11-23-2012 10:16 AM
Is there any truth to INQ's aged between 13 and 24 months having little weight on FICO?
Because the chicks dig it when I throw down the card to the waiter and...it comes in handy if I'm short on cash until payday and need a short spot. AMEX gets the booty, and that's important when you're a Pirate.
Minor vulgarity edit --Rev
11-23-2012 10:51 AM
Inqs older than 1 yr have no effect on Fico score. However, they remain on your reports for 2 full yrs so they could be a factoring decision on a manual review.
11-23-2012 12:13 PM
Neither the period for continued inclusion of new inquiries in FICO scoring nor the exclusion of new inquires from credit reports is regulated under the FCRA.
What is comes down to is what FairIsaac and the CRAs wish to provide to their customers.
FairIsaac does not consider new inquiries to be risk-predictive after one year, so discontinues them in their scoring at that point.
The CRAs apparently feel that creditors still wish to see a record of new inquiries for two years, so sets that approx arbitrary date for discontinued reporting.
Even though still included in CRs, I would suspect that most creditors take the same view as FairIsaac, and put little weight in their decision making on inquiries that have aged more than a year.