topic Re: 41 point drop for inquiry?!! in Rebuilding Your Credit

41 point drop for inquiry?!!

Anonymous — Thu, 15 May 2014 02:11:06 GMT

Nothing changed on my credit report except that I applied for membership with DCU...then my score went from 714 to 673... a 41 point drop for a single (and yes the only) inquiry on my report?!

OP,

You have cross-posted this issue on three separate threads. This thread has been merged with your Auto Loan thread. Please refrain from posting duplicative posts across multiple boards.

~Lexie, myFICO Moderator

Re: 41 point drop for inquiry?!!

gdale6 — Wed, 14 May 2014 22:28:22 GMT

@Anonymous wrote:
Nothing changed on my credit report except that I applied for membership with DCU...then my score went from 714 to 673... a 41 point drop for a single (and yes the only) inquiry on my report?!

Something has changed and it isnt just an inquiry, if you were in the 800 club an inquiry can really sting but not the low 700s, look for comments being removed from a neg TL or a change in payment history of a neg. I am assuming we are talking FICO here??

I am SO ANGRY I dont know what to do

Anonymous — Wed, 14 May 2014 22:30:15 GMT

I applied for DCU membership to apply for the auto loan after, and it looks like the inquiry dropped my score by 41 points!! Nothing else on my report changed. It now went from 714 to 673 and is under 700....I have been working so so so hard every day to bring it above 700 so I could get a good interest rate....now i am afraid to apply for the auto loan because it might drop it even more?! And now the auto loan people will see the stupid 673 and not the 714 I worked for.... I am so mad and so frustrated and im shaking and I dont know what to do this was so important to me

Re: I am SO ANGRY I dont know what to do

Anonymous — Wed, 14 May 2014 22:56:26 GMT

I thought 673 was still a good score. maybe I'm wrong. Are you sure your credit card utilization didn't go way up?

Re: I am SO ANGRY I dont know what to do

Anonymous — Wed, 14 May 2014 23:02:01 GMT

I havent even opened an account or used an account or done anything....all I did was apply to the membership for the DCU (checking and savings i was told I need to open ebfore i can get an auto loan through them) I havent even been approved for the checking and savings yet and it dropped. The only thing diff is their inquiry, it happened about an hour after.

Re: 41 point drop for inquiry?!!

Anonymous — Wed, 14 May 2014 23:02:46 GMT

Yeah FICO, nothing else has changed

Re: 41 point drop for inquiry?!!

Shogun — Wed, 14 May 2014 23:15:14 GMT

@Anonymous wrote:
Yeah FICO, nothing else has changed

Did the new account hit and lower your AAoA? Cause that's a lot of points for an Inq.

Re: 41 point drop for inquiry?!!

Anonymous — Wed, 14 May 2014 23:21:25 GMT

No new accounts are even listed, my membership hasnt been processed yet. The credit pull is showing however, and my score dropped about an hour after I applied.

Re: 41 point drop for inquiry?!!

Anonymous — Wed, 14 May 2014 23:46:08 GMT

I have a concern you mention to look at the comments on the accounts. Do the comments on the accounts have an affect on the score?

Re: 41 point drop for inquiry?!!

Shogun — Thu, 15 May 2014 00:20:28 GMT

Did you have anything in dispute that was resolved?

Re: I am SO ANGRY I dont know what to do

EW800 — Thu, 15 May 2014 00:34:08 GMT

I've never heard of a 41 point drop for an inquiry -- or even a quarter of that. Are you certain that something else did not come into play??

Re: I am SO ANGRY I dont know what to do

Anonymous — Thu, 15 May 2014 00:57:32 GMT

How many inquiries do you have total? Could it have pushed you over the limit?

Re: I am SO ANGRY I dont know what to do

Anonymous — Thu, 15 May 2014 02:04:02 GMT

Where are you getting your CS from? Highly doubtful that 1 inq will cause a 41 point drop.

Re: 41 point drop for inquiry?!!

gdale6 — Thu, 15 May 2014 02:10:43 GMT

@Anonymous wrote:
I have a concern you mention to look at the comments on the accounts. Do the comments on the accounts have an affect on the score?

Comments in a section can temporarily remove certain aspects of a TL from FICO scoring so yes they can affect your score.

Re: 41 point drop for inquiry?!!

Anonymous — Thu, 15 May 2014 02:48:06 GMT

I dont have any other inquiries... I did file a dispute about a week ago, but wouldnt that have affected things sooner?

Re: 41 point drop for inquiry?!!

Shogun — Thu, 15 May 2014 03:02:29 GMT

@Anonymous wrote:
I dont have any other inquiries... I did file a dispute about a week ago, but wouldnt that have affected things sooner?

Hmmmm... might be we are now getting to it. I'm betting the dispute was an OC account. You've lost some of the aspects of that tradeline while the dispute is under investigation. The timing is about right.

Re: 41 point drop for inquiry?!!

Anonymous — Thu, 15 May 2014 15:00:56 GMT

If thats it what should I do, should I call and tell themt o cancel the dispute? I wanted to be over 700 when applying for loans.