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Frequent Contributor
Posts: 496
Registered: ‎11-13-2012
0

INQ's older than 12 months

Is there any truth to INQ's aged between 13 and 24 months having little weight on FICO?


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Moderator Emeritus
Posts: 32,869
Registered: ‎08-04-2007
0

Re: INQ's older than 12 months

They have no weigh on FICO.

Regular Contributor
Posts: 205
Registered: ‎06-04-2012
0

Re: INQ's older than 12 months

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.

Starting FICO 667 (5/2012) EQ
672 (7/2012) EQ. 681 (8/1/12) EQ
Current FICO 682 (10/13/12) EQ; 718 (10/13/12) TU
Goal: 760+ but 700-720 by jan 2013
No new apps tll jul 2013
Epic Contributor
Posts: 21,581
Registered: ‎03-19-2007
0

Re: INQ's older than 12 months

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.

 

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