CC inquiry value

[user5387]

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@coldnmn wrote:

A friend had a 817 and only lost 6 points for a new TL and inquiry.  So it's very much YMMV.

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My experience with only occasional new TLs and good scores is that the hit is around 10-15 points for both the inquiry and the new tradeline combined.

I think it's worth bearing in mind here that point values are not based on some FICO analyst staring off into space and saying "New inquiries will cost 3.87 points, and that's the end of it".

Rather, I believe the point values are statistically derived from crunching huge amounts of actual data (historical reports), and presumably the point values are different for each bucket / score card.

The same event (such as an inquiry) means different things in different contexts.

[YahComb]

There are certain spots beyond just the first inquiry where having just one more inquiry can make a pretty decent impact on your score.

Happened to me last year. i gained 16 points when an inquiry aged 1 year, bringing me down from 4 to 3 in 12 months. a few weeks later, i apped for a new card, it dropped back 16 points having that 4th inquiry within a year. This was with a score in the 700-720 range.

[-Wade-]

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@coldnmn wrote:

A friend had a 817 and only lost 6 points for a new TL and inquiry.  So it's very much YMMV.

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I am the friend of cold!!!!! On march 1st my score was EQ 817 then on the March 22th all my credit cards reported a 0 bal because Discover did not report in March because of a CLI . With all my CC's at 0 bal my EQ  score dropped to 812 !  this morning my new TL reported and my EQ score dropped to 806 with the new TL! Also my new TL was an TU inq. which was at 817 also but i don't have that score yet because my Discover reports on April 10th . When my Discover updates I can tell you what an inq and new TL will drop your score! I will update as soon as I get my TU score

[-Wade-]

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@user5387 wrote:

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@coldnmn wrote:

A friend had a 817 and only lost 6 points for a new TL and inquiry.  So it's very much YMMV.

---

My experience with only occasional new TLs and good scores is that the hit is around 10-15 points for both the inquiry and the new tradeline combined.

I think it's worth bearing in mind here that point values are not based on some FICO analyst staring off into space and saying "New inquiries will cost 3.87 points, and that's the end of it".

Rather, I believe the point values are statistically derived from crunching huge amounts of actual data (historical reports), and presumably the point values are different for each bucket / score card.

The same event (such as an inquiry) means different things in different contexts.

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[cakebuilder]

my sources have informed me that values are based on some credit analyst using the "= RAND ( )" function in excel.

[-Wade-]

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@user5387 wrote:

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@coldnmn wrote:

A friend had a 817 and only lost 6 points for a new TL and inquiry.  So it's very much YMMV.

---

My experience with only occasional new TLs and good scores is that the hit is around 10-15 points for both the inquiry and the new tradeline combined.

I think it's worth bearing in mind here that point values are not based on some FICO analyst staring off into space and saying "New inquiries will cost 3.87 points, and that's the end of it".

Rather, I believe the point values are statistically derived from crunching huge amounts of actual data (historical reports), and presumably the point values are different for each bucket / score card.

The same event (such as an inquiry) means different things in different contexts.

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That would be pretty close with the 10 - 15 points . If my discover would have reported last month my EQ score would have been 817 and now it's 806 so that's 11 points  drop without the inq. But the way it worked out I lost. 5 points for all cards at 0 bal and then 6 more points for the new TL.

[bed]

I just apped for an auto loan a few days ago.  My Equifax FICO didn't budge after the inquiries hit.  We'll see how it changes once the TL reports.

[DaveSignal]

In addition to everything else mentioned, it also depends on how many inqs are already being scored.  Going from 0 to 1 inq is a larger deduction than from 10 to 11 inqs, which might not be any deduction at all. 

[ways2go]

I think they use a big dart board and whatever it hits.  That is what you get.

[Archangel_Nemesis]

I went on a major app spree two weeks ago. 9 apps. I alreaday had 6 to 8 inquires from the past year. I saw no drop in any of my scores. Once my 20K TL showed up on EX FAKO I took a 11 point drop. I am assuming I'll see similar drops for My 10K DCU and 10K Home Depot. Just waiting for them to report before I check my FICO again.