topic Re: Crossing the 4 inquiry mark? in Understanding FICO® Scoring

Crossing the 4 inquiry mark?

Swatch — Sun, 13 Jun 2021 23:47:53 GMT

Is there an extra score penalty for getting a 4th inquiry in the last 6 mo? I am curious for both Experian and Transunion. I know it depends a lot, but what would be an approximate point drop for the 4th? I know it probably depends a lot on which scoring model is used.

Re: Crossing the 4 inquiry mark?

SouthJamaica — Mon, 14 Jun 2021 00:54:38 GMT

@Swatch wrote:
Is there an extra score penalty for getting a 4th inquiry in the last 6 mo? I am curious for both Experian and Transunion. I know it depends a lot, but what would be an approximate point drop for the 4th? I know it probably depends a lot on which scoring model is used.

I am not aware of any magic numbers here. There are no doubt different thresholds for different scoring models. If I'm not mistaken, 2 inquiries in 12 months is a threshold.

Re: Crossing the 4 inquiry mark?

House2021 — Tue, 15 Jun 2021 05:09:25 GMT

I lost 9 mortgage points going from 5-6

Re: Crossing the 4 inquiry mark?

SouthJamaica — Tue, 15 Jun 2021 13:41:53 GMT

@House2021 wrote:
I lost 9 mortgage points going from 5-6

Can you be sure it was (a) the cause and (b) the only cause?

Re: Crossing the 4 inquiry mark?

House2021 — Sat, 26 Jun 2021 01:42:06 GMT

SouthJamaica yes I'm sure, I have Experian with mortgage scores and I checked it in the morning and it changed that morning, then midday after an inquiry it dropped 9 points, I was stunned.

Re: Crossing the 4 inquiry mark?

LooksAreDeceiving — Sat, 26 Jun 2021 16:15:19 GMT

@House2021 wrote:
SouthJamaica yes I'm sure, I have Experian with mortgage scores and I checked it in the morning and it changed that morning, then midday after an inquiry it dropped 9 points, I was stunned.

Are you stating that the score changed at those times?

Re: Crossing the 4 inquiry mark?

House2021 — Mon, 28 Jun 2021 06:20:20 GMT

Yes score changed in the morning when a charge off reported paid then I received another update with a point loss that afternoon following my credit being pulled for a mortgage.

Re: Crossing the 4 inquiry mark?

Eyepinpools — Thu, 15 Jul 2021 22:06:04 GMT

I don't know what my drop was for my 4th inq but I lost 7pts on my 5th inquiry on Experian from 757 to 750. Only change was the inquiry so I'm positive that was the cause.

Re: Crossing the 4 inquiry mark?

Eyepinpools — Sat, 24 Jul 2021 08:07:43 GMT

Lost another 7 pts going from 5 to 6 inquiries

Re: Crossing the 4 inquiry mark?

Anonymous — Sun, 25 Jul 2021 12:10:46 GMT

I dont think it is a set rule. It depends on the rest of your CR. I have had a lot of inquries this year as I have 19 new credit cards over the last year and a new car loan. When I started my average score was 776. Today it is 773. And the drop may not even be from inquries. I have a very thick credit file but I never seem to loose points due to inquries.

Thanks

Mark

Re: Crossing the 4 inquiry mark?

AzCreditGuy — Sun, 25 Jul 2021 15:13:48 GMT

@House2021 wrote:
I lost 9 mortgage points going from 5-6

Sounds about right , as my Fico 2 EX went from 817 to 793 with 3 Inqs last month. I had 1 Inq that was a year old and 3 new Inqs...24 pt drop around 8 pts per inq