Reply
Senior Contributor
Posts: 4,923
Registered: ‎04-19-2009
0

Re: Too Many Inquiries


ericdj wrote:
It seems to me that there should be a difference in "scoring" an inqury. One year ago I applied for 1. A loan on a house, and 2. raw land.  I was approved on both but didn't purchase either one. It seems that since I was APPR on both that my FICO should go UP...which in my case it has but I doubt that the two APPR's were involved.  So ... are  INQ's "graded" in some way?  

Only in the sense that they "cost" you less as they age and multiple inquires of certain types are lumped together as one for scoring purposes when they occur close together.

 

FICO scores do not assess your "approvals" for credit. FICO scores predict the likelihood that you will become a credit "delinquent". INQ are negative because they indicate that you are seeking credit.- those who are seeking credit have been found to be statistically more likely to become delinquent that those who are not seeking credit. The impact of INQ on your FICO score is low and does not last long. The impact of INQ on an issuers internal approval process is another thing altogether.

Copyright ©2001-2015 Fair Isaac Corporation. All rights reserved.   | Terms of Use | Privacy Policy | Sitemap

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions based on Experian or Equifax data (additional FICO® Score versions based on TransUnion data are not currently available on myFICO.com). Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.