I'm using KC's terms here. I says I have 5 recently opened accounts. Do major banks use a simalar standard? Eventually I'll be applying for the Cash+ card and I know they are sensitive to inquiries and "new" accounts so I'd like to know what is meant by that.
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YMMV for sure ... was recently told by USAA Sr. Specialist that they considered any inquiry still showing on your report (which means 2 years) a "recently opened" account... sheesh!
Yeah that's why my TU score is so much lower than EQ.
I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.
Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
@TRC_WA wrote:Yeah that's why my TU score is so much lower than EQ.
I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.
Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.
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@red259 wrote:
@TRC_WA wrote:Yeah that's why my TU score is so much lower than EQ.
I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.
Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.
You are absolutely correct about FICO. However, I believe the OP's original concern was about what is considered a "recent account". That absolutely varies based on a lenders' internal sensitivities.
@b_diddy wrote:
@red259 wrote:
@TRC_WA wrote:Yeah that's why my TU score is so much lower than EQ.
I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.
Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.
You are absolutely correct about FICO. However, I believe the OP's original concern was about what is considered a "recent account". That absolutely varies based on a lenders' internal sensitivities.
My response was a direct response to another poster's statement and not to the OP.
@red259 wrote:
@TRC_WA wrote:Yeah that's why my TU score is so much lower than EQ.
I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.
Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.
Good to know. My EQ and TU are identical... other than the INQ's so I can only assume they are the cause of the score differential.
At any rate, I wish I could say I was declined due to "recently opened" accounts but I haven't applied in a while.
IMO a lot of denials are just cookie cutter so it would be interesting to see the results of an app.
@TRC_WA wrote:
@red259 wrote:
@TRC_WA wrote:Yeah that's why my TU score is so much lower than EQ.
I have a dozen "recently" opened accounts (all creditors pulled TU) and the INQ's associated with the new accounts... that were opened May-Dec 2013.
Supposedly once an INQ ages past a year it no longer affects your FICO... I guess we'll find out soon enough. My last "new" account will hit a year old in Dec.
As far as I know this isn't something that is up for debate. Its established that after a year the INQs do not impact credit scores. I've never heard anyone claim their score was impacted by inqs over a year old. What I have heard is on manual review some creditors will look at all inqs on a profile even if they are over a year, but that is independent of the score.
Good to know. My EQ and TU are identical... other than the INQ's so I can only assume they are the cause of the score differential.
At any rate, I wish I could say I was declined due to "recently opened" accounts but I haven't applied in a while.
IMO a lot of denials are just cookie cutter so it would be interesting to see the results of an app.
Yes, you have to take denials with a grain of salt sometimes. Some lenders will quote every possible reason under the sun when denying you when in reality its only one or two items that is/are the deal breaker(s) and the other items listed in the letter would have been ok if that is all there was.