How Bad are Inquiries to Long Term Credit

[Anonymous]

I have 4 accoridng to Equifax and 5 according to Experian and Transunion. I have scores of : 

EX - 721

EQ - 714 

Transunion - 731 

The last inquiry is not on the account yet and I am just wondering how bad they affect my credit . 

[Anonymous]

Inquiries usually drop score by 5-10 pts per, up to a certain amount.

They're not the worst thing to have. Plenty of people here have high scores with 50-100+ inquiries and get approvals. It all depends on what else you have on your report.

[Brian_Earl_Spilner]

They only affect your score for a year and disappear after 2. After you get so many, you stop getting dinged for them. That number varies depending on profile. For me, it's about 9. As far as how they'll affect you, that really depends on your income and credit profile. I just opened 5 accounts in the last couple of months with about 20 inquiries on each bureau beforehand. Creditseeking was never mentioned. 

[dragontears]

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@Anonymous wrote:

I have 4 accoridng to Equifax and 5 according to Experian and Transunion. I have scores of : 

EX - 721

EQ - 714 

Transunion - 731 

The last inquiry is not on the account yet and I am just wondering how bad they affect my credit . 

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Depends on your definition of "long-term"

As others said, inquiries impact your score for 1 year and is completely removed after 2 years. In the credit world 2 years is like a sneeze so in that case there is no impact to your "long-term" credit profile. 

When you are starting out or waiting for things to fall off 2 years can feel like an ETERNITY so if your definition of "longterm" is less then 2 years there is a point you will get denials for "too many inquiries" the exact number varies by profile with thin/young/rebuild profiles having a lower value in general before denials start rolling in. 

Also the type of inquiry can make a difference, for example, multiple mortgage and auto loan inquiries (if coded properly) only impact your credit score as 1 inquiry if made in a short amount of time (all of the individual inquiries still stay on your report)

[Anonymous]

If looking at it by not affecting me in a year: 2 of mine stop affecting me this year, the other 3 will stop affecting me next year. But nothing is goen fro another 1 - 2 years, so I think I will start to garden. I just got a CLI boost from Apple yesterday and a big jump from Disco for graduating college. This is just frustrating to see them there , even when it says low impact . 

[Brian_Earl_Spilner]

Unfortunately, when starting out they'll have more impact. Once you get 10 years under your belt, they'll start to matter less unless you go nuts with them.

[Anonymous]

Thank you for the advice! I'm waiting for the last inquiry to hit , also.. how do you guys have such cool signitures?? I would love to incorporate my cards  

[Trudy]

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@Anonymous wrote:

Thank you for the advice! I'm waiting for the last inquiry to hit , also.. how do you guys have such cool signitures?? I would love to incorporate my cards  

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You'll find plenty of information regarding signatures in here.

[Anonymous]

Inquiries only represent ~ 5% of your score. It is the impact of what inquiries lead to that matter: new accounts. 

New accounts have a significant impact:

- reduce your score for appx 1 yr

- reduce your credit AAoA age

- reset your newest account AoYA age

- change your scorecard

- add one more thing to watch and manage

- require one more password 

On the upside, new accounts:

- add credit capacity

- reduce your total utilization but not your debt

My point: inquiries are a nick. New accounts are a cut. Cuts take time to heal and recover. 

I am not saying do not do it. Just know the full consequences of your actions. 

Full disclosure: I have 12+cards

[Anonymous]

@Anonymous I just want to say WOW, very impressive. And I think I'm done for a while, I want my inquiries to say 0 and they won't for another 2 years , I do have an inquiry on the way for something I did like 7 days ago (or maybe not becuase I haven't seen it yet) .