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New Contributor
mytime321
Posts: 108
Registered: ‎09-09-2012
0

Hard Inquiries

So I got a little App happy after I got approved for a JCP card in September.  I had a slight bump and got overzealous. 

What I am trying to figure out is now that I am working on my credit improvement, my TU is now 603 and my EQ is 594.  Both should be higher soon with a Chase charge off to be falling off soon.  How strongly will those be held against me if in the next 10-12 months I am in the 700 range?

Established Member
BrickTime
Posts: 27
Registered: ‎04-16-2012
0

Re: Hard Inquiries

If you are referring to your inquiries, generally, they stop affecting your score after 12 months. What did you apply for? If several apps were auto or mortgage related they may be grouped together as one inquiry.
Wells Fargo Platinum Rewards 12k, Capital One Venture World MasterCard 8.5k, American Express PR Gold- NPSL, American Express Hilton Honors Surpass, Home Depot 4k, Capital One Rewards 2.75k, Wells Fargo PLOC 10k.

Experian 710 (lender pull 7/1/14, Trans Union FICO- 692, Equifax- 687

Established Member
BrickTime
Posts: 27
Registered: ‎04-16-2012
0

Re: Hard Inquiries

Other big question, of course, is how many new inquiries did you add with your spree?
Wells Fargo Platinum Rewards 12k, Capital One Venture World MasterCard 8.5k, American Express PR Gold- NPSL, American Express Hilton Honors Surpass, Home Depot 4k, Capital One Rewards 2.75k, Wells Fargo PLOC 10k.

Experian 710 (lender pull 7/1/14, Trans Union FICO- 692, Equifax- 687

New Contributor
mytime321
Posts: 108
Registered: ‎09-09-2012
0

Re: Hard Inquiries

A capital one, chase, usaa. 

So it's possible to have my score siginificantly go up, i.e. 700 in the next year but those hard inquiries to cause me to get declined if I would otherwise be approved for a credit card or a better rate on a  car?

New Contributor
mytime321
Posts: 108
Registered: ‎09-09-2012
0

Re: Hard Inquiries

6-7 over the past 7-8 months. 

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Hard Inquiries

Inquiries are highly overrated by some members.  It is actually very low in the scoring process.  After 6 months, they lose some affect, after a year, they're not included in scoring. 


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Established Member
BrickTime
Posts: 27
Registered: ‎04-16-2012
0

Re: Hard Inquiries

Good news is that hard pulls aren't as hard to overcome as a derog, but you will want to garden for the next several months before you apply for anything.

Generally, the FICO scoring model is forgiving of 2-3 new inquiries per year. Lenders on the other hand can get spooked with a lot of new credit requests. For a refinance, I doubt your inquiries will have much effect at all, just getting new additional credit.
Wells Fargo Platinum Rewards 12k, Capital One Venture World MasterCard 8.5k, American Express PR Gold- NPSL, American Express Hilton Honors Surpass, Home Depot 4k, Capital One Rewards 2.75k, Wells Fargo PLOC 10k.

Experian 710 (lender pull 7/1/14, Trans Union FICO- 692, Equifax- 687

New Contributor
mytime321
Posts: 108
Registered: ‎09-09-2012
0

Re: Hard Inquiries

Thanks for the heads up.  I didn't think they were quite the boogeyman that some people made them out to be.

 

Gardening is the process of not applying and getting other accounts, limits , etc under control right?

Moderator
Shogun
Posts: 12,952
Registered: ‎04-15-2011
0

Re: Hard Inquiries

Absolutely.  :smileywink:


Starting Score: 504

July 2013 score: EQ FICO 819, TU08 778, EX "806 lender pull 07/26/2013
Goal Score: All Scores 760+, Newest goal 800+

Take the myFICO Fitness Challenge

Current scores after adding $81K in CLs and 2 new cars since July 2013
EQ:809 TU 777 EX 790 Now it's just garden time!
Senior Contributor
fishbjc
Posts: 3,415
Registered: ‎11-30-2007
0

Re: Hard Inquiries

I was declined a cc for:  Too Many Inquiries.....I had TWO:smileymad:


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