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Hard Inquiries

New Contributor

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?

Message 1 of 10
9 REPLIES
Established Member

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.
Chase Southwest Airlines Signature Visa 18k, Wells Fargo Platinum Rewards 15.5k, Capital One Venture World MasterCard 8.5k, American Express PR Gold- NPSL, American Express Hilton Honors Surpass 8k, Home Depot 7k, Capital One Rewards 3.75k, Wells Fargo PLOC 10k. all 3 scores 735-740.
Message 2 of 10
Established Member

Re: Hard Inquiries

Other big question, of course, is how many new inquiries did you add with your spree?
Chase Southwest Airlines Signature Visa 18k, Wells Fargo Platinum Rewards 15.5k, Capital One Venture World MasterCard 8.5k, American Express PR Gold- NPSL, American Express Hilton Honors Surpass 8k, Home Depot 7k, Capital One Rewards 3.75k, Wells Fargo PLOC 10k. all 3 scores 735-740.
Message 3 of 10
New Contributor

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?

Message 4 of 10
New Contributor

Re: Hard Inquiries

6-7 over the past 7-8 months. 

Message 5 of 10
Moderator Emeritus

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 6 of 10
Established Member

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.
Chase Southwest Airlines Signature Visa 18k, Wells Fargo Platinum Rewards 15.5k, Capital One Venture World MasterCard 8.5k, American Express PR Gold- NPSL, American Express Hilton Honors Surpass 8k, Home Depot 7k, Capital One Rewards 3.75k, Wells Fargo PLOC 10k. all 3 scores 735-740.
Message 7 of 10
New Contributor

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?

Message 8 of 10
Moderator Emeritus

Re: Hard Inquiries

Absolutely.  Smiley Wink

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!

June 2017 update: All scores over 820, just pure gardening now.
Message 9 of 10
Senior Contributor

Re: Hard Inquiries

I was declined a cc for:  Too Many Inquiries.....I had TWOSmiley Mad

Message 10 of 10