Credit Score Improvement

The impact of an inquiry on your FICO score, New information!

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What To tell your prospective borrowers if they are worried about you pulling their credit report because of the negative impact of a credit inquiry. This is a long standing question that FICO has changed their stance on many times to find out the latest on where FICO stands now on credit inquiries watch this now…

New information From FICO on Inquiries

•    49% of consumers have no inquiries, 24% have 1 inquiry, and 27% have 2 or more inquiries.
•    57% of consumers score the maximum number of points for inquiries; that is, inquiries are not a factor for at least 57% of consumers.
•    If an inquiry does impact a score, it’s typically by a small amount—less than five points, on average.
•    89% of the time, inquiries are not even one of the top four greatest factors impacting the score. 
•    Only 0.4% of the time, inquiries are the score factor with the greatest impact.
•    Only 14% of consumers lose more than 10 points because of inquiries.  Only 4% of consumers lose more than 20 points because of inquiries.

Posted in: Credit Score, Mortgage Credit

Tags: "Credit reports", "credit Score Range", "Credit Score Repair", "Fair Isaac" inquiry risk, "free score credit", "trans union", bad inquiry, Credit education, Credit Inquiry, credit score inquiry, creditscore inquiry, equifax ", experian, FICO score inquiry, fico scoring, fix inquiry, How to imporve my score", inquiry crunch, inquiry repair, lending, Loan, Mortgage, mortgage credit report, Mortgage Lening, Mortgage rate, myFICO, remove inquiry, THECREDITGUY, Thecreditguy.tv, What To tell your prospective borrowers if they are worried about you pulling their report because of negative impact inquiry

Comments:

1. • 
   • Wes Moore Says:

   • February 15th, 2012

   Great Info. I learned some useful information today from you. Thank You! I will share with my customers and clients.

2. • 
   • dave Says:

   • February 15th, 2012

   Thank you Mr. Moore, I hope it helps!!!

3. • 
   • William Smith Says:

   • April 22nd, 2012

   Good update Dave, thanks.

4. • Will multiple inquires on my credit report effect my FICO score? | Brandi Bryan Says:

   • May 8th, 2012

   [...] This is asked a lot from my clients.  And the effects inquiries have made over the years has changed which confuses the issue even more.  The latest and greatest information is FICO now is grouping together like inquiries over a 45 day period and counting them as 1 inquiry.  The first 30 days of this 45 day period there will be no effect on your score for multiple like inquiries.  So if you have 5 different auto companies or 5 different mortgage companies running your report it will count as 1 inquiry.  I came across this video that helps address this question in more detail  WATCH HERE [...]

5. • 
   • Marcellus Wallace Says:

   • October 18th, 2012

   Is that my briefcase?

6. • 
   • Sully Says:

   • October 18th, 2012

   Yes, sorry, I didn’t want you to find out this way.

7. • Randy McCurdy Real Estate | Impact for an inquiry on your FICO score, new information! Says:

   • March 6th, 2013

   [...] You can read it here.  [...]

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