topic INQ --> 7 pt drop in Understanding FICO® Scoring

INQ --> 7 pt drop

expatCanuck — Sun, 31 Dec 2023 23:22:20 GMT

New hard INQ on EX (4 --> 5, 4 of which are < 1 yr old) cost 7 points (821 --> 814).

I added a HELoan in June and a card in March of this year.

I'll be able to find out (for free) the impact on the other scores (848, 832) in a week.

We'll see what happens in April, when scoreable INQs fall back to 3.

Happy New Year, all y'all.

Re: INQ --> 7 pt drop

CorpCrMgr1 — Sat, 13 Apr 2024 12:49:56 GMT

@expatCanuck wondering if your inquiry has fallen off yet? If yes, please share the impact on your score. Thank you.

Re: INQ --> 7 pt drop

mgood — Sat, 13 Apr 2024 16:36:16 GMT

My Experian FICO 8 dropped 7 points yesterday, from 777 to 770, after a HP from Amex.

It hasn't shown up yet on MyFICO, but I saw it on the Experian website.

I was 1/6, 2/12 inquiries on Ex. Now 2/6, 3/12. In May, I'll be 2/6, 2/12 (if I don't apply for anything else).

Re: INQ --> 7 pt drop

SouthJamaica — Sun, 14 Apr 2024 05:42:06 GMT

@expatCanuck wrote:
New hard INQ on EX (4 --> 5, 4 of which are < 1 yr old) cost 7 points (821 --> 814).
I added a HELoan in June and a card in March of this year.
I'll be able to find out (for free) the impact on the other scores (848, 832) in a week.

We'll see what happens in April, when scoreable INQs fall back to 3.

Happy New Year, all y'all.

This suggests that 5 inquiries is a threshold, which is confirmed by my experience of gaining points when my EX inquiries dropped from 6 to 5.

Unfortunately, I think 3 is the bottom rung of that bin, so that your dropping to 3 in April could well be a non-event, and you would have to wait until you drop to 2 to see a point gain.

Re: INQ --> 7 pt drop

Godsdaughter — Sun, 14 Apr 2024 16:06:36 GMT

Just the other day my Credit Karma TU score dropped 3 points as soon as a 3rd inquiry showed up on my report.

Re: INQ --> 7 pt drop

SouthJamaica — Wed, 24 Apr 2024 11:20:15 GMT

Now I'm not so sure about the 3-5 bin. I just gained 7 points in EX FICO 8 from my scorable inquiries dropping from 4 to 3.