Score dropped 28 points due to ordering cable Internet service!?!
This makes no sense. My cable Internet provider did an inquiry to see if I would need to give them deposit. They decided I didn't need to give a deposit.
A few days later, I get this message from myFico:
There are a few changes to your credit report today:
A new inquiry has been added to your credit report.
Also, your FICO® score has decreased by 28"
COX COMMUNICATIONS Inquiry date: 5/1/2007
What is an inquiry? Score Watch sends you an alert of a new inquiry when there has been an application for a new credit account in your name.
How inquiries impact your score: New inquiries on a credit report may lower the FICO score by a modest amount. Multiple inquiries can lower the score a little more than a single inquiry. But note that multiple inquiries within a two-week period are treated as a single inquiry.
Multiple inquiries may indicate that a consumer is in desperate search of credit. Typically, the more badly a consumer needs credit, the greater the chances that they cannot pay debts. This is why inquiries can cause a modest drop in the FICO score.
You only receive inquiry alerts as the result of applying for new credit accounts. This is the only kind of inquiry that affects the FICO score. Other kinds, such as promotional inquiries made by credit card companies to pre-approve you for an offer, have no effect. Similarly, inquiries resulting from you accessing your own credit report, have no effect.