I am shopping for mortgage rates and it was my understanding that inquiries within 14 days calculates as one and would not affect credit score much. I applied for a pre-approval 2 weeks ago and it increased the count in my credit score by 2 (lowering the score by 5). I applied again at another place yesterday and it increased the count again to 3. My credit score went down to 39 points at Equifax.
Here is the timeline to make it easier.
1) 5/24/2016 - applied for mortgage (declined) - inquiry count 1 (4 points lowered)
2) 10/31/2016 - applied for mortgage - inquiry count 2 ( points lowered)
3) 11/13/2016 - applied for mortgage - inquiry count 3 (39 points lowered)
As you can see that last 2 inquiries were within the 2 weeks span. Why would it count separately and hurting my credit that bad?
Already checked multiple times and nothing else changed yesterday but the inquiry.
I am assuming it's due to the fact that there is a inquiry bracket [1 - 2] considered good and [3 - 4] considiered fair.
Posted on the other thread but for reference:
Mortgage inquiries have a 30 day grace period anyway, so your inquiry count would be 1 currently as the 10/31 pull hasn't passed that. To DLG's point 37 point loss on a FICO algorithm for an inquiry is unheard of, I'd be looking at another culprit like a dispute that processed or some other change.