When do inquiries fall off?

[Mickey11]

I had a car loan for 4 years, paid on time until it was PIF. Currently have another reporting for a year on time with the payments.


Mustanglvr, we added me as a joint holder, I asked and he did sound shaky about the AU benefiting my CR, so I figure since I have good faith in my DW we went ahead and did it.


Side note: I need to learn how to quote on here! My iPad doesn't give me the option.

[RobertEG]

On the original topic of when inquiries fall off, it is all based on policy and not statute.

CRAs choose to delete inquiries from your file after two years, probably to purge their files of volumes of dated information that few propsective creditors are probably interested in.  FICO chooses to discontinue scoring of inquiries after one year, again due to their dated value in risk analysis.

If either of those policies are not followed to the date, they would not be a violation of the FCRA, and thus not disputable.

[MarineVietVet]

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@Mickey11 wrote:
I had a car loan for 4 years, paid on time until it was PIF. Currently have another reporting for a year on time with the payments.


Mustanglvr, we added me as a joint holder, I asked and he did sound shaky about the AU benefiting my CR, so I figure since I have good faith in my DW we went ahead and did it.


Side note: I need to learn how to quote on here! My iPad doesn't give me the option.

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If you know when these were opened we can get a better idea of what your AAoA actually is. The exact month and year would be best but an educated guess would work. And may I assume that both are still reporting?

Also the exact time your 2 cards were opened would be helpful.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Mickey11]

My first car loan was opened in Jan 04' it reported through Apr 07' then PIF. All payments on time.

Then my current one was opened in Dec. 10' to now, all on time.

I have 2 cards of my own, 1 HSBC with a $300 and a Cap1 with a $500. The first opened in August 11' and the second in Oct. 11', however my wife just added me as an joint on her Chase freedom with 4k CL, I haven't received the paperwork for that so its not reporting.

[MarineVietVet]

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@Mickey11 wrote:
My first car loan was opened in Jan 04' it reported through Apr 07' then PIF. All payments on time.

Then my current one was opened in Dec. 10' to now, all on time.

I have 2 cards of my own, 1 HSBC with a $300 and a Cap1 with a $500. The first opened in August 11' and the second in Oct. 11', however my wife just added me as an joint on her Chase freedom with 4k CL, I haven't received the paperwork for that so its not reporting.

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As long as it is still on your reports it factors into AAoA. It doesn't matter if it's paid off and/or closed.

So assuming it's still there right now you have a total of 126 months credit history. Divide this by the number of accounts (4) = 31.5. Divide this by 12 and you get an AAoA of  2.625 years. Since FICO rounds down for AAoA you have an AAoA of 2 years.

You’ll need to figure the age of each account on each report because the reports seldom are exactly alike. If all three reports are identical you're in luck; otherwise, you'll need to run this for each report.

Do you know when the Chase card was opened?

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

[Mickey11]

We just opened the Chase card this past week 12.9.11 I believe, the accounts on are my TU/EQ....I won't be able to rerun my EX until this summer but they were on it last time I pulled them from annualcreditreport.com

Also, thanks for being so helpful!

[Anonymous]

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@Mickey11 wrote:
We just opened the Chase card this past week 12.9.11 I believe, the accounts on are my TU/EQ....I won't be able to rerun my EX until this summer but they were on it last time I pulled them from annualcreditreport.com

Also, thanks for being so helpful!

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Once the Chase reports, your AAoA's will have dropped to 2.1, but you will still be at 2 yrs AAoA's, so no harm there.

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@Mickey11 wrote:

Mustanglvr, we added me as a joint holder, I asked and he did sound shaky about the AU benefiting my CR, so I figure since I have good faith in my DW we went ahead and did it.


Side note: I need to learn how to quote on here! My iPad doesn't give me the option.

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 I'm sorry, maybe I should have been more clear what I felt you needed to ask the CSR.

I just thought it would be a good idea to call Chase and ask the CSR if he/she knew if your AU account would be reported to the credit bureaus, because some credit card companies do not report AU accounts. (Not if the CSR could tell you if it would help/hurt your reports/scores.)

It will definitely help your reports (especially now that we know it's not going to drop your AAoA's below 2 yrs) the reason it will help, is mainly with util, because of the additional 4K revolving credit you will have. I am not saying you will see a score increase once it starts reporting (if Chase does in fact report AU accounts) but if your revolving util is a bit high now, that additional 4K will lower your util, and could potentially lower your util to a point that your FICO scores could increase.

Regarding your iPad, I've read other members say they do not see the "Quote" tab or the "Smileys" on their iPads.

[casmith1980]

 

Regarding your iPad, I've read other members say they do not see the "Quote" tab or the "Smileys" on their iPads.

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ya..no option for quoting or smileys or font change come to think of it.  It probably has something to do with the "no flash" policy of Apple's.  No worries though - it's still the most awesome toy I've purchased in a LONG time

[Anonymous]

Im on my DROIDX now and do not have the quote or smileys either.

[MarineVietVet]

I finally have an answer to the question "Is it possible to have an AAoA of zero?"

From my myFICO reliable source: I take it you know that by doing the math you won't end up with zero, but you're wondering if the myFICO explanations that quote AAoA and round downward could show an AAoA of zero?  No, the people who developed the logic for these explanations made sure that zero wasn't an option. 

I can only take from this that you'll always have an AAoA of at least 1.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".