How much does your credit score go down on inquires?
I was wondering what would cause the three main credit score to go down by 25 to 40 points? I had 4 Real Estate Lenders attempt to earn my business but when the last lender got around to pulling my credit score my credit scores had dropped 25 to 40 points.... I thought that if the inquires were for the same thing that the scores did not get that affected as it was supposed to count as the same type of inquiry..... I thought congress passed it due to a congreeman be denied credit about 10 years ago... so he wrote the law stating that the credit scores should not be affected when the same type of inquiry is done... if that is not true then how does the multiple inquires really affect it.. As I personally believe that it is all a pile of @#$%.... and that the credit bureau people are all $%^& but that is besides the point. Parrothead
Public Comments
- Your credit score goes down between 5-10 points per inquiry so if you had 4 inquirys it could have easily gone down 40 points.
- Generally 8 points for inquiries made by smaller companies and 6 points for large banks/institutions. And these point are deducted only if the inquiring company pulls your "full" credit. However, be mindful that the point deduction can vary depending on the inquirer. "Soft inquiry" does not hurt your credit score, but it will show on your credit report. These are generally done by credit card offering companies. If you do not want credit card companies running a soft check on you, make sure you give them a call to stop.
