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Score DROPPED 24pts from hard inquiry

New Contributor

Score DROPPED 24pts from hard inquiry

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?!

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Super 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?!


Yes, there is something else at work, that is less than obvious. In cases like this the "nothing else changed" is almost never the case when examined more closely.

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
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New Contributor

Re: Score DROPPED 24pts from hard inquiry

Yes, I figured that there is something else there, I just can't figure it out. Its not something huge like an added collection, maybe my overall balance of my student loans increased or something. I wish that I could tell being that its a larger drop. 

Community Leader
Super Contributor

Re: Score DROPPED 24pts from hard inquiry


MV2417 wrote:

Yes, I figured that there is something else there, I just can't figure it out. Its not something huge like an added collection, maybe my overall balance of my student loans increased or something. I wish that I could tell being that its a larger drop. 


Is your file a bit thin? particularly with current credit accounts? Thin files tend to be much more volatile...

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
New Contributor

Re: Score DROPPED 24pts from hard inquiry

 


NormanFH wrote:

MV2417 wrote:

Yes, I figured that there is something else there, I just can't figure it out. Its not something huge like an added collection, maybe my overall balance of my student loans increased or something. I wish that I could tell being that its a larger drop. 


Is your file a bit thin? particularly with current credit accounts? Thin files tend to be much more volatile...



I basically have 5 new credit accounts that are all reporting in good standing. 

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Super Contributor

Re: Score DROPPED 24pts from hard inquiry


MV2417 wrote:

 


NormanFH wrote:

MV2417 wrote:

Yes, I figured that there is something else there, I just can't figure it out. Its not something huge like an added collection, maybe my overall balance of my student loans increased or something. I wish that I could tell being that its a larger drop. 


Is your file a bit thin? particularly with current credit accounts? Thin files tend to be much more volatile...



I basically have 5 new credit accounts that are all reporting in good standing. 


Yeah, if all your accounts are very new (under 12 months) your scores may bounce around quite a bit, until they age a little.

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
Discover Secured $200
New Contributor

Re: Score DROPPED 24pts from hard inquiry

But I also have some old installment accounts that are in negative standing, some reaching the 7 year mark. All of my new accounts are revolvers. I guess it really just is a waiting game and I should get hung up over score fluctuations.
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Super Contributor

Re: Score DROPPED 24pts from hard inquiry


MV2417 wrote:
But I also have some old installment accounts that are in negative standing, some reaching the 7 year mark. All of my new accounts are revolvers. I guess it really just is a waiting game and I should get hung up over score fluctuations.

Just concentrate on cleaning up your files and adding good history and accounts, as well as keeping UTI in control - the scores will follow.

Most Recent FICO 8 Scores EX592/TU539/EQ574 11/01/2017 Starting scores 553/485/543 08/25//2017
~~~Credit lines~~~~
SDFCU VISA Secured $250
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Community Leader
Valued Contributor

Re: Score DROPPED 24pts from hard inquiry

Don't stress too much about it. Swings are normal during rebuilding. Hubby lost 15 points today but I probably won't see why for a few days if at all
Senior Contributor

Re: Score DROPPED 24pts from hard inquiry

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.