Too many inquiries

Anonymous · ‎03-02-2010

My FICO score just dropped due to too many inquires. My wife and I both have car leases that just expired and we both had to get new leases (2 inquiries). We are refinancing our primary residence and one of our rental properties to take advantage of lower rates (2 more inquiries). We just purchased vacation property (another) and purchased new furniture for our house (another). All of these financial transactions required inquires for our credit. How can we live normal lives without damaging our credit score???

Anonymous · ‎03-02-2010

Paeonian wrote:
My FICO score just dropped due to too many inquires. My wife and I both have car leases that just expired and we both had to get new leases (2 inquiries). We are refinancing our primary residence and one of our rental properties to take advantage of lower rates (2 more inquiries). We just purchased vacation property (another) and purchased new furniture for our house (another). All of these financial transactions required inquires for our credit. How can we live normal lives without damaging our credit score???

Hi Paeonian! Welcome aboard!

The damage to your credit scores for INQs really is minimal when there's any damage at all. What really hurts you is the new accounts that lower your AAoA, and possibly new balances that affect your debt/credit ratio. Your FICO score is designed to weigh risk. If you've got new/increased debt today, then you might be viewed as little more risky than you were yesterday. As those accounts age, and the balances decrease, your score will rise.

The only way to avoid this score ebb and flow is to pay with cash.

LIGHTNIN · ‎03-03-2010

inquires report for 2 years, but only counted the first year.

So maybe try to space out your inquries, so they don't all hurt at the same time.

FICO's May 2015 EQ764 ~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?

Anonymous · ‎03-03-2010

@Anonymous wrote:
My FICO score just dropped due to too many inquires. My wife and I both have car leases that just expired and we both had to get new leases (2 inquiries). We are refinancing our primary residence and one of our rental properties to take advantage of lower rates (2 more inquiries). We just purchased vacation property (another) and purchased new furniture for our house (another). All of these financial transactions required inquires for our credit. How can we live normal lives without damaging our credit score???

I just have to smile! TWO new car leases, refi'ing a primary residence AND a rental property, PLUS purchasing (another) vacation property AND purchasing new furniture does not equate to NORMAL!!!!! But it does sound like a lot of fun - congrats on your many fruitful activities!!!