40 Point Credit Score Inquiry. How many points will a hard credit inquiry cost you?

how much can a credit inquiry hurt you well normally it’s not a whole lot but
in certain situations it can actually be a forty or fifty
point drop in what I recently saw was a credit file that actually had a 40 point drop in the
credit score from Just an inquiry hi everybody Dave Sullivan here from the credit guy tv as I was reviewing this file trying to
figure out why the score drop so much it was very easy to do because it was a
very in file there were only two open active accounts and they were both installment loans one install the loan had a current was and the other one was just current It was
never late, so the report did have a thirty a late on one of the two installment loans
because it was so long ago it didn’t have an actual day but as you know once you become current was your kind of
stuck on that forever so there were no revolving accounts on
this credit file it all and normally mix of credit is not
really important to score very high but in this case they were in the low
700 s and they drop-down 40 points from there in
as you know given the current state of the mortgage
industry 40 points is a big deal it can really
change your rate so the loan officer had come to me and I
have reviewed the file because there were no revolving accounts
out there to offset the inquiry It really brought the score down so they
had two inquires two mortgage inquiries on their first pull that other
mortgage inquiry was there already but because it hadn’t aged out of the no impact of 30 days it didn’t have any negative impact on the score at that time but the additional pull, so there were
three pulls total the third pull was out side of that thirty day window so now those two mortgage inquiries counted and they counted as one because a group together but they still counted on the credit file dropped in 40 points so
if you are working with borrowers and they in the mid 700 low 700”s and they have a thin file you need to be aware that multiple calls outside of initial 30-day window could severely
negatively impact that credit score for more information and inquiries and
how they impact the score. watch this video right here thanks everybody four tuning in again and if you have any
questions please leave notes down below I really appreciate that, so this is Dave Sullivan here for the credit guy TV you with a little bit me we’re gonna
change the credit industry thank you

10 comments on “40 Point Credit Score Inquiry. How many points will a hard credit inquiry cost you?”

  1. Al May says:

    If I have a credit card I never use and it is reported as "inactive" would that negatively affect my credit score?

  2. zalmonet says:

    Hey @Dave Sullivan I have 34+ inquiries on my equifax credit report. What would be the best approach to removing them in order to boost my score.

  3. M King says:

    I just wanted to back up this video by saying that I had an inquiry from Moolah to use authorized.net for my business and it hit my Trans score for a whopping 39 points. I called them and they said they too had never heard of that before but it is a hard reality. Any ideas of how to fix this quickly? I have been building my history and the only derogatory marks on it now from low history and amount of time and a hit like this is a huge set back.  Thanks for the video

  4. Kenny Nabors says:

    hello mr. Sullivan my Equifax credit score is 766 in my TransUnion credit score is 763 in my experience credit score is 756. okay my question is I tried to get a credit card another one yesterday to raise my credit ratio. I thought that'd be a good idea. but I was denied because of my income. a member of Bank of America Privacy Assist credit monitoring program. and it says on there that that inquiry could affect my Experian credit score by 11 points. also my total credit line is $16,000 that's all 3 credit cards put together. how fast can I get those 11 points back? at one time about 3 years ago my credit score was 815 on all three of the bureau I want to get back there. I really think that was a dumb idea I did by applying for another credit card. please help me mr. Sullivan get back to the 815 credit score thank you very much you have a great day.

  5. Jacqueline Velasquez says:

    can you do a video of section 609

  6. Al May says:

    which is better, a mortgage or rent to own home?

  7. Kiel Li Mikal says:

    I’ve only had credit for one year and a month..my FICO scores are currently
    TU: 739
    EQ: 770
    EX: 770

    what score decrease am I probably looking at..I have zero derogatory on all of my reports no debt no loans no hard inquiries..I only have 1 open account which is a secured credit card with a $200.00 limit..but I want to apply for the AMEX Blue Cash Everyday Card what should I do I need help?

  8. Drea East Coast says:

    This happened to me, 2018. I had ONE loan inquiry and my account dropped 40 points overnight. It is a new loan and is perfectly fine, just opened and just opening this loan slammed my report by 40 points. My score had better go up once all my credit cards are paid in full which will be soon.

  9. Bye Felicia says:

    Suddenlink checked my credit for no reason today. And my credit dropped 78 points. Help. Need to know what to do

  10. djenkin1 says:

    I just came across your video. I’m sooo glad you explained that multiple hard inquiries even by the same company can negatively effect a score. I see too many lenders that feel as if your credit history is fair game once you’ve started the application or even underwriting process. I’ve experienced this myself from an underwriter who went on vacation and up on her return pull my report a second time. This in turn caused a change in my rate, though minor, was not due to my own actions.

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