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Established Member
futurebyer
Posts: 10
Registered: ‎10-15-2007
0

When do mortage inquiries fall off CR?

Hello -- I wish I could change my username from Futurebyer to NewHomeOwner! Thanks to this ForumI dramatically increased my score (over 100+) points in about 14 months and I just closed on my first home!

 

And oh happy day, some really old charge offs have finally fallen off after the 7.5 year mark.

 

My question is this: I currently have 6 inquiries on my CR from mortgage companies. When will they drop off and how much do they impact my score? Is each inquiry equivalent to 10% of my score?

 

Any thoughts would be helpful!

Valued Contributor
IOBA
Posts: 2,697
Registered: ‎08-13-2009
0

Re: When do mortage inquiries fall off CR?

Congratulations!

 

I have an illegal mortgage inquiry on my report (I never applied for a mortgage with the company) and 18 months later, it still shows up. In fact, it reports that I have a mortgage, balance zero, previous balance of $599.  Like I said, I never applied for a mortgage from them or anyone else during that year!

 

I leave it cuz it helps -- I think -- with my credit score.

 

I did call the company up and they played dumb.  Had no clue what I was talking about, since  I didn't have a mortgage with them....**Rolling my eyes** 

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: When do mortage inquiries fall off CR?


futurebyer wrote:

Hello -- I wish I could change my username from Futurebyer to NewHomeOwner! Thanks to this ForumI dramatically increased my score (over 100+) points in about 14 months and I just closed on my first home!

 

And oh happy day, some really old charge offs have finally fallen off after the 7.5 year mark.

 

My question is this: I currently have 6 inquiries on my CR from mortgage companies. When will they drop off and how much do they impact my score? Is each inquiry equivalent to 10% of my score?

 

Any thoughts would be helpful!


 

Congrats! When's the house warming party? We didn't get any invitations in the mail, yet. :smileysad:

 

All inquiries remain on your CR for about 2 years. Per FICO scoring, inquiries only have an impact for the first year and are not scored after that point. FICO treats all mortgage and auto inquiries as one single inquiry if pulled within a 14 or 30 day period, based on the CRA and FICO version used. So, if you have 100 mortgage inquiries on EQ within a two week period, FICO is only dinging you for one of those. That was built in to account for the fact that people would want to rate shop for the best deals.

 

Each inquiry isn't 10% of your score. The 10% factors in new credit and inquiries, with most coming from adding new accounts. Most of my added inquiries resulted in no score change. At most I was hit with 5-7 points.

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: When do mortage inquiries fall off CR?


IOBA wrote:

Congratulations!

 

I have an illegal mortgage inquiry on my report (I never applied for a mortgage with the company) and 18 months later, it still shows up. In fact, it reports that I have a mortgage, balance zero, previous balance of $599.  Like I said, I never applied for a mortgage from them or anyone else during that year!

 

I leave it cuz it helps -- I think -- with my credit score.

 

I did call the company up and they played dumb.  Had no clue what I was talking about, since  I didn't have a mortgage with them....**Rolling my eyes** 


 

I'd pull your report directly from each CRA (from where it reports) and look at the demographics section. Look to make sure there isn't another SSN, name, address, etc. used that would indicate ID theft.

 

It isn't helping your mix because of the $0 balance. The only way it can help is your account history. If your AAoA is older than the age of this TL, then you'd benefit by removing it, assuming it isn't your only account.

 

 

Moderator
LIGHTNIN
Posts: 4,189
Registered: ‎03-24-2008
0

Re: When do mortage inquiries fall off CR?

agree with llecs,Congrats on your new home!!!            Its a great warm fuzzy feeling :smileytongue:

 

BTW, if you want your user name change.....try onBarry myfico admin, on the fico tec help board.

Dont know if they can change user names, i know when myfico forums started they didnt.....But dont hurt to ask

FICO's Oct 2013 TU711 EQ713 EX723~~Live below your means and always keep an emergency fund -Love Everybody ~ Big Kenny ~ Big and Rich ~~~~~Credit Scoring 101 - Common Abbreviations - Freq Req Threads - Free Credit Reports - What Steps Do I Take?DV? PFD?
Valued Contributor
IOBA
Posts: 2,697
Registered: ‎08-13-2009
0

Re: When do mortage inquiries fall off CR?

Illecs -- it's definitely in my name, my ssn, my current address.

 

It was added last year, so only a year old.  Does it help with the AAofA?  Will it fall off in 7 years from first date it was first reported as paid?

 

Thanks for the information! 

Moderator Emeritus
llecs
Posts: 32,869
Registered: ‎08-04-2007
0

Re: When do mortage inquiries fall off CR?


IOBA wrote:

Illecs -- it's definitely in my name, my ssn, my current address.

 

It was added last year, so only a year old.  Does it help with the AAofA?  Will it fall off in 7 years from first date it was first reported as paid?

 

Thanks for the information! 


 

If your AAoA older than 1 year old (because this TL is 1 yr old), and if you have other accounts being factored into AAoA, then removing this account will cause your AAoA to increase. Since FICO reads AAoA in whole numbers only, and if your AAoA hits 2 or more years, then you could see an increase. Any OC account younger than your AAoA is automatically dragging your AAoA down and possibly your score.

 

If you are forward thinking and looking long term, then this TL will remain 10 yrs from the listed date of closure and could potentially help, especially if you add new TLs between now and then. I have a Macys account that was opened in error by Macys. It is reporting as a revolving account but has always listed as "open" with $0 for the balances and CL. While it is younger than my AAoA, by one year, I have every intention of letting it report and I know I'll add new TLs in the future like car or home. In the short-term it hurts, but in the long run, it will help.


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