Big hit to FICO

[akindofmagic]

I financed a used car (a 2013 Honda CRV) back in March.  I check my FICO prior and it was 699.  Not great but, ok.  I just checked and see that Honda did 4 inquiries on the same day with finance companies!!!  Do these not count as 1?  I do have high cc debt which I'm paying off this week with a loan from my 401(k) (I know, I know - never borrow on your retirement, but I have to sleep nights).

[Appleman]

It will show as 4 inquiries but will be scored as one. You should see a nice jump in scores paying down your cards.

Is it a loan AGAINST your 401K or actually taking money from the 401K which will result in penalties?

Good luck!

[Anonymous]

CC balances will cause a bigger hit than the inquiries. Well, they should anyway. The inquiries will only score as one if they are all coded appropriately. It's not unusual for them not to be unfortunately.

[surferchris]

---

@Anonymous wrote:
CC balances will cause a bigger hit than the inquiries. Well, they should anyway. The inquiries will only score as one if they are all coded appropriately. It's not unusual for them not to be unfortunately.

---

Agreed.

[akindofmagic]

definitely a loan! 

Thanks.