Hard Inquiry Drop Off - Will It Improve Score?

[Anonymous]

On February 12th I have a hard inquiry that will turn a year old.  I have two other hard inquirys within the last year with dates of

October 09, 2008 First Usa June 20, 2008 Cap One February 12, 2008 Cap One

Will my score see any sort of improvement when the Feb 12th one drops off? Or will another one, or even all of them need to drop to see an improvement? Thanks.

[llecs]

You likely won't see any increase.Assuming you were dinged for the inquiry, any damage would have lessened over the course of the year. However, if you have a new TL associated with the inquiry, expect a small increase as it hits the one yr. mark.

[smallfry]

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@llecs wrote:
You likely won't see any increase.Assuming you were dinged for the inquiry, any damage would have lessened over the course of the year. However, if you have a new TL associated with the inquiry, expect a small increase as it hits the one yr. mark.

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I don't know about any score increase from the drop off of an inquiry but I am pretty sure the damage from an inquiry does not lessen as it ages to a year. Once it hits a year FICO won't count it but any score pop will occur at that point. The damage from an inquiry will decrease as it ages towards a year in the eyes of a credit issuer but as far as scoring goes nope.

[Junejer]

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smallfry wrote:

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@llecs wrote:
You likely won't see any increase.Assuming you were dinged for the inquiry, any damage would have lessened over the course of the year. However, if you have a new TL associated with the inquiry, expect a small increase as it hits the one yr. mark.

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I don't know about any score increase from the drop off of an inquiry but I am pretty sure the damage from an inquiry does not lessen as it ages to a year. Once it hits a year FICO won't count it but any score pop will occur at that point. The damage from an inquiry will decrease as it ages towards a year in the eyes of a credit issuer but as far as scoring goes nope.

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Correct.

 

So, if you were dinged points from that INQ, you will get them back, when it is removed.  It may not be removed on that exact date.  Some report that INQs are removed at the beginning of the month, while others report that they are removed at the end of the month.

[llecs]

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ByrdMan wrote:

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smallfry wrote:

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@llecs wrote:
You likely won't see any increase.Assuming you were dinged for the inquiry, any damage would have lessened over the course of the year. However, if you have a new TL associated with the inquiry, expect a small increase as it hits the one yr. mark.

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I don't know about any score increase from the drop off of an inquiry but I am pretty sure the damage from an inquiry does not lessen as it ages to a year. Once it hits a year FICO won't count it but any score pop will occur at that point. The damage from an inquiry will decrease as it ages towards a year in the eyes of a credit issuer but as far as scoring goes nope.

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Correct.

So, if you were dinged points from that INQ, you will get them back, when it is removed.  It may not be removed on that exact date.  Some report that INQs are removed at the beginning of the month, while others report that they are removed at the end of the month.

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All things being equal with no new credit or inquiries over the next year impacting things, I can see that happening.

[marty56]

I had a recent 14 gain in EQ which seems to have been caused by going from 2 INQs to 1.  I do remember a 14 or 15 point drop last year on EQ for an INQ but I am not 100% sure.

[smallfry]

Could be marty. Did any of your tradelines reach benchmarks in time where they might be considered more seasoned? That seems like a big jump for just a loss of an inquiry.

[haulingthescoreup]

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marty56 wrote:
I had a recent 14 gain in EQ which seems to have been caused by going from 2 INQs to 1.  I do remember a 14 or 15 point drop last year on EQ for an INQ but I am not 100% sure.

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This would make sense with what I have on my EQ reports. The first inquiry didn't hurt, but the next three sure did.

I think that you get a freebie inq before they start dropping the hammer on you, which would make sense. Might not be true for all score buckets, or across all three bureaus, though.