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bjsmartkidd2010

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Does one Inquiry usually tank credit score?
Hi Everyone,
I have applied for two mortgage loans in the past month or so. I purchased a car back in December and also received a new credit card about two months ago. A couple of days ago after apply for the second mortgage loan, my credit score tanked by 38 points from 745 to 707. I have never missed a payment on anything as of today. How does this work? I haven't spent time building up credit for nothing! I know with a mortgage it will tank, but by this much?

Thanks!

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Inquiries are not that significant in determining a credit score.  What you have here is several major credit transactions in less than a year and that can have an influence.  Please review the articles on this site.  The credit score drop is not that big a one given all the financial activity. I did a calculated risk on a balance transfer that ended up increasing my utilization over 50% on one card and my score dropped over 40 points, but it's back up now that the balance is decreasing. The 0% interest was worth it.              

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