Iquiries

[mizzmonick19]

So it's my understanding that inquiries (the ones that impact your credit rating) remain on your credit report for 2 years...Does this mean it will fall off on your credit report once the 2 yr time frame has been met, automatically??? Sorry for my ignorance, just trying to understand my credit report :-)

Also, how many inquiries should one have on their credit report for a 2 yr period?

Thanks in advance

[Booner72]

Hard inquiries (the ones that affect your score) remain for two years, but FICO only scores for one year.  No one can answer how many inquiries you "should" have - the least amount is the best amount.  Only apply for credit if you need credit.

[mizzmonick19]

@booner72 thanks for your reply...now when you say FICO your talking about the FICO scores for equifax and transunion from myfico.com???

[Booner72]

 When I say FICO I mean the FICO scoring model of TU, EQ, and EX --- The only one you can buy yourself is the FICO score from the EQUIFAX report.  The TU version that myfico sells is the TU98 and it's an old outdated model.  They are hoping to get the TU04 version but no luck yet.  So no, I'm not talking about the FICO TU you can buy at MYFICO.

TU EQ and EX are all credit reporting bureaus and their job is to compile information they get from creditors.  Then FICO takes the info and scores it.  Since FICO is what lenders use, it is the one that counts.  The other scores online are all just gimmicks to get a person to spend their money on nothing.   (There are also auto-enhanced FICO and credit-card enhanced FICO, keep that tidbit in mind).

Hopefully I explained that - it's very complicated and I'm sure I still have a LOT to learn about how this works.  my favorite section of MYFICO is "Understanding Fico Scoring" - that's where I spent the most time when I first found this forum, and still do.  The search box is really useful to find the topics you are most interested in learning about.

[lpayton]

In an attempt to gain new healthy credit, I have applied for a few different cards.  It has knocked my score down 8 points.  Be careful!

[MarineVietVet]

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@Booner72 wrote:

 When I say FICO I mean the FICO scoring model of TU, EQ, and EX --- The only one you can buy yourself is the FICO score from the EQUIFAX report.  The TU version that myfico sells is the TU98 and it's an old outdated model.  They are hoping to get the TU04 version but no luck yet.  So no, I'm not talking about the FICO TU you can buy at MYFICO.

TU EQ and EX are all credit reporting bureaus and their job is to compile information they get from creditors.  Then FICO takes the info and scores it.  Since FICO is what lenders use, it is the one that counts.  The other scores online are all just gimmicks to get a person to spend their money on nothing.   (There are also auto-enhanced FICO and credit-card enhanced FICO, keep that tidbit in mind).

Hopefully I explained that - it's very complicated and I'm sure I still have a LOT to learn about how this works.  my favorite section of MYFICO is "Understanding Fico Scoring" - that's where I spent the most time when I first found this forum, and still do.  The search box is really useful to find the topics you are most interested in learning about.

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A slight clarification. All FICO scores, including TU98, stop scoring inquiries after one year.

And although TU98 is an older version there are still millions of TU98 pulls by lenders every year.

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".