For the number crunchers out there

[Imhotrodcrazy]

I thought I would pass along some info to the number crunchers on the forum.   My last inquiry on EQ turned a year old on 6-10 and I received a SW alert today, 6-11, informing me that my score had increased by 2 points to 706.  I hope it helps some of you who wonder about the point  loss or gain on inquiries. 

[veracious]

Imhotrodcrazy, I'd like to know your experience.

I was just approved for a CC with USAA. Received a credit alert from MY FICO that my score dropped

8 points  just for the inquiry. I wonder what score hit I'll see when the card reports to the bureau?

Was your initial score hit only 2 points,and you got them back 1 year later?

Thanks.

[haulingthescoreup]

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@veracious wrote:

Imhotrodcrazy, I'd like to know your experience.

I was just approved for a CC with USAA. Received a credit alert from MY FICO that my score dropped

8 points  just for the inquiry. I wonder what score hit I'll see when the card reports to the bureau?

Was your initial score hit only 2 points,and you got them back 1 year later?

Thanks.

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veracious, did the new account appear when you pulled the report, if you did pull the report? SC alerts can be pretty humorous in their attempts to explain what triggered a score change.

Usually, a score drop like this occurs from the combination of the new inquiry plus the presence of a new account. If the new account dropped your AAoA enough, you might even have gotten dinged for that as well.

If the new account was showing up, I'll betcha that the 8 points was something like 5 points for the new account and 3 for the inq.

The sting of a new account fades over the course of time, especially in the first year, so it's entirely possibly that you would gradually get those 5 points back (and more), and then after a year get 3 points for the inq. Inqs don't fade. They just hit 2-3 points or whatever, hold through the year, and then stop counting entirely.

It's impossible to separate everything out tidily. For instance, as the new account starts generating clean history + getting older, your scores should gradually increase just from its presence. By the end of the year, there's not much of a score hop left, because you've probably already passed where you started from.

[veracious]

Thanks for the reply, HTSU.

Yes,I did pull the Equifax report at MY FICO after the score alert.  The new CC account

was not on the report only the inquiry. My score alert showed up two days after I opened the CC. It was

an instant approval and was shown on my account page at USAA.

I wonder why it is not showing on Equifax.  Maybe I'll check Transunion tomorrow.

I hope I don't lose too many more points because I still need one more CC.

[bassethoundmom]

I just lost 4 points for one mortgage inquiry. 

[Imhotrodcrazy]

veracious, 

HTSU has far more experience than I do, and answered your question much better than I ever could.  As stated, my gain of 2 points was for an inquiry that became a year old.   

[veracious]

                 Imhotrodcrazy,

Thanks for your reply.

veracious

[Anonymous]

I would like to see some points when mine become a year old.

But..

I paid a Charge Off, it went from delinquent to paid and have a 6 point gain alert from myFICO today. The balance showed 649, now shows 0, I guess it does help to pay off a Charge Off, lowering my overall debt. I know its only a 6 point gain specifically for my report. IMO those out there that only need a few points to get approved for whatever you are trying for and cannot get a PFD or disputed, I would suggest that you pay it, yes it will still be on your report, but those few points may make or break a deal for a loan.

Cant spell, today or any other day