Right from a FICO Blog concerning how injuries are looked at and how multiple inq's for loans are grouped.:
In general, inquiries have a small impact; typically, a single inquiry can lower a FICO® Score by less than five points. The precise impact will vary based on each person’s unique credit history. Inquiries can have a greater impact if consumers have few accounts or a short credit history.Among the five data categories that make up the FICO® Score, inquiry characteristics fall into the “search for new credit” category, which accounts for only 10% of the score. Since inquiries only represent one type of characteristic in this category, they actually account for less than 10% of the score.
https://www.fico.com/blogs/skinny-ficor-scores-and-inquiries
Happen to be a Vantage site which counts up to 8 then its hits harder afterwards and not FICO? Never heard of that. I'll call on @SouthJamaica who is more rehearsed.
Short answer:
It depends.
Yes, the impact of an inquiry on a score can vary depending upon the score type. And one's profile/bucket. And how recently other inquiries may have occurred.
A couple of INQs recently cost me, cumulatively, 7 FICO8 points.
The same two inquiries cost me 15 points on my FICO2 mortgage score (now 783), and about as much on my FICO2 auto score (789).
Bottom line: if you expect to need a home or auto loan in the coming year, avoid inquiries.
@FireMedic1 wrote:Happen to be a Vantage site which counts up to 8 then its hits harder afterwards and not FICO? Never heard of that. I'll call on @SouthJamaica who is more rehearsed.
IMHO the mortgage scores penalize more than FICO 8's for inquiries and other 'newness' factors.
@SouthJamaica wrote:
@FireMedic1 wrote:Happen to be a Vantage site which counts up to 8 then its hits harder afterwards and not FICO? Never heard of that. I'll call on @SouthJamaica who is more rehearsed.
IMHO the mortgage scores penalize more than FICO 8's for inquiries and other 'newness' factors.
Which I find very odd due to the fact my mortgage 5/4/2 scores are, on average, 32 points higher than my FICO 8 scores. As for my "newness" factors, in the last 18 months I've had 16 HPs and have opened 5 new accounts, 4 of which are still open.
@Focker69 wrote:
I appreciate that but was looking for more specific information if possible. I have firsthand seen inquiries impact a score by over 40 points. Just wondered if the formula for them varied among the scores as the technology and release dates were different. i.e The current mortgage fico score was implemented in 2004.
Question is how many where there? 20-30. That would explain the 40 pts with a very thin file.
@Horseshoez wrote:
@SouthJamaica wrote:
@FireMedic1 wrote:Happen to be a Vantage site which counts up to 8 then its hits harder afterwards and not FICO? Never heard of that. I'll call on @SouthJamaica who is more rehearsed.
IMHO the mortgage scores penalize more than FICO 8's for inquiries and other 'newness' factors.
Which I find very odd due to the fact my mortgage 5/4/2 scores are, on average, 32 points higher than my FICO 8 scores. As for my "newness" factors, in the last 18 months I've had 16 HPs and have opened 5 new accounts, 4 of which are still open.
There are many other factors which go into the score. The 'newness' factors are just one area.