Credit Cards

[pozativelyliving]

I've read some things about inquiries and after looking over my reports today, I have a few questions -

I've heard that inquiries stay on your report for 2 years and have also heard that they only count against your score for 1 year. This this true?

While reviewing my report, I see tha the IRS has pulled a regular inquiry. I owe back taxes but I never authorized this. Can they do that? Well, I guess they can because they did.

Under the Account Review Inquiries, a bank that I used to have accounts with is listed as pulling my report. This was over 2 years after my bankruptcy (they were included).

When applying for credit, say you go on a little app spree over the course of a day or two. Do the inquiries show up immediately or does it take a little while?  Wondering because I think if they show up right away, companies might see this and be more likely to deny. I could be wrong. 

Thanks! 

[pizzadude]

You are correct that inquiries will only be scored by FICO® for one year, however they'll remain on your reports for two years. Regarding the IRS, you pretty much have zero chance of getting that one removed ~ they're the IRS. Inquiries usually show up as soon as the creditor requests your report, so there isn't a delay in most cases.

[pozativelyliving]

Yeah, I kind of figured that about the IRS. Pretty much like the Men in Black. They pull out their little pen, you look into the light and forget that anything ever happened...

In reguard to app sprees that people do, seeing that inquiries post right away, aside from them aging together, what's the difference between doing it all in a few days or over the course of a month or two? The score is getting dinged each time and creditors are seeing apps being done here there and everywhere.

[pizzadude]

I'm not a big proponent, but as far as I know the only benefit to the "app spree" theory is that they age and fall off around the same time.