The truth about inquiries, hard pulls . . .

[kebeneezer88]

Ok, so I have gotten conflicting info on how bad inquiries/hard pulls really are if you are in rebuilding mode. I have been told it doesn't matter,  you are rebuilding, it's part of the process.  But I have about 11 on two reports and 14 on the third. Also, to further confuse me,  a banker at my credit union told  me when I was inquiring about a personal loan that the "year" starts over with a new calendar year, as far as inquiries hurting you most in the previous six months then year.  When I told her 14 inquiries,  she said, "just in 2016?" which it is not. It's over the last 12 months. 

I had never heard that, I thought it was the previous 12 months??

After April, 3 or so will be at 12 months. Then after July another three or four will be at 12 months. Then in fall two will fall off completely. 

[Anonymous]

I have 17 on EX the most. they will fall off at 2 years from the INQ so in november 2017 I'll lose some, in december of 2017 I'll lose some etc etc. They fall off the date of the individual INQ, same as the 1 year mark when they don't hurt your score but are still there, it's 1 year from the individual HP. the time doesnt start over for all of them with a fresh HP. 

It's why in my rebulding I did them all pretty much at the same time, that way they all fall off togther. IMHO if you space them all over the place then your always in limbo waiting for something to fall off. So after they fall off in 2017 I'll have just the 3 from this year and those will fall off in 2018. I really only want to apply for a couple cards CSP and maybe another few in 2 years. 

Edit: every credit report is diffrent, but if I apply today for something that pulls EX. I don't even take a score hit anymore. I only took score hits up till about 6HP then after that I didn't lose any more points from a HP. But your results may differ from someone elses. So i don't suggest anyone run out and go app crazy LOL

[kebeneezer88]

That is interesting about EX, I wonder why? 

[Anonymous]

Hi kebeneezer88, 

      Harley14 hit the nail on the head with their answer. As far as why only the first few hard pulls affect your EX score, it is possible that 1) some of the hard pulls were actually soft pulls, or 2) seeing that each CRA has a different method of scoring, it may be possible [please don't quote me on this :-)] that EX considers multiple inquiries for the same type of credit line, i.e. auto, credit card, etc., as only one inquiry, or even 3) [again, please don't quote me on this :-)] simply that EX only allows so many hard pulls to actually have an effect on your score. 

      It is true though, that hard pulls only have an effect on your score for one year (based on the individual hard pull date), however are listed on your report for two years. Soft pulls have no effect on your score and for the most part the only way you would know about a soft pull is if you obtain your credit report. Soft inquiries are generally not visible to creditors, only you. 

[Anonymous]

I've never heard that about so many hard pulls, but I hope it's the straight scoop!!

[Anonymous]

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@kebeneezer88 wrote:

Ok, so I have gotten conflicting info on how bad inquiries/hard pulls really are if you are in rebuilding mode. I have been told it doesn't matter,  you are rebuilding, it's part of the process.  But I have about 11 on two reports and 14 on the third. Also, to further confuse me,  a banker at my credit union told  me when I was inquiring about a personal loan that the "year" starts over with a new calendar year, as far as inquiries hurting you most in the previous six months then year.  When I told her 14 inquiries,  she said, "just in 2016?" which it is not. It's over the last 12 months. 

I had never heard that, I thought it was the previous 12 months??

After April, 3 or so will be at 12 months. Then after July another three or four will be at 12 months. Then in fall two will fall off completely. 

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"Bankers" are notoriously ignorant in general about how the credit scoring system works.  Basically she is full of it. It goes by the last twelve months, not the calendar year. They effect scores for twelve month, then they are merely "visible" for another twelve.

Two things are vastly overstated as to their scoring effect - AAoA and Inquiries.

[kebeneezer88]

I thought that didn't make sense at all what she said. When I questioned her, she said it's different what we pull than what a mortgage lender would pull or a credit card. Maybe so, but that just didn't make sense to me at all. 

[TRC_WA]

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@Anonymous wrote:

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"Bankers" are notoriously ignorant in general about how the credit scoring system works.  Basically she is full of it. It goes by the last twelve months, not the calendar year. They effect scores for twelve month, then they are merely "visible" for another twelve.

Two things are vastly overstated as to their scoring effect - AAoA and Inquiries.

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+1

Hey Norm... everything related to my Ch 13 fell off this month.  Been in the garden a year now.

Regarding the INQs... yeah, I have a dozen or so on each report set to fall off in Jan-March 2017...  they no longer affect my score.

[Anonymous]

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@kebeneezer88 wrote:

I thought that didn't make sense at all what she said. When I questioned her, she said it's different what we pull than what a mortgage lender would pull or a credit card. Maybe so, but that just didn't make sense to me at all. 

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LOL - I don't know where some of these supposedly "knowledgable" people get their ideas from.....