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Discussion in 'iPhone' started by DBZmusicboy01, Aug 14, 2015.
Is it more than 5 points ? or none
The number of points a hard inquiry costs depends on many factors : age of file, size of file-how many accounts on file, current score, how many existing inquiries, how old the inquiries are now. So in my experience a new inquiry could cost anywhere from zero points to 6 points.
I lost one point only.
Pretty much this. Every file is different but in general the thicker your file the less you will lose.
I remember before i signed up they said it would be a soft pull so my score would not go down.
Next day checked my credit report and it was a hard pull.lost 5 pts and stays on my record for 2 years!
A hard pull can range anywhere from 1-9 points (In my experience I've been hit 1 point for a car loan and 9 points for a credit card, go figure), depending on how many hard pulls you currently have on your credit report. As mentioned above, hard pulls stay on your report for 2 years.
As others have stated there isn't a fixed value and it depends on your credit profile. Hard pulls are a relatively small factor. If a single pull is a problem then real problem is your credit profile.
Was it an actual FICO score you were looking at or a FAKO. "FAKO" scores are provided with the numerous credit monitoring services available, credit karma, etc. Those scores are meaningless and use a different formula than your real FICO score. The FICO score is the one lenders use. While inquiries stay on your report for 2 years, you can the points you lost back in less than a year.
There is not one FICO score. There are different versions (e.g., 04, 08) and different bureaus yield different scores. The free scores are not meaningless. In most cases, they track reasonably closely to a FICO score. Also, not all lenders use FICO scores.
Other than that, you're post is spot on.
Equifax through Credit Karma showed a drop of 3 Pts but it's rebounded since then. My rating has never been higher (826).
The free scores can very well be meaningless. In my experience they can vary +-100 points different than actual FICO scores. And, I have a little experience. If it doesn't say FICO, it isn't one.
Yep, FAKO scores are completely meaningless. Even FICO scores have varying amount of meaning. On top of having three bureaus each with a corresponding FICO score, you have different versions of those. I believe TU is the worst but the others have more than one formula as well. Different lenders use different formulas. So even if you go to myfico.com and buy your score it still isn't necessarily what your lender will get. Then to even compound the issue you have specialized scores. There are auto enhances scores for auto loans for example, and those you can't even buy.
Pay your bills, don't take out a ton of credit cards and don't apply for a bunch of crap. The rest will sort itself out.