Happy to report that a 3rd EX inquiry within 12 months to open a new card (1/6, 3/12, 3/24) only cost me 1pt on my EX8 score. Maybe my expectations were off base but I was expecting to lose 5-10 pts for it.
@Zoostation1 wrote:Happy to report that a 3rd EX inquiry within 12 months to open a new card (1/6, 3/12, 3/24) only cost me 1pt on my EX8 score. Maybe my expectations were off base but I was expecting to lose 5-10 pts for it.
My experience with inquiries has been that they appear to be grouped into different levels of how many is too many. I usually have had a lot of inquiries, and adding an inquiry or two or three usually doesn't move the needle even a point.
@SouthJamaica wrote:
@Zoostation1 wrote:Happy to report that a 3rd EX inquiry within 12 months to open a new card (1/6, 3/12, 3/24) only cost me 1pt on my EX8 score. Maybe my expectations were off base but I was expecting to lose 5-10 pts for it.
My experience with inquiries has been that they appear to be grouped into different levels of how many is too many. I usually have had a lot of inquiries, and adding an inquiry or two or three usually doesn't move the needle even a point.
My guess is that EQ8 will be hit hardest since that score seems to be my most volatile among FICO8.
@Zoostation1 wrote:Happy to report that a 3rd EX inquiry within 12 months to open a new card (1/6, 3/12, 3/24) only cost me 1pt on my EX8 score. Maybe my expectations were off base but I was expecting to lose 5-10 pts for it.
It likely was a 5 point drop you just had other mitigating factors. I have seen everything from 0 to 10 points per pull just a matter of what else updated on your metrics I believe Experian lists inquiries to be 3% of your score on a very thick profile that is largely meaning less compared to numerous entries in much bigger scoring metrics
@Beefy1212 wrote:
@Zoostation1 wrote:Happy to report that a 3rd EX inquiry within 12 months to open a new card (1/6, 3/12, 3/24) only cost me 1pt on my EX8 score. Maybe my expectations were off base but I was expecting to lose 5-10 pts for it.
It likely was a 5 point drop you just had other mitigating factors. I have seen everything from 0 to 10 points per pull just a matter of what else updated on your metrics I believe Experian lists inquiries to be 3% of your score on a very thick profile that is largely meaning less compared to numerous entries in much bigger scoring metrics
My EQ and TU updated today to show the HP (was Capital One so it hit all 3) and no change to those FICO8 scores. I'm not aware of anything else that would have changed but I do have very low utilization as of the most recent reporting if that mitigates anything.