Inquiries count!!!!!!

[Anonymous]

I have seen a lot of people here say that inquiries do not affect your credit report, well thats not exactly true. I just got a Fico alert and my Equifax score went down 10 points just because the Fingerhut inquiry was added. I'm annoyed because I didn't even want to apply for it, I had put it off for so long. I'm in the middle of helping a friend with her credit and when she applied......like a dummy I just went ahead and applied too. Now I'm back under the 600 mark but I won't get discouraged, I'm still working towards great things. I just had to get that out. Whew! Woosah...1,2,3.

[ojefferyo]

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@Anonymous wrote:

I have seen a lot of people here say that inquiries do not affect your credit report, well thats not exactly true. I just got a Fico alert and my Equifax score went down 10 points just because the Fingerhut inquiry was added. I'm annoyed because I didn't even want to apply for it, I had put it off for so long. I'm in the middle of helping a friend with her credit and when she applied......like a dummy I just went ahead and applied too. Now I'm back under the 600 mark but I won't get discouraged, I'm still working towards great things. I just had to get that out. Whew! Woosah...1,2,3.

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Don't get discouraged, it will come back up within a few months. Just use it for little things and show payment history.

[Anonymous]

theres no telling, i applied for FH too, and my eq went up 4 points tu went down 1 and ex doesnt seem to be phased.

got a gas rewards card finally, 300 limit, not reporting yet, will use for gas and pif for a couple months, hopefully push me over 600 for the first time in 20 years

[Anonymous]

Ha! Good luck on your rebuilding. A gas card is something I really want but got denied for...oh well. My drop was included with the fingerhut alert from Fico so I figure it has to be that. I'll give it time.

[tufa4311]

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@Anonymous wrote:

I have seen a lot of people here say that inquiries do not affect your credit report, well thats not exactly true. I just got a Fico alert and my Equifax score went down 10 points just because the Fingerhut inquiry was added. I'm annoyed because I didn't even want to apply for it, I had put it off for so long. I'm in the middle of helping a friend with her credit and when she applied......like a dummy I just went ahead and applied too. Now I'm back under the 600 mark but I won't get discouraged, I'm still working towards great things. I just had to get that out. Whew! Woosah...1,2,3.

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Yes, Inquiries will affect your credit file and thus your score no question.

Now the harder question: HOW will it affect your score? This can not be answered with any certainty. Everyone's file is different and you are not adding inquires in a vaccum - when you add an inquiry that is not necassarly the only thing that changes. For example, if you get an inquiry due to a CLI request and are approved, well then your overall available credit will change, thus your UTIL will change.

Some inquiries may cause your score to drop. Other inquires may cause your score to increase, indirectly - why? Becuase you may loose 5 points for the inquiry but gain 20 points for the additional credit you have thus lowering your UTIL.

[Anonymous]

That makes sense. Thanks for the information and hopefully my score will rise again once they report the limit.

[taxi818]

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@Anonymous wrote:

I have seen a lot of people here say that inquiries do not affect your credit report, well thats not exactly true. I just got a Fico alert and my Equifax score went down 10 points just because the Fingerhut inquiry was added. I'm annoyed because I didn't even want to apply for it, I had put it off for so long. I'm in the middle of helping a friend with her credit and when she applied......like a dummy I just went ahead and applied too. Now I'm back under the 600 mark but I won't get discouraged, I'm still working towards great things. I just had to get that out. Whew! Woosah...1,2,3.

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Dont know where you got that from. of course they affect your sscore. but mostly the first 6 months. no affect what so ever on your score after 1 year. even though they are physically on your report for up to 2 years. ive had several fall off after 18 months or so. but for sure no longer than 2 years on report.