topic Re: How much Inqs cost for Fico in General Credit Topics

How much Inqs cost for Fico

Red1Blue — Wed, 12 Dec 2007 12:16:31 GMT

I am kind of confused about the inqs. My scores are TU 691 / EQ 651 / EX 662.

I have 3 Inq on TU / 3 Inq on EQ ./ 34 Inq on EX. How much the 34 inq's costing me on EX?

If these inqs were not on my report what would have been my score?

I understand 15% for the inq on fico. Does that mean 15% of 850 allocated to Inq's?

How does these numbers work?

Re: How much Inqs cost for Fico

Anonymous — Wed, 12 Dec 2007 13:26:49 GMT

After a certain # of INQ's they quit deducting points.

10% is INQ's and NEW credit in the last 12 months.

The number of points for INQ's 2-XX is a number none of us know. My last EQ inq cost me 3 points-

Re: How much Inqs cost for Fico

Anonymous — Wed, 12 Dec 2007 13:28:30 GMT

http://www.myfico.com/CreditEducation/WhatsInYourScore.aspx

New Credit

* Number of recently opened accounts, and proportion of accounts that are recently opened, by type of account
* Number of recent credit inquiries
* Time since recent account opening(s), by type of account
* Time since credit inquiry(s)
* Re-establishment of positive credit history following past payment problems

Re: How much Inqs cost for Fico

Anonymous — Wed, 12 Dec 2007 13:33:54 GMT

Seems that there are tiers on this answer too. At one point I got hit with nothing for inq, after a certain point I got hit with 6 or more points, then nothing again.

Re: How much Inqs cost for Fico

Anonymous — Wed, 12 Dec 2007 13:37:44 GMT

I have been curious with this too however it seems some can app soo many things and not be penalized and then others can app 1 or 2 things and take a big hit--I guess it depends on it you are stable in your credit and if you are rebuilding--most than likely a person rebuilding will have more inquires--I have alot of inquires but alot of them are related to an auto purchase and/or mortgage

Re: How much Inqs cost for Fico

llecs — Wed, 12 Dec 2007 15:21:09 GMT

Picture a graph. The line starts at 0 and snakes through like a camel's hump to the 0 line or X axis on the flip-side. This represents the impact of inquiries on scores. At some point there is a peak with a max impact andsoftens after that. As Timothy says, there is no impact after a while. If I had to guess, a negative impact really kicks in at 7-9 inquiries.

Re: How much Inqs cost for Fico

MidnightVoice — Wed, 12 Dec 2007 15:24:50 GMT

AWLEGZ wrote:
I have been curious with this too however it seems some can app soo many things and not be penalized and then others can app 1 or 2 things and take a big hit--I guess it depends on it you are stable in your credit and if you are rebuilding--most than likely a person rebuilding will have more inquires--I have alot of inquires but alot of them are related to an auto purchase and/or mortgage

I think it also depends on your score at the start, and the number of new cards over the last 12 months

Re: How much Inqs cost for Fico

stpn2me — Wed, 12 Dec 2007 16:26:46 GMT

I just recently app'd a couple of times...both have shown up and my score only dropped about 5 points for EX, but actually went UP on TU....crazy...

Stpn2me.

Re: How much Inqs cost for Fico

Anonymous — Wed, 12 Dec 2007 16:31:52 GMT

yeah this is the kinda action I am seeing one way fall b/c of inquiry and others may increase and then the following month if account has posted then scores recover

Re: How much Inqs cost for Fico

cfletch123 — Sun, 28 Sep 2008 01:43:34 GMT

I am also trying to join the 700+ club with all three CRA's. Good luck to you!