Hello all...I was just curious...I have 10 inquiries and each month that they age it seems that I gain around 5-7 points. Do scores react monthly due to aging of inquiries or is it just me? Do scores recover only after a year, or after 2 years when inquiries fall off completely? Thanks for your input.
Short answer: Yes, scores do react. But the reason why, how long you'll notice the reaction and how much they react vary and is complicated.
There are many things that can change month to month creating your score increases. If all the inqs are the same month or so, then yeah it probably is going to create noticeable score jumps. Other things causing your score increase are you AAoA is going up as well. In general, you can recover something like 80% of your score loss from new accounts/inqs in 3-6 months(Again, other factors will play into this, not making this a 100% timeframe). As your inqs get closer to their fall off date, they get factored less into your score, and likely after a year, you'll see they no longer affect your score because of the aforementioned age but also things like AAoA increasing.
This is taking into a vacuum idea that month to month changes on your CR are only the inqs and AAoA, which is generally wrong.
The inquiries don't hurt your score as much after 1 year but they still hurt your scores a small amount until they fall off at the two year mark. I haven't seen score bumps on a monthly basis due to inquiries aging. That's interesting.
Last App: 4/5/13 Gardening until July 2014
@bs6054 wrote:
@MovingForward_2012 wrote:
The inquiries don't hurt your score as much after 1 year but they still hurt your scores a small amount until they fall off at the two year mark. I haven't seen score bumps on a monthly basis due to inquiries aging. That's interesting.Are you sure? It is frequently said that FICO scoring ignores inquiries over a year old. Of course, a lender can take into account anything still on your credit report for their own scoring, but I thought Fico was one year only.
+1. FICO only scores for a year. I'm pretty sure that's why the reports you get from myfico.com only show inquiries within the last year. They are identified as inquiries which could be affecting your score.
Starting Score: ~500 (12/01/2008)
it could possibly be the aging of the accounts as well if you got them... around the 6 month mark, and the year mark i saw bumps in my score.
