12-08-2008 08:31 PM
12-08-2008 10:24 PM
12-09-2008 04:28 AM
Remember, depending on the CRA, auto inquiries within a 14 or 30 day window count as one inquiry. So if you rate shop and app 15 times during a 2 week period, then you only have one inquiry as read by FICO (but your report will show the 15).
Inquiry damage is overrated. It is lumped into the "new credit" portion of the FICO formula. 15 of my last 20 inquiries resulted in no score change when pulling the FICO report the day before and the day after. I did see damage to my CR for the first time this week when I added 3 inquiries on EQ and I lost 5 points off EQ. Most damage occurs when the score is closer to 750 or if your "new credit" isn't so bad (mine was not good or good).
Most people think that adding a CC will improve their score. Unless your util is super high or if your mix of credit is bad, you'll likely see a score drop up to the 20-25 point range. Some see that score drop and mentally link it back to the inquiry, which isn't true.
As Byrd mentioned, FICO doesn't care if it is a CA inquiry, a CC inquiry, a loan inquiry, a mortgage inquiry, a car inquiry, etc. An inquiry is an inquiry.
12-09-2008 05:28 PM
I agree that scoree damage is overrated.
Unfortunately Chase Protection ID and TrueCredit recognize the inquiries performed by Collectors in their FAKO scoring.
So will do lender during a manual review.
I would care more about not to have CA hard inquiries at any time.
12-11-2008 10:03 AM
12-11-2008 03:49 PM
12-11-2008 03:54 PM
Forums posts are not provided or commissioned by FICO. Forums posts have not been reviewed, approved or otherwise endorsed by FICO. It is not FICO's responsibility to ensure all posts and/or questions are answered.† Advertiser Disclosure: The listings that appear on myFICO are from companies from which myFICO receives compensation, which may impact how and where products appear on myFICO (including, for example, the order in which they appear). myFICO does not review or include all companies or all available products.
* For complete information, see the terms and conditions on the credit card issuer’s website. Once you click apply for this card, you will be directed to the issuer’s website where you may review the terms and conditions of the card before applying. While myFICO always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms - and before applying you should understand the full terms of products as stated by the issuer itself.
IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more
FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.