Hello all,
so let's say I do 4 inquiries in 6 months including, opening up new credit car, requesting line increase on existing credit cards, financing a new/used car etc..
so how many roughly does the Credit Score drop of points??
Thanks all
Anonymous
You lose 2 points but if you have other accounts that you use regularly it goes up 5 to 10% per month providing you are paying on time
Monte P
There is no set number of points that any particular activity has on your credit score. If you have a lot of information on your report and no inquiries, a single inquiry may have no effect on your score at all...if you have very little information, and a few negatives, and a lot of inquiries, one more inquiry could subtract several points.
bdancer222
You are mixing apples and oranges.
Multiple inquiries for a car loan within a 3 to 4 week period are counted as one inquiry. A check by an existing creditor is a soft inquiry and doesn't impact your score.
Hard inquiries only ding your score few points ... less than 5. Your score starts to rebound in 6 months and by the 12th month,it no longer impacts your FICO score. Ages off completely in 2 years.
Despite all the commercials and "credit expert" site hoopla, hard inquiries are really not a big deal. Of all the things on your credit report to worry about, inquiries should be at the bottom of th list.