Question for the Experts: Inquiry score affects on different versions of FICO

[Horseshoez]

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@SouthJamaica wrote:

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@Horseshoez wrote:

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@SouthJamaica wrote:

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@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.

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IMHO the mortgage scores penalize more than FICO 8's for inquiries and other 'newness' factors.

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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.

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There are many other factors which go into the score. The 'newness' factors are just one area.

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Understood, however, my FICO 8 scores appear to be an anomaly; regardless of which metric, or group of metrics are being considered, my FICO 8 scores are illogical when compared with the rest of my scores.

[4sallypat]

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@Focker69 wrote:
Also curious if the 'window' to how many of the same type of inquiry are treated as 'one' inquiry varies among different score versions as well.

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Are you seeing a lower FICO score on Experian after inquiries ??

I am seeing a much lower score on my Experian score after I had gone thru 6 different mortgage lenders.

While TU and EQ treated those multiple pulls as one (thus much higher scores), EX is reporting a much higher inquiry number.

Do I have to lodge a complaint on how EX is not "lumping" together inquiries from the same type of industry (mortgage) ???

[Focker69]

I don't know if lodging a complaint is the first place you should go. But I do think it's worth getting to a point of understanding if there indeed are differences among the different bureau score versions and the Fico version itself, i.e.Mortgage Fico vs Fico 8

[FireMedic1]

When the scores are significantly different across bureaus, it is likely the underlying data in the credit bureaus is different and thus driving that observed score difference. However, there can be score differences even when the underlying data is identical as each of the bureau's FICO scoring system was designed to optimize the predictive value of their (CRA's) unique data. Just like no one will ever match credit files on here. They have their own tweaks and they dont match.

[Anonymous]

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@4sallypat wrote:

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@Focker69 wrote:
Also curious if the 'window' to how many of the same type of inquiry are treated as 'one' inquiry varies among different score versions as well.

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Are you seeing a lower FICO score on Experian after inquiries ??

I am seeing a much lower score on my Experian score after I had gone thru 6 different mortgage lenders.

While TU and EQ treated those multiple pulls as one (thus much higher scores), EX is reporting a much higher inquiry number.

Do I have to lodge a complaint on how EX is not "lumping" together inquiries from the same type of industry (mortgage) ???

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How far apart are the inquiries? EX2 will only "lump" together inquires that are made within 14 days of the first inquires, EQ and TU will do it for all inquiries that code as the same industry that occur within 45 days of the first inquiry.

Also, if eachof the 6 lenders pulled EX, TU, and EQ you should see 6 new inquires on your reports. However, if all of those code as mortgage inquiries then they should only have the scoring impact of one inquiry.

[4sallypat]

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@Anonymous wrote:

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@4sallypat wrote:

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@Focker69 wrote:
Also curious if the 'window' to how many of the same type of inquiry are treated as 'one' inquiry varies among different score versions as well.

---

Are you seeing a lower FICO score on Experian after inquiries ??

I am seeing a much lower score on my Experian score after I had gone thru 6 different mortgage lenders.

While TU and EQ treated those multiple pulls as one (thus much higher scores), EX is reporting a much higher inquiry number.

Do I have to lodge a complaint on how EX is not "lumping" together inquiries from the same type of industry (mortgage) ???

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How far apart are the inquiries? EX2 will only "lump" together inquires that are made within 14 days of the first inquires, EQ and TU will do it for all inquiries that code as the same industry that occur within 45 days of the first inquiry.

Also, if eachof the 6 lenders pulled EX, TU, and EQ you should see 6 new inquires on your reports. However, if all of those code as mortgage inquiries then they should only have the scoring impact of one inquiry.

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Ah, EX is 2 weeks to lump while TU and EQ is 6 weeks!

That explains why EX shows so many inquiries compared to TU & EQ.

thanks!