topic Re: EQ Score dropped 9 points due to inquiry? in General Credit Topics

EQ Score dropped 9 points due to inquiry?

natasjlp — Tue, 19 May 2009 16:54:11 GMT

I haven't pulled my CR again yet but I was alerted by Score Watch that my my FICO score dropped by 9 points.

The reason says there was an inquiry over the weekend. I did have Belden Jewlers try and reopen an old line of credit for me, but it is possible they just opened a new line instead?

Is there a way to tell without pulling another CR? I don't want to spend the money to find out.

Re: EQ Score dropped 9 points due to inquiry?

natasjlp — Tue, 19 May 2009 17:32:38 GMT

Also, is it possible that my score dropped just because I reactivated my old account and maybe they had to do a hard inquiry to increase my credit limit and reactivate?

Re: EQ Score dropped 9 points due to inquiry?

Anonymous — Tue, 19 May 2009 19:59:54 GMT

I dont know about your score, but I had mine drop thirty points for a hard inquiry, so.........

Re: EQ Score dropped 9 points due to inquiry?

aquatic1 — Tue, 19 May 2009 21:16:55 GMT

I received a scorewatch that stated that I received a 9 pt. score increase due to a inquiry that was done yesterday. That really has me shaking my head!

Re: EQ Score dropped 9 points due to inquiry?

Lel — Tue, 19 May 2009 21:57:00 GMT

The inquiry alone can (not always, though) drop your credit score by that amount. I don't know if reactivating an old account would result in the score drop, since it's technically not a new account.

Sometimes activity on a previously dormant account can result in a drop in score. I don't know whether you used your credit line to purchase something at the same time. However, I don't think that the store's finance department would have already reported your new balance to the CRAs. The inquiry, however, hits right away.

Re: EQ Score dropped 9 points due to inquiry?

natasjlp — Wed, 20 May 2009 00:34:39 GMT

gotcha, so the inquiry can drop it immediately. Not sure if they reactivated or created a new line of credit. Figure I will wait for the card [Belden Jewlers by the way] to see the start date.

I did use it right away to purchase something, but the CLI was from $200 to $7500! [thanks myFICO!] and I only spent a few hundred so no drop on the credit/debt angle.

My only guess is it was because of a hard inquiry or my AAoA dropped due to a new line of credit. I could check my CRs but already used all my free ones for the year...

Re: EQ Score dropped 9 points due to inquiry?

Lel — Wed, 20 May 2009 03:06:38 GMT

I really think it's related to the inquiry. New account and new balances don't usually get reported immediately. Though I suppose if Belden just happens to report every 18th of the month, then I guess your file could be updated already.