all took a fairly significant drop of around 20 points on average.  About half those points came back in a month, the other half the next month, and within 4-5 months of opening the 4 accounts my scores were higher than before I apped.


^ Agreed - score drop almost certainly due to new accounts. Impact of a "spree of new accounts" on score should disappear within 90 days [observation from Fico posts, published for VS3 in graph form]. The impact of the inquiries should be small by comparison (5 points, possibly 10 for clean profiles depending on QTY). Inquiries influence score for a full 12 months - per Fico. A drop in AAoA could impact score as well if a threshold is crossed

 

Side notes:

1) New accounts are used in assigning profiles to scorecards if the profile is clean. So if someone had not opened a new account in over two years, opening a new account is likely to put that clean profile on a different scorecard. [Not sure if age of youngest for scorecards is 1 year or 2 years. I used 2 years in this example just to make sure it was covered). Will the shift to a different scorecard influence score itself - perhaps but can't predict how.

2) Age of youngest account is NOT a scorecard assignment for dirty profiles - so impact of new accounts (if there were none before) will impact score but will not shift scorecards. 

3) AAoA is not a scorecard assignment factor - only age of oldest.

Fico 8: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 9: .......EQ 850 TU 850 EX 850 (3/2017)
Fico 4 .....:. EQ 804 TU 823 EX 830 (3/2017) EX Fico 98: 839 (3/2017)
VS 3.0:...... EQ 832 TU 832 EX 832 (3/2017)
Fico 8 BC:. EQ 887 TU 899 EX 900 (3/2017)
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950 (4/2017)
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Frequent Contributor

Re: Score DROPPED 24pts from hard inquiry


MV2417 wrote:

EQ hates me. I logged into my Fingerhut account this morning that gives you your FICO EQ score and I noticed a 24pt score decrease because of inquiries that I made last week. 24 points?!!!! I thought it'd be more like one or two. Just to verify that nothing else happened with my accounts I brought up my EQ report to possibly dispute something bogus that came through, and I noticed that nothing had changed except for these inquires being added. What gives!!!? Had I known I wouldve taken a hit like this I wouldnt have done it. However, I have two new inquires on my Experian report and that score didnt change at all. EQ is my lowest score, and I think they have it out for me. Seriously!!! Any thoughts?!


Hi MV2417,

 

How many INQs did you have last week?  From reading topic, it seems to indicate only one inquiry, but your post appears to indicate multiple inquiries.

 

Thanks in advance.

 

Sorry about that.... For some reason the web page didn't update.  I see that you already answered the question that I originally had above and that's the reason for the strikethru.  Please ignore my post.


Starting Score: EQ 593, TU 600, EX 612
Current Score: EQ 838, TU 850, EX 847
Goal Score: EQ 750, TU 750, EX 780


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