My first post, long time lurker. Yesterday when trying to get some inquiries eliminated (I bought my wife a car, and the dealership used multiple finance companies who all pulled reports and were being counted seperatly). Anyways, she (CS rep at Equifax) said that if you have no hard inq's within the last six months, you get a full 75 points, if you have one or two, it goes down to 40, and any more it goes down to 0. I had never understood the "rules" before, and thought I would share. I do question if my report moved that much when I applied for something, I can't remember!
7 POINTS IS WHAT I LOSE...doesn't matter if I have zero inquires or ten...THEY ARE 7 EACH... YMMV 75 IS A CLULESS PERSON TALKING!!!
either it is all hogwash or my theory is correct: the scoring system is based on each indivdual's report. I think I can add into the mix that if you have negative TL's, it may cost more points per inquiry then it does someone with no negative TL's.
OK, do you think it is true that the MOST you can get in your score based on hard pulls or lack of is 75 points? I wonder what other categories get/give (Judgments, past dues/collection/length of credit history). I think it would help a lot of people if we could figure it out.
I just bought a new car and the dealer did the same thing to me - hard inquiries all over the place. NO effect on my FICO, as you can see in my signature line. GEORGE is right, FICO = Random Number Generator, and it does not react the same for any two people. A Single Hard inquiry can cost some people ten points, while six of them in 2 days cost me nothing.
I say it depends on the report... I didn't have any inq'd and got 7 points added to my score for adding one. Didn't lose any point for an inquiry until I got past 4 then I lost 4 points. Called EQ and had three deleted and got my 4 points back. So FICO is truly random but it did hold true to the rule that it likes to see one (and only one) recent inq on file and rewards you for it.
The originators of the FICO score were statisticians and had quantitative backgrounds. I'm pretty sure the methodology to calculate a FICO score is probably straight forward but references some matrix of data that changes over time. The credit companies make big bucks deriving consumer credit scores so I'm sure we'll never see exactly how scores are calculated unless Congress mandates it.
Re: Re: hard inq's worth 75 points WHEN 4+4=7 or 3 or -6...WHY WOULD YOU EVER WANT TO KNOW HOW IT WORKS???
Re: Re: Re: hard inq's worth 75 points George I am sure those that want to know want to be able to kick the system's ass some time...and try to beat it just like a simple deletion! I know I would
Re: Re: Re: hard inq's worth 75 points I just had a bunch in the past week, all on transunion like 8. So is it a year to wait or 6 months.
Re: Re: Re: hard inq's worth 75 points You know This is just my thoughts but one or two inq's should not drop your fecal score, thats just ridicules. they set up this evil score system and credit and pentalize you for trying to use it, if it results in an opening of an account then yes it my count against. you.pull my credit offer me a situation i don't want to get into but saying i would likt to put it ON credit an then paying cash for it you take a hit... it's a mad mad mad world just my thoughts
Re: Re: Re: Re: hard inq's worth 75 points OK, do you think it is true that the MOST you can get in your score based on hard pulls or lack of is 75 points? I wonder what other categories get/give (Judgments, past dues/collection/length of credit history). I think it would help a lot of people if we could figure it out. benjakes ============== That's the problem Fico wasn't created to figure it out.
Re: Re: Re: Re: hard inq's worth 75 points My 1st inq from EQ cost me 0 points. The 2nd inquiry my score went down 16 points. The 3rd inquiry score wet down 4 points. All 3 were done in a weeks time. I know that EX wet down between 12-13 points on inquiry#1 Charlie
Re: Re: Re: Re: Re: hard inq's worth 75 points LMAO we just refinanced. the mort co (Platinum Capital Group) pulled 5 (FIVE!) hards on each of the 3 CRA reports. fecal is a good way to describe that. (as in bull-fecal.) >:[
