I know that inquiries report for 2 years, but when you app for something, is that creditor looking the last 2 years of inquiries? Or are the just looking at the last year? Thanks in advance for the replies. 
Starting Score: EQ 401, TU430
@nmorton79 wrote:I know that inquiries report for 2 years, but when you app for something, is that creditor looking the last 2 years of inquiries? Or are the just looking at the last year? Thanks in advance for the replies.
All creditors, lenders look at INQ differently. No real rhyme or reason. Some only take into consideration the last 6 months, while others look at the last year, while some look at the 2 year period.
@nmorton79 wrote:I know that inquiries report for 2 years, but when you app for something, is that creditor looking the last 2 years of inquiries? Or are the just looking at the last year? Thanks in advance for the replies.
As you said, you already know they stay on your reports for 2 years, and only affect your score for one year.
But in my experience, some CCC's take into account all of your inq's when deciding your credit worthiness.
Example, I apped for Discover in March of this year, I had only 3 inq's from within the last year IIRC, but, 24 in the last two 12 from 5/09 and 9 from 3/10 for "Rate Shopping" on my cars. I was declined, I called Discover for a recon and explained the inq's were from when I was buying my cars and all those inq's were while "Rate Shopping" and should have only counted as 2 inq's. was put on hold and when the lady came back, she said, "Congratulations, I've been able to get you approved".
Some CCC's may take into account all of your inq's and some may only take the last year, and some may only take the last 6 months into account when deciding. Normally it's all decided by a computer, but if you are ever declined for inq's, always call for a recon and try to explain them, a lot of times, doing that can get you reconsidered and approved, sometimes it won't help, YMMV.
Hope this helps.
Thanks for the replies guys. Just one question for you Mustanglvr2006..your score in March 2010 was 583,and now they are very close to 800..I am in awe!! Would you mind sharing what you did to raise your scores so quickly and what your portfolio includes now? Thanks
@nmorton79 wrote:Thanks for the replies guys. Just one question for you Mustanglvr2006..your score in March 2010 was 583,and now they are very close to 800..I am in awe!! Would you mind sharing what you did to raise your scores so quickly and what your portfolio includes now? Thanks
In March 10 I had pulled my CR's for the first time ever and what I saw horrified me, I found out I was the victom of identity theft, I had one CO and two CA's, I paid one of the two collections only because it was like 158 thinking it would be removed from my report (wrong!!!) so I kinda lost hope and did nothing until Dec 2010, i hired a Law Firm to help me have the inaccurate listings on my CR's removed, it took them about 4 months to have everything removed.
In the month of June 2010 I apped for a Cap1 approved with a 300CL (Credit Steps Program) after the 3rd statement my CL was raised to 500 (where it still sits today) in Sep i apped for another Cap1, approved 500CL (Credit Steps again) after the 6th statement my CL was raised to 750 (where it sits today) and in Dec I apped for an HSBC Discover and a GEMB PayPal Smart Connect Card, both approved, HSBC CL 400 (where it still sits today) GEMB 500 CL, now 2150..
The reason I opened these accounts was to build some credit history and help build my scores, by late Dec my scores were close to the 700 mark IIRC, and by May 2011 the last of the derogs came off my report and overnight my scores went from 700 to 774 EQ and 786 TU.
Thats the very short version of a very long road to where I am now.
My portfolio is not that impressive IMO, but here's what I have now.
An installment loan (originally 21K) now at 15,127 never late, just over 1 1/2 years old.
AmEx PR Gold NPSL (all my AmEx's backdated to 91)
AmEx Blue Cash 6,000CL
AmEx Blue Cash Preferred 5,000CL (With this approval AmEx also provided me my EX FICO 786)
AmEx Platinum Optima 16,000CL
BoA World MC 10,000CL
Discover More 2,000CL
Barclays Apple 2,500CL
GEMB PayPal SC 2,150CL
Crap1 750CL
Crap1 500CL
HSBC 400CL
I think thats all my cards. Total revolving credit of 45,300 not including my AmEx PR Gold (I have no idea what I could put on that card, 5,000, 10,000, 20,000???)
I use all of them except the Cap1 and HSBC cards, I PIF whatever I put on the cards, except 1 CC that I allow to report a small balance, and I pay that after the statement posts, so all in all, I have 11 CC's and I owe nothing, I keep my util at 1% and only let 1 CC report a small bal every month.
My AmEx Blue Cash is approaching my 6 month mark and I will be asking for a CLI of 4,000 to bring it to 10,000 and my Blue Cash Preferred is new, but on the 61st day I will ask for a CLI of 5,000 bringing it to 10,000 as well (don't want to be greedy) My first CLI on my Blue Cash was on the 61st day (was 2000) and I asked for 3X my current CL (a 4000 increase) instant approval, so I believe when I ask for the increases I stated above I will be given them.
@Anonymous's my little story, and once my new Blue Cash Preferred is reported to the CRA's (backdated to 91) I may gain a few points especially on EQ because that's where my Car loan is and it will bring down my overall util which is @ 20%, but my revolving util is 1%, so I may just see an 800+ after that card reports, on TU, I'm not sure if i'll see an increase in points as I'm already @ 7yrs AAoA's, but who knows, I may see a small increase bringing me to an 800 (That's what I'm hoping, but not expecting).
If there are any changes to my scores, I will update my Siggy.
Thanks for your question and I wish you the very best of Luck my Friend