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Impact of inquiries...

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fishbjc
Senior Contributor

Impact of inquiries...

My niece went a little nuts last year on apps., applied to SEVEN within a few months of each other.  FIVE are due to hit the one year mark by June of 2016.  Can she expect to see a change in score? 

 

She says "lesson learned"....hope so.

Message 1 of 6
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Anonymous
Not applicable

Re: Impact of inquiries...


@fishbjc wrote:

My niece went a little nuts last year on apps., applied to SEVEN within a few months of each other.  FIVE are due to hit the one year mark by June of 2016.  Can she expect to see a change in score? 

 

She says "lesson learned"....hope so.


Depends on the robustness of her file. Some claim thin files are affected more by inquiries, but personally I have not seen inquiries have a serious effect one way or the other.

Message 2 of 6
Anonymous
Not applicable

Re: Impact of inquiries...

The inquiries won't cause not much of a blurb, it was the new accounts. Id not worry about the score from the inquiries, rather other banks seeing them and denying future applications or credit increases. The scores come up not just from the inquries getting a year old, but all her accounts aging as well. It all works together. If you can get any hard pulls converted to soft pulls especially on failed apps you could possibly see immediate change if youre that curious or that determined. Synchrony wont do it, ive tried.

Message 3 of 6
Anonymous
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Re: Impact of inquiries...

There may be a small increase like 3-5 points but as was stated prior, the bigger pull on the score had to do with account age more than likely

Message 4 of 6
Anonymous
Not applicable

Re: Impact of inquiries...

My TU Fico 8 is 793. My EQ Fico 8 is 755. The only difference in the two files is inquries. TU has 6, with 2 in the last 12 months. EQ has 8, with 5 in the last 12 months. However, part of that score difference - and this is just a theory of mine - is because TU places more emphasis on oldest account and mine is really old. Discounting that from when my files were absolutely identical and had a spread between the two of 24 points, that leaves 14 points accounted for by the difference in inquiries.

Message 5 of 6
Revelate
Moderator Emeritus

Re: Impact of inquiries...


@Anonymous wrote:

My TU Fico 8 is 793. My EQ Fico 8 is 755. The only difference in the two files is inquries. TU has 6, with 2 in the last 12 months. EQ has 8, with 5 in the last 12 months. However, part of that score difference - and this is just a theory of mine - is because TU places more emphasis on oldest account and mine is really old. Discounting that from when my files were absolutely identical and had a spread between the two of 24 points, that leaves 14 points accounted for by the difference in inquiries.


The algorithms aren't identical between TU and EQ when we're talking FICO 8; 2 inquiries is at most 1 bin, and that's not going to be a 14 point difference based on people's prior experience here.

 

Can't make that assertion on score differences between bureaus on any FICO algorithm to date, maybe FICO 9 might change that somewhat.

 

My shift on Beacon 5.0 was precisely 7 points (repeatedly) between 2 and 3 inquiries.

 

@OP: inquiries aren't a big deal, probably a 5-15 points would be my guess at absolute most going from 7 to 2 or whatever, but won't be an earthshattering improvement.




        
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