Grrrr. I recently applied for a car loan (got it) and the inquiry - ONLY 1 - dropped me from 685 to 656 with Equifax. That burns me so bad. It drops me from having "slightly below" the average to "below" the average consumer and pretty much wipes me out from applying for any credit cards until my scores come back up, oh this ticks me off. <RANTING>
I very seriously doubt that 1 inquiry equals 27 point drop. I would bet that it is one of these... - You had previous inquiries and this was the straw that broke the camels back or - Your score dropped when an old account fell off, an account was updated or a good account has been deleted!
Re: Re: One inquiry - down 27 points... That is not always true. It could also drop the score until it gets aged a little.
Re: Re: One inquiry - down 27 points... I agree with helpwanted.....1 inquiry should not hit u like that unless u have a REAL thin file. SOmething else must be going on in that file. Take another look.,
Re: Re: One inquiry - down 27 points... Well, unless they can see something I can't see.. NOTHING has changed in any of my accounts. Balances have gone down, no late pays, no new accounts, just this one inquiry. That is IT I promise, I have been over it with a fine tooth comb, believe me. I have 4 inquiries from over the past 2 years - the last one is in 11/2002. This is my fourth. Everything I have had an inquiry on, I have received something for. My loan has not showed up yet, since my first payment isn't due until 4/03. So you think that it will go up after my loan shows up? That would be weird. Okay, I know, I know, but you would think it would go down with new 7000.00 balance.
Re: Re: One inquiry - down 27 points... Happened to me too..but ours was from too many inquiries. Was about to close on a house and they (mortgage broker and financing co.) pulled another report bringing it down 70 points. (this all happened the day before closing) so now still trying to get it back up so I can actually finance the damn thing!!!!! Hope yours goes back up!
Re: Re: One inquiry - down 27 points... WITH RNG ANYTHING IS POSSIBLE!!! Why do I have 670 now when I owe "TONS" of $$$$$ less now then when I got my HIGH of 739???? I STILL HAVE 25+ YEARS "PERFECT" I HAVE NO "HARDS" NO NEW ACCOUNTS (NEWEST ACCOUNT 06/2002) THAT IS A 69 POINT "HIT"
Re: Re: One inquiry - down 27 points... My score went from a 675 to a 578. I looked at everything from amount owed to the date they updated and the only difference was 2 hard inquiries. IT also dropped on the same day as those hard inquirys.
Re: Re: One inquiry - down 27 points... According to the fico model the highest Credit History age they take into consideration is 8+ years. So they dont go by, 13 years or 17 years. etc.
Re: Re: Re: One inquiry - down 27 points... Well, I have over 10 years of credit history, and I still see "credit history is relatively short" popping up as a reason code quite often.
Re: Re: One inquiry - down 27 points... my score dropped about 40 something pts when my auto loan began to report last month.
Re: Re: Re: One inquiry - down 27 points... BTW, that was after I had ALREADY taken a hit for the inq.
