I pulled my TU report today and was happy to see a 702 FICO. I also noticed that this report is nearly identical to my EQ report, excpet for the fact that EQ has 11 inquries within the last year and TU has only 2. Other than that, the same accounts are there reporting the same statuses and balances. I last pulled my EQ report at 680 FICO.
Although I have never seen (in the 5 months I have been tracking this) my EQ score change due to an inquiry or new account, I am lead to believe that I will see at least a 22 point increase in my EQ score if I let the years inquries fall off. Does this sound accurate?
Has anyone else noticed a real effect of inquries?
EX:694 TU:744 EQ:777
Unfortunately you can't make that assumption: even if your EQ score were pulled at the exact same time, and exact same data as the TU score here, EQ/TU from myFico are completely different FICO versions, namely EQ is FICO '04, and TU is FICO '98.
They weight things differently, and there's no method to isolate the inquiries seperate from any other potential differences which we can't quantify anecdotally. If someone had access to PSECU, then the EX score and the EQ score here might be more comparable, but EX reports a little differently on tradelines and that can make a difference too.
Damn. Ok, so there is no sure thing with this. I might wait the year though and see what happens since I don't really *need* any new credit. I could, however, use a rewards card with no foreign transaction fee, but that involves applying for cards and new accounts. If I decide to wait, I will post my score increase when all of the inqs fall off.
@DaveSignal wrote:Damn. Ok, so there is no sure thing with this. I might wait the year though and see what happens since I don't really *need* any new credit. I could, however, use a rewards card with no foreign transaction fee, but that involves applying for cards and new accounts. If I decide to wait, I will post my score increase when all of the inqs fall off.
Yeah. I think the only way to really track it is to watch when they come off (bearing in mind that an inquiry 11 months old is nowhere close to as painful as to one that just got added) or to apply and pull a score, apply again, pull score, etc to see on the front side.
If I didn't have a bunch of inquiries on my reports anyway from the last time I went auto shopping (and hardly any of them are flagged as auto related, one out of something like 12 on my EX report is stated that way under Permissible Purpose) I'd try it for when I go to refinance since most of the inquiries there are going to land on EQ with the lenders I wound up picking on their approval requirements.