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Is it normal to lose 80 points with 2 credit inquiries?

New Member

Is it normal to lose 80 points with 2 credit inquiries?

Last 10 days, I went to 2 different financial institutions for martgage, they both checked my credit once.

My Credit Karma scores went down by 83 and 89 points!

 

Is this normal?

8 REPLIES
Established Contributor

Re: Is it normal to lose 80 points with 2 credit inquiries?

Nothing about CreditKarma scores is 'normal'.

 

You'll need to obtain FICO scores to get a 'normalized' (industry standard) sense of your creditworthiness.

 

$1 at Credit Check Total.

2019 Goal: 800+ across the board (my sole 30-day late drops in Q1 2019)
2018 Goals: garden, 750+ across the board, garden, put away 3 months' savings, garden



Experian is the canary in my coal mine.

EQ7637 INQ (4 CC, 2 mort, 1 auto)
EX7388 INQ (4 CC, 2 HELoan, 2 mort)
TU8056 INQ (4 CC, 2 mort)
6/24 < 5% AAoA TBD | AoYA 0m | AoOA 19y 2m
Take the myFICO Fitness Challenge [ Last INQ 11-May-2018 ]
Gardening 'til Q1 2019
Message 2 of 9
New Member

Re: Is it normal to lose 80 points with 2 credit inquiries?

I got really similar results in Capital One's creditwise as well!

Message 3 of 9
New Member

Re: Is it normal to lose 80 points with 2 credit inquiries?

I also have Discover scorecard account, they use Fico score.

 

I just checked with them, it gave me same score as last month.

 

But I am not sure how correct it is. It says I don't have any credit inquiry in last 1 year, because just in last couple weeks I had 2 of them.

Message 4 of 9
Established Contributor

Re: Is it normal to lose 80 points with 2 credit inquiries?

I don't know this, but I'd wager that the Disco site updates only once a month.

 

CCT will provide all 3 current FICO scores for $1.  Just make sure to cancel within a week.

2019 Goal: 800+ across the board (my sole 30-day late drops in Q1 2019)
2018 Goals: garden, 750+ across the board, garden, put away 3 months' savings, garden



Experian is the canary in my coal mine.

EQ7637 INQ (4 CC, 2 mort, 1 auto)
EX7388 INQ (4 CC, 2 HELoan, 2 mort)
TU8056 INQ (4 CC, 2 mort)
6/24 < 5% AAoA TBD | AoYA 0m | AoOA 19y 2m
Take the myFICO Fitness Challenge [ Last INQ 11-May-2018 ]
Gardening 'til Q1 2019
Message 5 of 9
Super Contributor

Re: Is it normal to lose 80 points with 2 credit inquiries?

It's not possible to lose 80 FICO points from 2 inquiries. 

 

CK and Capital One Credit Wise both use VS 3.0 scores which are completely useless.  Don't ever look at those scores and think they mean anything. 

 

Your Discover card gives you a genuine TU FICO 8 score.  That score is only updated once per month.  One the screen where you see the score, you'll also see the date that the score was generated.  If you check back in less than a month, you'll see that the date hasn't changed.  This doesn't mean your score hasn't changed, it simply means that Discover hasn't yet done an update, so you're seeing your score at the time of the date provided.  You can check back on the same date the following month, +/- a day and you'll see the score (and date) has updated.  You can go to creditscorecard.com to grab your EX FICO 8 score for free.  Like explained above, that site will update once per month as well.  A $1 trial at CCT as mentioned previously is a great option as well, as it gives you your 3 FICO 8 scores at the current moment in time... so no having to wait for any scores to update.

Message 6 of 9
Super Contributor

Re: Is it normal to lose 80 points with 2 credit inquiries?


@wrote:

I got really similar results in Capital One's creditwise as well!


That's the Vantage score, same as Credit Karma.


FICO8 EQ 769 TU 791 EX 764 Total revolving limits 569900 (484900 reporting)
Message 7 of 9
Highlighted
Regular Contributor

Re: Is it normal to lose 80 points with 2 credit inquiries?

     BrutalBodyShots gave you the best, accurate information about your situation; however, Tiger61 (the OP) was talking about mortgages. It is highly likely (I would bet on it) that the mortgage lender checked your FICO mortgage scores (FICO 2, 4, & 5) which are different from your FICO 8 or 9 scores. Mortgage scores use a completely different (or I should say, “significantly different”) scoring algorithm – that’s why Fair Isaac Corp. sell them to lenders. I assume you are stating that your CK scores were 83 and 89 points lower than your FICO mortgage scores. That, in and of itself, does not shock me. There are tons of threads about the CK (and other FAKO) scores, but fundamentally, you can still expect a difference (maybe significant) between your FICO 8 and FICO mortgage scores from the same CRA. Forget about trying to relate CK and FICO mortgage scores – that’ll take a Ph.D. dissertation.

 

Y

Current FICO 8 Scores:
EQ 792 (01/22/18), TU 799 (01/24/18), EX 824 (01/25/18)
EQ 794 (02/28/18), TU 801 (02/28/19), EX 820 (02/28/19)
EQ 794 (03/29/18), TU 799 (03/29/18), EX 812 (03/29/18)
EQ 789 (05/06/18), TU 797 (05/06/18), EX 809 (05/06/18)
EQ 797 (05/28/18), TU 806 (05/28/18), EX 814 (05/28/18)
Message 8 of 9
Valued Contributor

Re: Is it normal to lose 80 points with 2 credit inquiries?


@tiger61wrote:

Last 10 days, I went to 2 different financial institutions for martgage, they both checked my credit once.

My Credit Karma scores went down by 83 and 89 points!

 

Is this normal?


I have tracked my VantageScores in detail for over three years. The penality I experienced relating to an inquiry was 4 points. The penalty is in-line with Fico for an inquiry. Vantagescore does not penalize anywhere near that amount for two inquiries - 10 points max. Something else caused the pronounced drop.

 

Check details on all your accounts.

Fico 8: .......EQ 850 TU 850 EX 850
Fico 9: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
VS 3.0:...... EQ 835 TU 835 EX 835
Fico 8 BC:. EQ 892 TU 900 EX 900
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 9 of 9