New inquiry and account reporting point loss

Zoostation1 · ‎09-03-2023

Just sharing my DPs since I find it interesting how many points I lose for a new account and the inquiry combined. VX was opened on 7/12 and we all know Cap One pulls all 3. Today's 3B was my first with it reporting so I'm looking mainly at my last report before the application (7/3) and today's. Utilization is higher than before but still only 8% aggregate and individual only changed from 15% to 18%

EQ5 -6, TU4, -1, EX2 -1

EQ8 -10, TU8 -4, EX8 -4

EQ9 -11, TU9 -16, EX9 -11

EQ10 -18, TU10 -20, EX10 -12 (these are my lowest scores overall now at 665 660 664)

EQ10T -12 , TU10T -22, EX10T -19

My takeaways:

Mortage scores as expected moved the least. I also think I have a 683 ceiling with EX2. 13 of the last 16 months since I've been getting the 3B reports it's been 683 All 13 of them were AZEO with aggregate below 9% and individual below 29% (much lower in some cases). The only exceptions being 2/2 reporting on one of the early months, higher individual utilization this June on an AZEO month, and this new account (other 2 account openings did not impact EX2 score)
FICO 8 scores impacted less than FICO 9. 10 and 10T scores impacted the most. Generally as expected.
TU10 and 10T really don't like inquiries , Of the 20pts lost on TU10, I lost 12 when the inquiry hit on the 8/3 report and another 8 when the new acount reported. Of the 22 lost on TU10T, 14 came when the inquiry hit on the 8/3 report. Possibly 10T doesn't like the change in balances too?
Since I am trying to save money for an eventual down payment on a place of my own, but also don't want to micromanage to the degree I was in the past, I'm medium to long term interested in how 10T reacts to not being AZEO and to moderately higher balances reported as long as they are consistent. I'm thinking along the lines of of letting 2/5 report most months and just staying below 29% on individual and 9% on aggregate. I know from some mid cycle stuff where I had 2/5 reporting, FICO8 doesn't get hit too hard from 2/5. Of course when I'm closer I'll micromanage for few months to maximize points, but is 10T going to screw me over pretty bad for consistently having an aggregate of 8 or 9% versus 1 or 2%, or will it only be a few points . That remains to be seen. Of course when I'm closer to buying actually being a reality (sometimes I wonder if ever) I'll micromanage for a few months as needed.

Rebuild Started Nov 2021
June 2022 FICO 8:

June 2022 FICO 9:

June 2022 FICO 10:

June 2022 FICO 10T:

July 2025 FICO 8:

July 2025 FICO 9:

July 2025 FICO 10:

July 2025 FICO 10T:

FireMedic1 · ‎09-03-2023

The hits will be more since your a year and a half in your rebuild. Now since I'm 8 yrs out and built a file. Inq's and new accounts are no point loss or a few pts. In the beginning 10 pts for an inq and new account was the norm.

TWO MORE MONTHS NO BK! (on Eq/Ex)

CH-7-Mission-Accomplished · ‎09-03-2023

@Zoostation1 wrote:
Just sharing my DPs since I find it interesting how many points I lose for a new account and the inquiry combined. VX was opened on 7/12 and we all know Cap One pulls all 3. Today's 3B was my first with it reporting so I'm looking mainly at my last report before the application (7/3) and today's. Utilization is higher than before but still only 8% aggregate and individual only changed from 15% to 18%

EQ5 -6, TU4, -1, EX2 -1
EQ8 -10, TU8 -4, EX8 -4
EQ9 -11, TU9 -16, EX9 -11
EQ10 -18, TU10 -20, EX10 -12 (these are my lowest scores overall now at 665 660 664)
EQ10T -12 , TU10T -22, EX10T -19

My takeaways:
Mortage scores as expected moved the least. I also think I have a 683 ceiling with EX2. 13 of the last 16 months since I've been getting the 3B reports it's been 683 All 13 of them were AZEO with aggregate below 9% and individual below 29% (much lower in some cases). The only exceptions being 2/2 reporting on one of the early months, higher individual utilization this June on an AZEO month, and this new account (other 2 account openings did not impact EX2 score4
FICO 8 scores impacted less than FICO 9. 10 and 10T scores impacted the most. Generally as expected.
TU10 and 10T really don't like inquiries , Of the 20pts lost on TU10, I lost 12 when the inquiry hit on the 8/3 report and another 8 when the new acount reported. Of the 22 lost on TU10T, 14 came when the inquiry hit on the 8/3 report. Possibly 10T doesn't like the change in balances too?
Since I am trying to save money for an eventual down payment on a place of my own, but also don't want to micromanage to the degree I was in the past, I'm medium to long term interested in how 10T reacts to not being AZEO and to moderately higher balances reported as long as they are consistent. I'm thinking along the lines of of letting 2/5 report most months and just staying below 29% on individual and 9% on aggregate. I know from some mid cycle stuff where I had 2/5 reporting, FICO8 doesn't get hit too hard from 2/5. Of course when I'm closer I'll micromanage for few months to maximize points, but is 10T going to screw me over pretty bad for consistently having an aggregate of 8 or 9% versus 1 or 2%, or will it only be a few points . That remains to be seen. Of course when I'm closer to buying actually being a reality (sometimes I wonder if ever) I'll micromanage for a few months as needed.

I did post this data a while ago when I took three new HPs when my FICOs were at perfect 850s. Like you, I got HAMMERED on FICO 10 and FICO 10T. I have 50 plus accounts and a very strong profile now and I still took it in the shorts. Please update in the following months, and I will do the same, to see how long it takes for FICO 10 and FICO 10T to recover. Hopefully they won't take a full year since they were so harsh on new inquiries (and I haven't seen a new 3B yet reflecting the new accounts. Two are now reporting but there is one more to go. I pull 3B on the 15th)

I just posted about some credit card apps I made. I just paid $50 (ouch) to get a new 3B report to see the impact on my scores. It is INSANE how different the three bureaus are and how different FICO 8, 9, 10, 10T & Mortgage Scores. I hope this is informative, especially to you old timers. Only change is the new HP's.

(No Inquires on EQ. Still @ 850)

TU (3 New HPs)
FICO 8: 850-->850 (no change)
FICO 9: 850-->850 (no change)
FICO 10: 850-->834 (-16)
FICO 10T: 850-->841 (-9)
5/4/2: 801-->801 (no change)

EX (3 New HP's)
FICO 8: 846-->839 (-7)
FICO 9: 846-->825 (-21)
FICO 10: 845-->820 (-25)
5/4/2: 825-->796 (-29)

EX has always been my nemesis.
FICO 10 HATES HP's
The tweaking of the algorithm for the same FICO versions is massively different between the three bureaus

Zoostation1 · ‎09-03-2023

@CH-7-Mission-AccomplishedYep yours was apretty recent and I remember that one. I'm expecting FICO 8 not to change much if at all on my next pull. I'll be gaining a few since I'll be losing the inquiries for SavorOne will no longer be scoreable, but probably lose that in letting a second cad report a balance. I'm guessing 10 and 10T won't like that 2nd card reporting but time to wait and see.