INQ's falling off at 2 years

[Anonymous]

Do they go by the absolute date or that month?  I have (2) that are hitting 2 years on 11/12/2016.  Also, do they go away immediately?

[Anonymous]

My experience is that they drop off by the month, so yours will be gone starting in December.  They should be totally gone, as if they never existed.  

[Anonymous]

Great question, MissingC!  I have heard different things about that.  But since this is going to be happening in just a few days, why don't you wait and see what happens?  Then let the readers of this thread know the answer.  Experience is a more reliable guide than anything we might say.

If you haven't pulled your reports on Credit Karma in a while, you could use Karma and time the pull for November 14.

I can see you have been on the Forums for a long time, so you probably know that the inquiries you are thinking about stopped having any effect on your FICO score a long while back, right?  Not since mid-Nov of last year.

[Anonymous]

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@Anonymous wrote:

Great question, MissingC!  I have heard different things about that.  But since this is going to be happening in just a few days, why don't you wait and see what happens?  Then let the readers of this thread know the answer.  Experience is a more reliable guide than anything we might say.

If you haven't pulled your reports on Credit Karma in a while, you could use Karma and time the pull for November 14.

I can see you have been on the Forums for a long time, so you probably know that the inquiries you are thinking about stopped having any effect on your FICO score a long while back, right?  Not since mid-Nov of last year.

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Yes sir I am aware of the no-impact on the score.  11/12/2014 is the true date that my credit finally turned around and on that day I was approved for a card with Chase as well as Amex.  I have done a fair amount documentation along the way over the past couple years with regards of inquires, approvals, CLI's, and the fluctuations of my scores in relation to those events over the 2 years.  I'm a bit of a data geek and buildinig a model from this.

[Anonymous]

Good for you.  Well, I'd be very pleased to hear any info you can report -- very curious to know whether they drop off a few days after the two-year mark or whether they will not drop off until Dec 1.

Since you are also trying to figure out how the models work (sort of backward engineering them) bear in mind that two things will happen:

(1)  Your inquiries will actually fall off your report

(2)  Your accounts will turn two years old. 

#1 is not supposed to have any effect on your FICO score.  That's well established (partly through very clear testimony from FICO itself).  But it would quite possibly affect your Vantage score.

#2 is a bit more interesting.   Some scoring models define a "new" account as one being < 24 months old.  For example, the LexisNexis Auto Insurance model does this.  Furthermore, LN is interested in comparing the number of new accounts to the total number of open accounts.  It's possible that FICO might do something similar (in FICO's case maybe it is the ratio of new accounts to total accounts.)

At any rate, that ratio could change in a few days, if FICO defines new as < 24 months.  So if you do see a FICO change it is certain not to have to do with the inquiry falling off and might have to do with that ratio changing.  The good news is that it would be a score increase.  Scoring models like it when a greater percentage of your accounts are not "new" (however that is defined: < 24 months, < 12 months, whatever).

Here's some language from FICO about one of the factors from the New Credit category.  (Emphasis mine.)

Your FICO® Scores look at how many new accounts you have by type of account. They also may look at how many of your accounts are new accounts.

[Anonymous]

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@Anonymous wrote:

Good for you.  Well, I'd be very pleased to hear any info you can report -- very curious to know whether they drop off a few days after the two-year mark or whether they will not drop off until Dec 1.

Since you are also trying to figure out how the models work (sort of backward engineering them) bear in mind that two things will happen:

(1)  Your inquiries will actually fall off your report

(2)  Your accounts will turn two years old. 

#1 is not supposed to have any effect on your FICO score.  That's well established (partly through very clear testimony from FICO itself).  But it would quite possibly affect your Vantage score.

#2 is a bit more interesting.   Some scoring models define a "new" account as one being < 24 months old.  For example, the LexisNexis Auto Insurance model does this.  Furthermore, LN is interested in comparing the number of new accounts to the total number of open accounts.  It's possible that FICO might do something similar (in FICO's case maybe it is the ratio of new accounts to total accounts.)

At any rate, that ratio could change in a few days, if FICO defines new as < 24 months.  So if you do see a FICO change it is certain not to have to do with the inquiry falling off and might have to do with that ratio changing.  The good news is that it would be a score increase.  Scoring models like it when a greater percentage of your accounts are not "new" (however that is defined: < 24 months, < 12 months, whatever).

Here's some language from FICO about one of the factors from the New Credit category.  (Emphasis mine.)

Your FICO® Scores look at how many new accounts you have by type of account. They also may look at how many of your accounts are new accounts.

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That's very interesting and thank you for providing this much useful information!

[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Good for you.  Well, I'd be very pleased to hear any info you can report -- very curious to know whether they drop off a few days after the two-year mark or whether they will not drop off until Dec 1.

Since you are also trying to figure out how the models work (sort of backward engineering them) bear in mind that two things will happen:

(1)  Your inquiries will actually fall off your report

(2)  Your accounts will turn two years old. 

#1 is not supposed to have any effect on your FICO score.  That's well established (partly through very clear testimony from FICO itself).  But it would quite possibly affect your Vantage score.

#2 is a bit more interesting.   Some scoring models define a "new" account as one being < 24 months old.  For example, the LexisNexis Auto Insurance model does this.  Furthermore, LN is interested in comparing the number of new accounts to the total number of open accounts.  It's possible that FICO might do something similar (in FICO's case maybe it is the ratio of new accounts to total accounts.)

At any rate, that ratio could change in a few days, if FICO defines new as < 24 months.  So if you do see a FICO change it is certain not to have to do with the inquiry falling off and might have to do with that ratio changing.  The good news is that it would be a score increase.  Scoring models like it when a greater percentage of your accounts are not "new" (however that is defined: < 24 months, < 12 months, whatever).

Here's some language from FICO about one of the factors from the New Credit category.  (Emphasis mine.)

Your FICO® Scores look at how many new accounts you have by type of account. They also may look at how many of your accounts are new accounts.

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That's very interesting and thank you for providing this much useful information!

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I'm curious if the inquiries fell off around the exact date, or if at the beginning of December?  I'm also curious if you experienced a score increase from the accounts aging over the 2 year mark?  Thanks

(If anyone else wants to add their experience, feel free!)

[Marcos8]

I'm pretty sure my Experian inquiries fall off the month after the two year date. And I'm pretty sure my Transunion ones fall off very close to if not on the two year date. Not sure about EQ. 

[RobertEG]

The deletion of inquries is not regulated under any provision of the FCRA.

It is purely a housekeeping function determined by the CRAs, and not a determination under FICO, and thus has no rigid removal date.

Retention after two years is not a violation of any provision of the statute or regulation.

FICO makes its determination to exclude from scoring at one year based on its own view of whether an inquiry still has predictive value at one year.

The CRA determination to retain for two years is based primarily on statutory requirements to provide record of prior inquiries if requested to do so, and not on a determination of their predictive scoring value.

[Anonymous]

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@RobertEG wrote:

The deletion of inquries is not regulated under any provision of the FCRA.

It is purely a housekeeping function determined by the CRAs, and not a determination under FICO, and thus has no rigid removal date.

Retention after two years is not a violation of any provision of the statute or regulation.

FICO makes its determination to exclude from scoring at one year based on its own view of whether an inquiry still has predictive value at one year.

The CRA determination to retain for two years is based primarily on statutory requirements to provide record of prior inquiries if requested to do so, and not on a determination of their predictive scoring value.

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Yikes, I find that very troubling, as I've been looking forward to my 2 year rebuild anniversary later this year.  Thanks for that information.  I was hoping to have most of my inquiries fall off so that I could begin another round of action looking much less needy, and move on to cards that better suit me after a long wait(much of the wait, unlike most on here, was before I began actively rebuilding).  I also dont want to rely on Chase reps catching that the inquiries are over 2 years, and forgetting they saw all of them when it comes time to issue the spending limit.  

Again, I'm actually more curious if anyone has had a decent number of accounts in good standing hit the 2 year anniversary at the same time(preferably for the first time), and what that either did or didn't do to the score.   I can start another thread, but was hoping the OP would see this and reply about their experience, along with others.  Thanks again for sharing that information, which could be valuable knowing, depending on how things play out.