If they are looking at the report, they will see 2 years worth of inquiries. FICO only scores the last year. Many banks do instant approvals based on FICO, so the answer in that case would be 1 year.
EX:694 TU:744 EQ:777
They stay on for 2years, but they only look at the last year and FICO only takes the last year into consideration.
Starting Score: 722
@SwiftTone wrote:
@DaveSignal wrote:If they are looking at the report, they will see 2 years worth of inquiries. FICO only scores the last year. Many banks do instant approvals based on FICO, so the answer in that case would be 1 year.
Which banks will approve only based on FICO score? I've always been under the impression that all major banks will look at FICO scores, the whole report in addition to information such as employment, income, residence etc.
If they only look at FICO score, they can get into lending to someone that looks great by score but in fact do not qualify for large CL and such. Example: college students or recent grads who are AU on their parents accound that have many many many years of history. Some AU have accounts reporting and contributing to their FICO score that are older than themselves.
It's all very much YMMV.
Banks consider "recent inquiries" as one of the catch-all denial reasons it appears. There was one pretty loopy one reported on the forums a few months back where the only inquiry on it was the one they just ran for the application.... dur.
End of the day, if your report is good for the underwriting requirements of whatever particular card it is, you'll likely get an approval either automagically or manually, it really doesn't matter which. Also you are correct, income, residence type, and other factors go into what the CL winds up being, and even if you get approved or not. It's not just FICO, regardless of how important that is for even getting in the door. Sort of like a resume getting an interview in that regard.
