08-10-2009 11:53 AM
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.
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