Will your FICO score drop instantly..........?

Question

When an inquiry is done, does your score drop instantly at the time of inquiry or is there a 30 day process before affecting score?

Would like to know due to the fac that I am in the process of obtaining business credit lines from several lender and would assume the score would remain the same for that 30 day period.

Any respectable answer is appreciated. Especially those that have dealt with this type matter.

Answer 1

Echo is correct.

Scores are generated at the moment the person pulling credit hits the send button.

When I pull credit for a car deal our dealerships name is already on the report.

With the exception of home and auto loans, all inquiry's made will result in a small drop in score.

All pulls for homes and auto made in a 14-day period are lumped together and only count as one pull, they all show but your score only takes one ding.

Answer 2

I have worked in the finance industry since 2003. In my experience, the credit score will drop within 24 hours of the time of inquiry. This drop is usually on 1-3 points, but can be more on the report of a person with very limited credit. Keep in mind that each lender will probably only pull a report from one of the three major credit bureaus and the decrease in score will only affect the bureau pulled by each lender.

Answer 3

The instant something changes on your credit report, FICO will pick it up and score accordingly.
Since inquiries do show up instantly, FICO will instantly factor it in your scores.

Answer 4

an inquiry known as a soft pull shouldn't lower your score unless you have several in a month....