Inquiries - How many is TOO many?

[haulingthescoreup]

fused, you've got great scores--how about doing some app'ing and getting one inq put on each CRA? I would like to see how bad the hit is per bureau. In the spirit of scientific inquiry and all? We could start a betting pool on befores and afters.

I notice that the spam can is back...

[Anonymous]

I have a 714 EX and 10 inqs. When I pull up the report there is no flag by my inqs so therefore the FICO formula doesn't consider 10 too high. I do have 6 new accounts this year and there is a flag by that though.

[haulingthescoreup]

Bamf, can you tell how many points you lose when an inq hits? I see what you mean about not having a flag, so FICO doesn't consider you to be in deep whatever in terms of inqs, but surely you lose some points, don't you? I think EQ took off 3 for the one I had last month, but there was so much stuff reporting and changing that I couldn't be sure.

[Anonymous]

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@haulingthescoreup wrote:
Bamf, can you tell how many points you lose when an inq hits? I see what you mean about not having a flag, so FICO doesn't consider you to be in deep whatever in terms of inqs, but surely you lose some points, don't you? I think EQ took off 3 for the one I had last month, but there was so much stuff reporting and changing that I couldn't be sure.

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I don't think my score has dropped at all since I had 7 inqs. I had 3 more pulls but my score stayed the same.

[fused]

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haulingthescoreup wrote:
fused, you've got great scores--how about doing some app'ing and getting one inq put on each CRA? I would like to see how bad the hit is per bureau. In the spirit of scientific inquiry and all? We could start a betting pool on befores and afters.

I notice that the spam can is back...

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Ha, not a chance! If I app for a new CC, I wouldn't be surprised if my score dropped at least 15-20 points because my average-age of accounts would shorten plus there's a new inq.

 I'm thinking about converting my Amex Gold to a Platinum and it won't cost me a hard inq but it will require me to open a new TL and this will certainly lower my average-age of accounts and scores. I haven't decided if the benefits outweigh the hit to my scores seeing that I plan to buy a house (or vacant land) next spring. Maybe the hit will be short-lived but nobody knows for sure.

[Anonymous]

I apped for a Citi card last month.  No hit for inq and a 12 pt hit for the new account when it showed. From a 793 to a 781

[tdr]

I definitely think that any inquiries have a big impact with higher scores. 

In my case, my CRs from all 3 agencies are identical except for an inquiry on EQ from Dec of  2006.  My TU and EX scores are in the low 800s and EQ is 782. Based on the above the inquiry has to be playing a part in the score disparity.  I will know once the inquiry falls off in December.

[fused]

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snookie wrote:

I apped for a Citi card last month.  No hit for inq and a 12 pt hit for the new account when it showed. From a 793 to a 781

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Nice scores! How long is your credit history and do you have a thick or thin file?

[Anonymous]

It is becomming more and more apparent the longer I read on these boards that when you hit above that big 750 that "little things" cause huge point decreases whereas if someone were at 600 it might only cause a 5 point drop.

Just like a late pymt at 750 could cost a hundred points while at 600 who knows.

[fused]

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netpanther wrote:

It is becomming more and more apparent the longer I read on these boards that when you hit above that big 750 that "little things" cause huge point decreases whereas if someone were at 600 it might only cause a 5 point drop.

Just like a late pymt at 750 could cost a hundred points while at 600 who knows.

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Bingo...FICO scorecards, buckets and pools!