I thought this was weird and thought I would share with everyone... My Experian report is completely clean (after some disputes). My score on 6/17 was 634. I am trying to refinance my car so there have been 2 inquiries listed on my report. My score DROPPED 18 points. For no other reason than the inquiries. When the CRA's say that inquiries don't hurt your score all that much, they are LYING! Has anyone else had this happen? Thanks! Flagirl
18 points? Nope... Usually about 2 points per review for me. I don't worry about CE score anyway. You're the only one who ever sees it. It's not the FICO scores used by lenders. Only EQF/myfico is the real thing.
Flagirl, Each inquiry on Equifax costs me seven points. It may weigh differently for each individual, but everytime (for me) it's seven points. And creditors say inquiries don't hurt your score. Ha! Dani
Funny you should mention Equifax, on their site when giving reasoning codes it states inquiries do not have much of an effect on your score, but it depends on your overall report as to how they effect it. Stating shorter histories, any negatives etc. then an inquiry may hurt you more than John Doe who has long history and no negatives. the whole scoring system stinks if you ask me.
I read do not have much of an effect somewhere to be 5-10%. Problem is that 5-10% of 700 is 35-70 points! Disclosures do not count against you. If you're going for all of these free reports online, most of those a linked to lending companies and will pull your score down because they look like new applications for credit, not account disclosures or reviews.
The question I have always wondered is what score does one start out with?? Meaning do they start you high and deduct or start you low and add on so to speak????
