If I were to apply for a credit card, how many points would I lose off my credit report for the new inquiry? Do all the three CRAs deduct the same number of points or different? Thanks.
Whether or not you lose points for an inquiry depends on a lot of different things...there's no one answer anyone can give you. But, I've seen people lose on average about 5 points or so. Depends on the number of inquiries you've had recently and a lot of other factors. I think I read somewhere it takes like 5 inquiries in a 6 month period to really take a score hit. Each CRA is different. From my own personal experience, it seems like Equifax hates seeing inquries on your report the most.
It would depend on your current score. The last time I applied (3/02) I lost 3-4 points for the inquiry, but once the account was reported and was shown in good standing, I gained those points back & then some.
Like everybody else says: It depends. I lost 14 points on equifax, when wachovia made an unauthorized inquiry (has recently been settled and deleted ;-) )
Two related questions: 1) Is the hit the same for a mortgage inquiry? (I do a lot of those, but no credit card inquiries.) 2) Do these inquiries truly drop off of my report & score after 90 days, never to be seen or heard of again? Thanks!
Re: Re: How many points per query? DROP OFF AFTER 90 DAYS??? NO---->2 YEARS. "THEY" say they don't hurt after 6 months...
Re: Re: Re: How many points per query? Hmm, I know when you read the score analysis on EXP it says 6 months Then, when you use their FICO simulator, it uses the two year figure. Who knows?
Re: Re: Re: How many points per query? Perhaps I've been confused by the service that Wells Fargo uses to pull all three scores into one report. This report shows the inquiries from the last 90 days, but apparently this doesn't mean that the hit really drops off after the 90 days. Hmmmmm. . . . . CRA Bastards! One reason, I guess, why my scores went from high 700s to mid 600s in a year. Heavy mortgage purchase and refi activity in some investment properties. It's rebounding though. A few are back over 700. I guess if I'd quit making new apps and just hang tight for a year my scores would be through the roof. Keep playing the game. . . . Thanks!
Re: Re: Re: How many points per query? I just got done doing some drastic rearranging of my credit, and as a result I have my share of inquiries, but now I have everything where I want it, its just a matter of kicking back and keeping an eye on things
