I know that hard inquiries can hurt your score, but by how many points? I've heard that each inquiry cuts 5 points off your score? Is this a fairly accurate estimate? When you apply for a loan do they look at inquiries in the last year or just in the last 6 months?
I believe inquiries are deducted from your score if they are in the last 12 months, according to the reasoning codes they look at last 12 months. These only make up 10% of your score, not sure how much is deducted per inquiry though I have read all kinds of numbers I don't think anybody can be certain of this except Fair Issac and they ain't talking. Mom
Mike: I truly think for each inquiry it is eight points. Only because before hubby purchased a car his score was 722. The dealership pulled his credit report they told him he had a 714. And then our local bank pulled our credit report and his current FICO is 706. It may vary. But this is the best I can come up with. Dani
