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Regular Contributor
jnkp2001
Posts: 135
Registered: ‎01-04-2012
0

hard Inquiries

[ Edited ]

A quick question, just how hard is your credit hit with hard inquiries?   I have nine, in the last two yrs and they say that's a lot .  But the real catch 22 is, no one will tell you what score they need, so you don't have to pull one. If the score isn't  enough, why go any farther? It just dings your credit even more. makes no sense.:smileyfrustrated:

FICO EQ: 633 8/15/12
lender pulled 11/3/12 EQ 661 TU 650 EX598
credit Karma 674 credit sesame: 663
B/K discharged 2/2006......closed 8/2012

May your limits be high and your balances low!

Moderator
Revelate
Posts: 9,465
Registered: ‎12-30-2011
0

Re: hard Inquiries

[ Edited ]

jnkp2001 wrote:

A quick question, just how hard is your credit hit with hard inquiries?   I have nine, in the last two yrs and they say that's a lot .  But the real catch 22 is, no one will tell you what score they need, so you don't have to pull one. If the score isn't  enough, why go any farther? It just dings your credit even more. makes no sense.:smileyfrustrated:


The system is designed such that inquiries are supposed to show everyone that you're seeking additional credit.  Old school, many inquiries translated to your needing money badly... ergo, not a good risk.

 

These days I think inquiries are less penalty, and increasing numbers of inquiries have diminishing returns on one's report... and from the work HTSU did a while back, it appears to be a step function too in the sense that not every inquiry is going to count against you at all until you reach a new threshold for inquiry count.  Anything past 9 is probably gravy and statistically will have little chance to impact your score right now, though it may keep your score artificially depressed for the year it remains on the report.

 

In any event, they can't get the score without the inquiry (assuming new customer relationship, or maybe current too actually), it's not about purposely damaging the report just because they can, lenders are tied into the system the same way we are as consumers, though admittedly they get more say and can color outside the lines somewhat (CLI's on SP's for example).

 

I'm firmly of the opinion that we overstate the damage of inquiries on this forum, with the exception of leading up to a mortgage where if you reach a score breakpoint, you're saving 10's of thousands of dollars over the course of the loan.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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