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Established Contributor
NJTurnpike
Posts: 662
Registered: ‎02-20-2013
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Closing in on 800?

I wonder if i didn't have my inquires, would my scores close in on 800? I suppose that would mean my AAoA would go up as well since the inquires need to age to drop too.


DCU ( pulled 3/29/13) EQ04 683 | Amex (pulled 3/28/13) EX 760 | US Bank (pulled 3/28/13) EX 753
CreditKarma (4/19/13) TU-TR 701 | TU Vantage 788 | USAA FAKO (3/31/13) EX 728, EQ 699, TU 737 |
Inquiries (4/18/13) EX 13 | EQ 13 | TU 14
Valued Contributor
lg8302ch
Posts: 2,659
Registered: ‎11-13-2012
0

Re: Closing in on 800?

good question
I have been trying to get passed 793 EQ Fico but did not succeed even without inq in 24 months. Fico did not like only 2 accounts. Now it does not like the too many recent accounts and inq..ha ha..now on my test for gardening 12 months and see what this will do. ...
FICO® EQ 784 (as of today) - TU 771 (07/25) * Fako EX 799 (07/02 - CS) * last app 06/01/14 * INQ last 2 yrs TU: 5, EX: 7, EQ: 7


Move the mouse over the cards for detailed view!..................................................................* Bronze Spade Garden Club member *
Valued Contributor
thom02099
Posts: 1,323
Registered: ‎08-30-2011
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Re: Closing in on 800?


NJTurnpike wrote:

I wonder if i didn't have my inquires, would my scores close in on 800? I suppose that would mean my AAoA would go up as well since the inquires need to age to drop too.


Certainly, losing 13 inquiries per report would have an impact on your score; it could net you probably 50-75 points (figuring a net gain of +5 points/inq on average)! :smileyhappy:

AMEX Gold NPSL / AMEX Zync NPSL / AMEX Blue Cash Preferred $14K / Bank of America Cash Rewards Signature Visa $15K / Merrill Lynch Plus Signature Visa $15K / Wells Fargo Propel 365 $15K / Chase Sapphire Preferred Signature Visa $10K / J P Morgan Select Signature Visa $10K / Chase Slate Visa $6K / CITI Diamond Preferred MasterCard $13.2K / Discover IT $10.5K / IberiaBank Select Visa $8K / 1st Command Bank Platinum Visa $7.5K // Home Depot $9.7K / Lowes $10K

EX = 768 EQ = 828 TU = 834 - June/2014
Moderator
Revelate
Posts: 8,896
Registered: ‎12-30-2011
0

Re: Closing in on 800?


thom02099 wrote:

NJTurnpike wrote:

I wonder if i didn't have my inquires, would my scores close in on 800? I suppose that would mean my AAoA would go up as well since the inquires need to age to drop too.


Certainly, losing 13 inquiries per report would have an impact on your score; it could net you probably 50-75 points (figuring a net gain of +5 points/inq on average)! :smileyhappy:


Inquiries aren't nearly that intensive on the base score, nor are they linearly penalized in the algorithm.  Sitting at a 700 or thereabouts on the DCU pull, it's unlikely it'll kick the OP up 50 points, let alone anywhere close to 800.  Amex was probably a bankcard enhanced pull anyway, but my guess is maybe 15-20 points in this case but it does depend what else is in the report.  

 

Generally speaking, for any moderately thick file, it takes a while to reach 800; 720 is pretty much obtainable by virtually everyone without significant derogatories within a a year or two... get comfy after that though, diminishing returns are littered throughout the model.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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