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Discussion in 'Credit Talk' started by NanaC, May 22, 2001.
My equifax score dropped 8 points exactly with the only difference being one inquiry.
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I had one inquiry as well and my score dropped 2 points. I don't think we will ever figure this thing out LOL. I know b/c my lender pulled my score 677, then I pulled 2 days later 675, the only change was the added inquiry.
Geez, Mom, this is crazy, isn't it??
I know Nana C, between credit reports/scores etc and this mortgage process I am about to pull my hair out LOL.
I swear once I am in our new house I am going to forget about credit scores forever.
My goal was a house after that I am happy.
Remember, if the FICO equation were linear I doubt Fair Issac would be able to make much money on selling it to others. Any particular variable's weight must be determined by the values of a multitude of other variables.
And Mom, how many did you have prior to the updated report?
You know, that's funny you'd say that..I had 0 inquiries in the last 12 months.
Thats odd Nana...I guess I answered you before you actually posted what I was answering I feel like I am in an Escher!
And now the post that I made that you replied to is gone...the one where I wrote:
Not really, if someone has 0 or 1 inquiry and adds one their score may drop by 8 points...yet someone with 15 inquiries who adds one may only drop 2 points. (Like DaveLV says the variables are all weighted on each other and any information in a particular credit report will affect the weight of changing other variables)
Nave, hmmm, something is going on...
Oh, PBM....wierdness occurring here and it's not me! HAHAHAH
It'll be interesting to hear Mom's response!
I think you are on to something there. I have quite a few inquiries, not sure of total. But that would make sense that one more really won't hurt me as much. I believe Roni also had roughly 2 points taken away from hers for an inquiry and she had many on her report as well.
Doesn't it seem kind of unfair that because I have less, it hurts me more? Go figure these things out..they are crazy!
Not really unfair...just the way you would expect it to actually.
Suppose you had 2034 inquiries...would you expect to subtract 8 points for each inquiry what would be the effect of going to 2035...your score would be off the scale low if you subtracted the same for each without weighting the variables.
But, on the other hand, instead of positively rewarding me for less inquiries, I am penalized more.
Not that I think inquiries should be negative anyway..but...just my thoughts..
Your positive reward is in the total score being higher, having less inquiries (all other factors being equal) ...
In other words your report was the same before and after the request for the loan except for the inquiry, and your score was 8 points higher with 0 inquiries than with 1 inquiry
(hypothetically since she didnt give any numbers)
Mom's score was ONLY 2 points higher with 9 inquiries than with 10 inquiries (making these numbers up)
Sometimes the glass is half full
<breeze counts on her fingers....takes off her shoes and counts on her toes...> duh
OK Breeze I'll try and be clearer:
It's not positive "rewards" for less inquiries, its lower "score" for more inquiries.
Glass half full Glass half empty.
Sorry for the mathematical spew above
Ok, as a math teacher, and a taurus (huh, what does that have to do with anything), I understand your point but just disagree with the idea behind it. Not YOUR idea...the CRA's idea..but then again...I disagree with most everything the CRA does..so ... on the other hand, I appreciate your patience in explaining..I should have been clearer in stating that I understood the "reasoning" and just sharing that I think the "reasoning" is unreasonable. You on the other hand are very reasonable and I can reason with you anytime! Is that enough reason for me to end this paragraph now? And, do you ever watch Harry Reasoner?AHAHAHHA
Breeze, you are too funny..
This was a fun thread!
Re: Cost of Ten Inquiries on Score
I'm at the point where I believe inquiries have a maximum weight somewhere between 5-7% of your total score.
Take my simplified example.
700 fico(will never be able to capitalize that 4 letter word)
700 x 6% = 42 possible negative point weight of fico.
What I am trying to say is that if I have a fico of 700 with
zero inquiries,I could drop it to about 658 (700-42)by having 10 new inquires.
What is bizarre is the weight of the inquiries is not linear.
Again, my example.
First inquiry (8 point hit),second (7 point hit),third (6 point)forth (5 pts), Fifth (4 pts), sixth (3 pts)seventh (2 pts) and after that about 1 point each.
This is the opposite of logical thinking(the more inquiries,the more desperate) which would normally imply the higher inquiry count should be asymmetric and geometric at the back end, NOT the front end.
Re: Cost of Ten Inquiries on Score
I am a blond, NanaC, teehee.
No math, please, my degree is in English. I could diagram the sentences..........
breeze <just being silly>