Got a ? about inquires I need verified plz.

[pizza1]

Just pulled my free real EQ report online (due to a denial last month), and I knew I had Butt load of inquiries on there, especially from NFCU. Anyway, I know inquiries stay on for 2 yrs, but only effect your score for 1 yr right? Do they effect it for the whole year, or not have as much as the year goes by? Another question is...I have 21 inquiries that will age to year by the end of this December. Will I see a score bump at all for those 21 inquires aging to 1 yr on my EQ score? Thanks for your comments and advice!

[destine2grow]

I am bumping because I would like to know the answer.

[youngandcreditwrthy]

My experience is each inquiry falling off will result in a 5-10 point bump.

IF you have 10 coming off at once, you might see a 10-20 point bump though.

i hate inquiries. THey annoy the heck out of me. LOL Banks are so HP happy these days,

[gdale6]

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@pizza1 wrote:

Just pulled my free real EQ report online (due to a denial last month), and I knew I had Butt load of inquiries on there, especially from NFCU. Anyway, I know inquiries stay on for 2 yrs, but only effect your score for 1 yr right? Yup

Do they effect it for the whole year, or not have as much as the year goes by? First 6 months affect more than the final 6 months, the amount depends on your profile.

Another question is...I have 21 inquiries that will age to year by the end of this December. Will I see a score bump at all for those 21 inquires aging to 1 yr on my EQ score? All things being equal you should see some points.

Thanks for your comments and advice!

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[pizza1]

I have 4 that will completely age off my reports by July 23rd, and 21 inquires that will age to the one yr mark by end of December. Really hope I see some change over the next 6 months especially with me in the garden and NO apping

[TRC_WA]

I had a dozen inquiries age past 1 year in April... they were when I was auto loan shopping last year.  

I know I know they are supposed to only count as 1 but I'm thinking they didn't because they weren't coded correctly by the lender.

Anyway, my score didn't move. 

With the exception of the 2 inqs this year on TU all my other inqs on TU as well as all on EQ and EX are 1+ year old or close to it... and I haven't see any noticeable score changes.  Every time my score has went up it has been something obvious... like paying off a balance or a CLI.  I'd get notification of the payoff/CLI and a score increase at the same time.

[bigblue7722]

This might be better for understanding fico scoring part of the forum. However, with inq sometimes you will see your score drop other times your score wont move at all. It all depends on your file. If you have a higher score they tend to hurt you more than when you have a lower score. By about 6 months most of the effect should go away. By a year all of it goes away. Inq are very very overrated. I have gotten approved with 10+ inq on tu with barclaycard sallie mae. A lot of denials reasons are too many recent inq. Its just an easy way for a creditor to say your denied. Too many recent has come up for people who have had like 2 inq in a year and got denied. So take that with a grain of salt. Your much better off worrying about any late payments, colletions, and your ultiz than inq. 

[TheFate]

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@bigblue7722 wrote:

This might be better for understanding fico scoring part of the forum. However, with inq sometimes you will see your score drop other times your score wont move at all. It all depends on your file. If you have a higher score they tend to hurt you more than when you have a lower score. By about 6 months most of the effect should go away. By a year all of it goes away. Inq are very very overrated. I have gotten approved with 10+ inq on tu with barclaycard sallie mae. A lot of denials reasons are too many recent inq. Its just an easy way for a creditor to say your denied. Too many recent has come up for people who have had like 2 inq in a year and got denied. So take that with a grain of salt. Your much better off worrying about any late payments, colletions, and your ultiz than inq. 

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This is not true for everyone. Inq's usually stay on your record for 25 mo not 2 years and can affect your score the whole time. I've been denied credit due to too many INQ that were about to fall off in less than 8 months so It just depends on the lender. My score didn't jump at all untill they offically fell off my record

[bigblue7722]

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@TheFate wrote:

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@bigblue7722 wrote:

This might be better for understanding fico scoring part of the forum. However, with inq sometimes you will see your score drop other times your score wont move at all. It all depends on your file. If you have a higher score they tend to hurt you more than when you have a lower score. By about 6 months most of the effect should go away. By a year all of it goes away. Inq are very very overrated. I have gotten approved with 10+ inq on tu with barclaycard sallie mae. A lot of denials reasons are too many recent inq. Its just an easy way for a creditor to say your denied. Too many recent has come up for people who have had like 2 inq in a year and got denied. So take that with a grain of salt. Your much better off worrying about any late payments, colletions, and your ultiz than inq. 

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This is not true for everyone. Inq's usually stay on your record for 25 mo not 2 years and can affect your score the whole time. I've been denied credit due to too many INQ that were about to fall off in less than 8 months so It just depends on the lender. My score didn't jump at all untill they offically fell off my record

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@TheFate wrote:

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@bigblue7722 wrote:

This might be better for understanding fico scoring part of the forum. However, with inq sometimes you will see your score drop other times your score wont move at all. It all depends on your file. If you have a higher score they tend to hurt you more than when you have a lower score. By about 6 months most of the effect should go away. By a year all of it goes away. Inq are very very overrated. I have gotten approved with 10+ inq on tu with barclaycard sallie mae. A lot of denials reasons are too many recent inq. Its just an easy way for a creditor to say your denied. Too many recent has come up for people who have had like 2 inq in a year and got denied. So take that with a grain of salt. Your much better off worrying about any late payments, colletions, and your ultiz than inq. 

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This is not true for everyone. Inq's usually stay on your record for 25 mo not 2 years and can affect your score the whole time. I've been denied credit due to too many INQ that were about to fall off in less than 8 months so It just depends on the lender. My score didn't jump at all untill they offically fell off my record

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your score probably went up for other reasons. its a known fact that inq stop effecting your score after a year. 

http://myfico.custhelp.com/app/answers/detail/a_id/200/~/inquiries

[ecxpa]

Some creditors chop you off at the gate for a lot of inquiries, it seems that a few of them are getting smart and realizing that people are going for the rewards cards these days and as a result are apping a lot .  I have a crap load of inquiries and am still able to get decent credit cards; just got 2 from USAA, and even though the CL is only 2 K each the cards will grow, I also just got the AARP sig from Chase with 6K limit which is fine with me and I am approaching 50 inquiries on EQ granted a bunch happened when I was buying a couple of cars last year.   I have gotten the "too many inquiries"  line from failed apps also but @ my age of 62 it doesn't matter to me.  I have plenty of credit right now, thanks to the folks on this board,  but if I see a card I want I'm gonna go for it.