Applied for loan couple weeks ago, was told my average 622. Did the same today with at another place, they tell my average 609 which falls into a very different category. Something to worry about?
That drop looks about right for the effect the inquiry from the first loan application would have on your scores. Unless these loan applications are for mortgage (or auto) loans, where all inquiries within a 30 day (or 14 day) period are scored as one inquiry, each inquiry from a new application will lower your score a little. If you do a bunch in a short time, you can get a substantial drop, as the FICO scoring model assumes that it means you are desperate for new credit. http://www.myfico.com/CreditEducation/CreditInquiries.aspx
How long does it take to recover? yes they were for mortgage, Does it makes sense for me to wait and re-apply after it's back up? I mean, the figures fall in different categories, 609 and 622 (earlier one) ?
The effect of inquires should fade over 6 months to a year. If they were both for a mortgage, and they were within 30 days of eachother, they should count as one inquiry, but that would still result in the score after the first inquiry being lower than the score before it. Additional scores after additional mortgage inquiries should not decrease further, as long as all the inquiries are within a 30 day period, and coded as mortgage inquiries. From 622 to 609 is not a major drop, but both scores are low and it sounds like you are just at the boundary of one lender's decision threshold. Those levels may vary from lender to lender. If you wait, you would also want to do whatever else you can to get your scores up.
