FICO info

Discussion in 'Credit Talk' started by Chet, Apr 30, 2001.

  1. Chet

    Chet Well-Known Member

    Just thought I would share this!

    Got my fico 6 weeks ago when Equifax first offered it.

    Just pulled my SCOREPOWER again and my score had dropped from about 670 to 664.

    I dropped only 6 points - in that 6 weeks I had 3 hard inquiries, and Equifax had added 1 more positive tradeline "r1 pays as agreed" (DMB that finally showed up).

    So I believe that the theory that each inquiry gives you a 10 point ding on FICO may be overstated!!

  2. Momof3

    Momof3 Well-Known Member

    I agree Chet, I got my score 677, then I had 2 inquires and one new account added, my score dropped 2 points 675 today

  3. DaveLV

    DaveLV Well-Known Member

    I have my own (probably misguided) theory about the FICO formula. It's probably very easy to manipulate when there are very few variables (like in lizardkings case where he has virtualy blank reports) but once you get many items on your report, changes could have a ripple effect with one variable effecting the weight of many others. If it were as simple as "A directly effects B which always leads to C" I doubt Fair Issac would be making so much money on the formula.
  4. VJ

    VJ Well-Known Member

    In the last few days, I remember reading somewhere that new inquiries for fico seem to top out at 5% of your score.Didn't pay much attention to it at first but...

  5. Jim

    Jim Well-Known Member

    Thanks Chet. I hope that the inquiries really don't affect scores too much.

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