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Asking for help fellow ficoer's. I was at 788 in Equifax for a while with AAoA at 5.7, oldest account 15 years, UTI less than 1% and no negatives at all. So I applied for Discover IT and approved but the account hasn't shown up yet, but only the INQ which stands at 3. I recently paid off a loan which brought my revolving accounts down to 2 ( was previously getting negative indicators because I had 3). Long story short (too late I know) but now my EQ FICO is 762.I'm deploying for the next 7 months so its not huge but plan on buying a home when I return and want the best rates. Can anyone point me in the right direction as to what happened?
Sorry I forgot to add I was at 788. Cant figure out how I lost 26 points...
Thanks Booner. I know your right but it just seemed like a huge drop. If I took 26 points for the INQ I really concerned about the account. I guess we'll see. I will update
Sorry Boon, one more thing. It was a motorcycle loan I started in Dec 2011 and paid off last month. I kept getting dinged on my (other reports) and FICO so decided to pay it off. 26 points later here I am. I am in no way mad, I am only here (788) due to MYFICO forum members but very curious.
It was hauling, a noted Moderator Emerita, Community Leader and Epic Contributor, who once wrote that "in my experience, the first inq on EQ is "free", meaning no score drop. The second costs 3-5 points. Then the third one is free, and the fourth costs a few more points."
OP, I'm not sure what you mean by "only the INQ which stands at 3", but if your number of inquiries from within the last year is 1 or 3, then that first or that third inquiry may not decrease your score, in which case of course your drop is a mystery.
A single Inq or is it 3?
A revolving loan paid off or was it a motorcycle loan?
NOTHING is clear here.
@Anonymous-own-fico wrote:It was hauling, a noted Moderator Emerita, Community Leader and Epic Contributor, who once wrote that "in my experience, the first inq on EQ is "free", meaning no score drop. The second costs 3-5 points. Then the third one is free, and the fourth costs a few more points."
OP, I'm not sure what you mean by "only the INQ which stands at 3", but if your number of inquiries from within the last year is 1 or 3, then that first or that third inquiry may not decrease your score, in which case of course your drop is a mystery.
I don't know, my second inq hit last month and my score didn't change from 806.
I have seen most examples showing a hit going from 0 to 1. Very little or none going from 1 to 2.