FICO Credit Score?

I have heard inquiries lower your score. It doesn't make much sense to me. Though I don't think a drop of 20 pts. makes a difference. I think a score under 650 is a problem that might not get best rates.

 

As long as it's anything over 750, don't even worry about it.

 

they do hurt your score and stay on for a period of 2 years

Antony

 

The type of inquiry will affect your score. Mortgage vs Car for example.
The formula is proprietary. Even if you pull your score online it is usually higher than if a mortgage broker pulls the score.
Keep it over 740 and you will never have any concerns.
MM

 

Have you used your charge card more than usual in the last month or two? Even if you pay it off every month they count larger balances against you.

 

What you need to do now is take out 5 store credit cards pay them on time to balance out that one inquiry, If I were you I would even pay a few late just to see if they are reporting properly.

just my 2 cents

 

I do hope you are kidding!?

 

only I will know

 

It's good that you are so concerned about your credit score. I think there are few people that have one as high as yours. There are probably a few things that could be done to balance out that enquiry but I wouldn't worry too much about it. At least you know what to watch out for in future.

 

Does a FICO erode after a while if you get rid of your mortgage, have no car loans and pay CCs off each month?

 

MOst lenders consider anything over 720 as "gold". Best rates are available to anyone over this number. I too wonder why I have a 796 score. I have no debt (including no mortgage), great income and steady perfect credit history. It is interesting that I have seen folks with no debt, and big net worths who cannot even get a credit score. In otherwords FICO of 0! It is a complicated system and I don't thind anyone really understands it.

 

Yep! It does happen. Makes no sense to me.

 

I use MyFico to monitor changes on my score and I got an email alert the other day saying my score dropped from 802 to 780, Why? Because I opened a new CD and the bank did a credit inquiry on me. Does seem very dumb

 

With a 790 FICO your mailbox should be full of offers. I just think it's dumb that my score gets lowered because I deposited money

 

I work for JPM Chase and no, anything over 700 is Tier A for us.

 

Love this post....a bunch of guys blowing smoke. I will explain since I am on the inside at one of the credit companies. A score is considered high risk by most banks below 640. The average person has a score of 700, which means they are your good payers, never late, good income, no legals blah, blah blah, this 800+ score is almost impossible to ever attain.

As for the inquiry, yes anytime anyone, or company looks into your file it decreases your score. Why? Because you are looking for credit...whether its a cell phone, a car loan, a visa. You are saying you need terms. Hence, the effect on your score. Its also determined by wealth, asset, marriage status and the like. Just because you have a score of 750 and DOnald Trump a score of 700 does not mena you can get more loans than him.

At the end of the day, its our system and our value of credit system and works very well. Its how the world has been going around for yrs now. Get used to it.

 

i am in home building, which means we use ficos all day long in mortgages. an inquiry will hurt your score by about 2 points. if you have multiple inquires, it depends on who makes them and why. scores in the 800's are very rare. i can count on my fingers the number of 800+scores i have seen in the last three years. i have never seen a 810+ score.

 

Congrats....your point?

Read the print...98% of the population. Lets see...how many people in the US of A. ANd you are in the 2%. And? Your on Ferrari chat with me, would I expect to see 450? How much of the USA populations own exotics?
Same thing.

 

All that, and No Ferrari???

OK Uro, where'd the post go???

 

Well which is it, 800+ is common as dirt or its almost impossible to obtain??

Maybe some of the rabble here has better credit than you give them.....well....credit...for!

 

Rabble rabble
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You know I've never even thought of looking up my score.