5 inquiries can drop score almost 200 points

[Anonymous]

http://www.investopedia.com/ask/answers/111714/how-do-balance-transfers-affect-my-credit-score.asp

You guys better watch out. 5 inquiries can drop your score by 175 points. They are basically saying inquiries account for 35 percent of the FICO score. I literally laughed out loud as I read this.

[Gunnar419]

OMG! That is one of the most wildly misleading pieces of credit advice I've seen in a long time, even considering how much terrible advice there is out there. I can't begin to list all the things wrong with it.

And where did they get that potential 35 points per inquiry? I tried to calculate that as some percentage of 850 and some percentage of 850 x .15 (for that 15% cited at the link), but I couldn't get anywhere.

Even by Investopedia's own thin air logic, 35 doesn't make any sense, as 35 x 5 = 175 points, which is more than 15% of a FICO score.

Thanks for the laugh! I sure feel sorry, though, for all the people trying to learn something useful from sources like that one.

[Revelate]

TBH I think I'd be dropping that tripe in Smorgasbord if I were still a moderator

[Pway]

This is such foolishness.  Who ever wrote this article know this is such bull, and they should of not even posted this.  The things people write and believe.

[Callandra]

I wonder if anyone has actually had their score drop by 35 points for one inquiry...

The total lack of knowledge about how credit works is crazy. I was talking with the security guard at my work building (he's about my age) and he said he never uses his CC because it costs more to use it. I told him if he pays it off by the due date, there's no interest (unless he has one of those loan shark cards but he said it was BoA). He didn't believe me..

[Anonymous]

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@Revelate wrote:

TBH I think I'd be dropping that tripe in Smorgasbord if I were still a moderator

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AR button :-)

[Gunnar419]

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@Callandra wrote:

I wonder if anyone has actually had their score drop by 35 points for one inquiry...

The total lack of knowledge about how credit works is crazy. I was talking with the security guard at my work building (he's about my age) and he said he never uses his CC because it costs more to use it. I told him if he pays it off by the due date, there's no interest (unless he has one of those loan shark cards but he said it was BoA). He didn't believe me..

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Sounds as if your security guard is as qualified to give advice as that Investopedia writer! Maybe he'll have a great career ahead of him writing in the world of finance.

[Anonymous]

It's true!  I read about it...in a book.

[Anonymous]

MFW I have 6 new inquiries and my score dropped 2 points

[Anonymous]

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@Anonymous wrote:
http://www.investopedia.com/ask/answers/111714/how-do-balance-transfers-affect-my-credit-score.asp

You guys better watch out. 5 inquiries can drop your score by 175 points. They are basically saying inquiries account for 35 percent of the FICO score. I literally laughed out loud as I read this.

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No !!! 5 inq's will NOT drop your score 200 points. There has to be other reasons why a score would drop that much. Considering what the current portfolio consists of, there has to be other reasons to the drop in conjunction with the Inq's. New accounts.... Accounts age... Utilization....etc.

I have 17 inq's and I dropped about 20 points.