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Inqueries One Year Or Two?

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Gardenhand
Regular Contributor

Inqueries One Year Or Two?

Hello, I'm curiouse about inqueries and applying for credit. I understand that inqueries stay on your reports for two years but they only effect your Fico scores for one year. When applying for credit does the creditor only consider inqueries that are effecting your score or do they take all the inqueries from the past two years into consideration? Thanks for any insight. 

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VirusCredit13
Regular Contributor

Re: Inqueries One Year Or Two?

I think last 6 months is what they tend to look at for "recent" inquires", some may use 1 year for recent. With a Mortagage expect them to look over/at every one for last two years and might ask you about them.


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Anonymous
Not applicable

Re: Inqueries One Year Or Two?


@Gardenhand wrote:

Hello, I'm curiouse about inqueries and applying for credit. I understand that inqueries stay on your reports for two years but they only effect your Fico scores for one year. When applying for credit does the creditor only consider inqueries that are effecting your score or do they take all the inqueries from the past two years into consideration? Thanks for any insight. 


They certainly can take those into consideration if you've continued to apply and if they're looking for a reason to deny upon manual review.  Generally though most seem concerned about those in the last six months or so if manually reviewing your application.  Have to remember though that if its a computer looking at your application it's going to see everyone of the them regardless of age or impact upon score.  If that happens and you're denied for old inquiries you need to be prepared to recon.

Message 3 of 5
Gardenhand
Regular Contributor

Re: Inqueries One Year Or Two?

Tanks for the information.

 

Im in the mortgage process due to close in early April. They did run my trimerge report that showed all of my INQs but they only wanted explanations of the INQS from the past three months. My reason for asking is because AFTER I get through the morgage process I want to start replacing my three secured credit cards with unsecured credit cards. In the past year I have only three INQS on each report all from mortgage applications. However I have quite a few that are between one year and two years old. Most of them came from a single auto loan app which I ended up not buying. I know they are suppose to count as one for scoring but I don't believe they are coded correctly. In a manual review it should be obviouse because they are all from the same day in Febuary 2014. 

 

Id like to replace my three secured cards with

 

1) american express for backdating

2) Wells Fargo maybe because my mortgage will be with them and I think a card is offered at closing with no additional application

3) Bank of America or Citi Bank

 

4) a store card- Home Depot maybe. I'm not a big shopper but my house will need lots of repairs and upgrades...

 

 

I have read that American Express is very INQ sensitive. Overall my credit is pretty new.

 

Five accounts- 3 secured cards 2 secured installment loans

oldest account- 12 months

average account age- 9 months

 

TU-730 EQ-730 EX-670

 

one medical collection for 200 dollars reporting on Ex only from a hospital visit two years ago. Last updated in September 2014 due to my dispute.

 

3 INQS on each report within last 12 months ( oldest from December 2014 and newest from January 2015).

 

 

 

 

 

Message 4 of 5
RobertEG
Legendary Contributor

Re: Inqueries One Year Or Two?

The two year period chosen by CRAs to delete inquiries is a subjective decision solely on their part, based on weighing of value to their customers vs. cost of database space.

Some custoomers clearly wish to see inquiries up to two years of age.  I would imagine it varies between creditors and types of inquiries, with inquiries related to seeking new credit most likely of more interest than inquiries related to seeking utilities, for example.

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