When does score drop after an inquiry?

[diane11]

How long after a hard inquiry will my score drop? I am auto loan shopping and my scores are just borderline on getting the best rates (around 700). I'm planning to apply to DCU today (Wednesday) and then have the dealer try to beat the DCU rate on Saturday. I'm wondering if the DCU inquiry on Weds will have dropped my score by Saturday. I know it's only a few points, but those few points could bump me into a lower category. Thank you!

[Anonymous]

Any scoring penalty from an inquiry is immediate. 

[Anonymous]

The inquiry lands on your report almost immdiately, so a few days later if report/scores are generated again they'll be factoring in that inquiry.

As an aside, though, if the inquiry is coded correctly (as auto) your score should only drop once, meaning your score wouldn't continue to drop this weekend when you attempt further financing and receive additional inquiries... assuming of course that those are coded as "auto" as well.  That doesn't of course help the fact that you'll likely still feel the impact of the first auto inquiry, though.

[Revelate]

If coded correctly, mortgage, auto, and student loan inquiries all have a 30 day grace period.

Credit Card and I believe Credit Union inquiries (though may be some weirdness there) count immediately.

[Anonymous]

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@Revelate wrote:

If coded correctly, mortgage, auto, and student loan inquiries all have a 30 day grace period.

Credit Card and I believe Credit Union inquiries (though may be some weirdness there) count immediately.

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Yes, I can attest when I purchased my Equinox that CU inquiries stood apart from the listed Auto inquiries.  

And it was verified yesterday with a motorcyle loan they submitted to x1 CU not listed as an auto and USAA listed their inquiry as a CU/BankCard. Out of 4 HPs on the motorcyle loan I ended up with x2 auto inquiries and x2 separate CU inquiries loweing my score 3 times (3pts on TU and 8 pts on Equifax) 

[Thomas_Thumb]

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@Revelate wrote:

If coded correctly, mortgage, auto, and student loan inquiries all have a 30 day grace period.

Credit Card and I believe Credit Union inquiries (though may be some weirdness there) count immediately.

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My unauthorized HP inquiry fron Penfed did not impact score until after 30 days. 

[SouthJamaica]

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@diane11 wrote:
How long after a hard inquiry will my score drop? I am auto loan shopping and my scores are just borderline on getting the best rates (around 700). I'm planning to apply to DCU today (Wednesday) and then have the dealer try to beat the DCU rate on Saturday. I'm wondering if the DCU inquiry on Weds will have dropped my score by Saturday. I know it's only a few points, but those few points could bump me into a lower category. Thank you!

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Asking when a score drops is an impossible question to answer. It drops the second the score is generated with the new data. It's generated when someone pulls the report and generates a score.

As to when an inquiry is reported, in my opinion it's immediately.

[Anonymous]

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@Thomas_Thumb wrote:

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@Revelate wrote:

If coded correctly, mortgage, auto, and student loan inquiries all have a 30 day grace period.

Credit Card and I believe Credit Union inquiries (though may be some weirdness there) count immediately.

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My unauthorized HP inquiry fron Penfed did not impact score until after 30 days. 

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Hi TT, Revelate.  Can you remind me what the de-dupe window is for FICO 04?  (I.e. the TU and EQ mortgage models) 

I know that for FICO 98 (EX mortgage score) the de-dupe window is 14 days, so I advise people to be conservative in their rate shopping windows if they think they might buy a house in the next 11 months.

[Thomas_Thumb]

Below is an older thread on the topic of inquiry buffers, etc... that may be of interest.

https://ficoforums.myfico.com/t5/Understanding-FICO-Scoring/Buffering-and-Deduplication-of-Credit-Ca...

Also, see below from TransUnion. The dedupe for Fico 04 is 45 days.

https://www.transunion.com/docs/financialServices/TransUnion_Models-Jan2011.pdf