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When does score drop after an inquiry?

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diane11
Valued Member

When does score drop after an inquiry?

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!
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: When does score drop after an inquiry?

Any scoring penalty from an inquiry is immediate. 

Message 2 of 9
Anonymous
Not applicable

Re: When does score drop after an inquiry?

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.

Message 3 of 9
Revelate
Moderator Emeritus

Re: When does score drop after an inquiry?

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.




        
Message 4 of 9
Anonymous
Not applicable

Re: When does score drop after an inquiry?


@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.


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) 

Message 5 of 9
Thomas_Thumb
Senior Contributor

Re: When does score drop after an inquiry?


@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.


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

 

Fico 08 inquiry buffer.jpg

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 6 of 9
SouthJamaica
Mega Contributor

Re: When does score drop after an inquiry?


@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!

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.


Total revolving limits 657200 (536700 reporting) FICO 8: EQ 706 TU 714 EX 715

Message 7 of 9
Anonymous
Not applicable

Re: When does score drop after an inquiry?


@Thomas_Thumb wrote:

@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.


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

 

Fico 08 inquiry buffer.jpg


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.

Message 8 of 9
Thomas_Thumb
Senior Contributor

Re: When does score drop after an inquiry?

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

 

TU info.jpg

TU info 3.jpg

 

Fico 9: .......EQ 850 TU 850 EX 850
Fico 8: .......EQ 850 TU 850 EX 850
Fico 4 .....:. EQ 809 TU 823 EX 830 EX Fico 98: 842
Fico 8 BC:. EQ 892 TU 900 EX 900
Fico 8 AU:. EQ 887 TU 897 EX 899
Fico 4 BC:. EQ 826 TU 858, EX Fico 98 BC: 870
Fico 4 AU:. EQ 831 TU 872, EX Fico 98 AU: 861
VS 3.0:...... EQ 835 TU 835 EX 835
CBIS: ........EQ LN Auto 940 EQ LN Home 870 TU Auto 902 TU Home 950
Message 9 of 9
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