New Member
goose1
Posts: 10
Registered: ‎09-03-2012
What did I do?

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?

NFCU Visa Signature17.5k, AMEX BCE 13.3k, Discover IT 8K, USAA Visa 4K
New Member
goose1
Posts: 10
Registered: ‎09-03-2012
Re: What did I do?

Sorry I forgot to add I was at 788.  Cant figure out how I lost 26 points...

NFCU Visa Signature17.5k, AMEX BCE 13.3k, Discover IT 8K, USAA Visa 4K
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
Re: What did I do?
The higher your scores the harder inquiries count. That is what happened, pending nothing else changed you didn't mention.

Your revolving account still counts toward AAoA even if closed - but if it's a loan, are you sure it isn't an installment account?

Be prepared to take another hit when the new credit card hits as that will lower your AAoA. But you will recoup fast.

Overall, you are worrying about nothing anyway. You will get the best rates.
STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
New Member
goose1
Posts: 10
Registered: ‎09-03-2012
Re: What did I do?

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

NFCU Visa Signature17.5k, AMEX BCE 13.3k, Discover IT 8K, USAA Visa 4K
New Member
goose1
Posts: 10
Registered: ‎09-03-2012
Re: What did I do?

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.

NFCU Visa Signature17.5k, AMEX BCE 13.3k, Discover IT 8K, USAA Visa 4K
Valued Contributor
my-own-fico
Posts: 1,173
Registered: ‎01-05-2010
Re: What did I do?

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.

TU 04 820 mortgage preapproval middle score
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
Re: What did I do?

A single Inq or is it 3?

 

A revolving loan paid off or was it a motorcycle loan?

 

NOTHING is clear here.

Regular Contributor
bobebob
Posts: 244
Registered: ‎08-14-2011
Re: What did I do?

my-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.

bobebob || June: My FICO SW EQ(Upgraded Version) = 821 ||June: Walmart TU Fico=834Goal = FICO's>800 || In my wallet: CostcoAmEx(20k), DCU Visa Platinum (10k), BoA Visa Signature (17.1k), Walmart Discover (7.5k), AmEx Corporate (5k). All PIF every month.
Valued Contributor
GregB
Posts: 1,670
Registered: ‎05-24-2007
Re: What did I do?

I have seen most examples showing a hit going from 0 to 1. Very little or none going from 1 to 2.

Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
Re: What did I do?
GregB, I agree with you and maybe I should change my answer. Becuase we had TONS of inquiries in 2011 and didn't see any major drops ,only the first ones.

I also agree that there are some unclear things here.

OP _ What do you mean you "Kept getting dinged on your other reports?" You mean non-fico scores, like Credit Karma and Sesame? If so, they calculate that score differently than FICO does. And since most lenders use FICO, then that is the one you want to know about.
STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720