I bought my car a year ago... 4/28/13.
I've read that supposedly all the inquiries count as one but I still have over a dozen on that date spread across the 3 CRA's.
I know they don't fall off till 2 years, but I've also read that they only count against you for 1 year. That being said, should I expect to see a score increase in the coming days?
I am quite curious how one year anniversaries of HP are calculated when applying for new credit. After one year do you still get heavy penalized on a fairly thin credit file?
@user5387 wrote:
@mongstradamus wrote:I am quite curious how one year anniversaries of HP are calculated when applying for new credit. After one year do you still get heavy penalized on a fairly thin credit file?
Doesn't the FICO effect of a hard pull disappear after one year?
Individual lenders may put their own spin on things, of course.
Well I thought it doesn't effect your fico score, but if they do an HP I thought they see everything on the credit report,which would include HP from previous year.I am unsure that's why I asked here,maybe some of the experts would know 😀
Thanks for the responses. I'll update with any score changes in the coming week.
@mongstradamus wrote:I am quite curious how one year anniversaries of HP are calculated when applying for new credit. After one year do you still get heavy penalized on a fairly thin credit file?
Anyone registered here for a year shouldn't have a thin credit file... just sayin 
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+1 to user398432's commentary.
Re: original question: when my last two then scoreable inquiries fell off my Equifax report I gained 2 points on Beacon 5.0: minor in the extreme to near trivial.
@Revelate wrote:
@mongstradamus wrote:I am quite curious how one year anniversaries of HP are calculated when applying for new credit. After one year do you still get heavy penalized on a fairly thin credit file?
Anyone registered here for a year shouldn't have a thin credit file... just sayin
+1 to user398432's commentary.
Re: original question: when my last two then scoreable inquiries fell off my Equifax report I gained 2 points on Beacon 5.0: minor in the extreme to near trivial.
Ahh i see i am very curious if I should bother waiting for my one year anniversaries to hit or just go ahead and app now for amex fidelity and sallie mae. I have 8 HP on EX and 6 on TU right now. If i wait till sept all of the HP would reach one year anniversaries. Also am wondering when you apply for cc and they hard pull , are approvals done more by computers or do they have UW manually look thru your credit file ?
@mongstradamus wrote:
@Revelate wrote:
@mongstradamus wrote:I am quite curious how one year anniversaries of HP are calculated when applying for new credit. After one year do you still get heavy penalized on a fairly thin credit file?
Anyone registered here for a year shouldn't have a thin credit file... just sayin
+1 to user398432's commentary.
Re: original question: when my last two then scoreable inquiries fell off my Equifax report I gained 2 points on Beacon 5.0: minor in the extreme to near trivial.
Ahh i see i am very curious if I should bother waiting for my one year anniversaries to hit or just go ahead and app now for amex fidelity and sallie mae. I have 8 HP on EX and 6 on TU right now. If i wait till sept all of the HP would reach one year anniversaries. Also am wondering when you apply for cc and they hard pull , are approvals done more by computers or do they have UW manually look thru your credit file ?
Depends on your file and score but generally if you're making a stretch, the cleaner the better and neither the Fidelity Amex nor the Sallie Mae card are going anywhere anytime soon. That said since they're six months old they probably aren't hurting your score much, you might get better with your tradelines hitting a year FICO wise once the 12th reported payment lands.
Regarding approvals: that's so lender specific it's hard to make any real call either way, but if you get an instant approval with any lender it was likely computer underwriting as it would take too long to process manually; but others like the FIA underwritten Fidelity card, a lot of people report getting a 7-10 day message, and still getting approved afterwards - likely manual (human) underwrite.
I have a feeling most automatic underwriting happens when you're overqualified for a credit card's tier: to use a familiar example, if you could get a Chase Freedom on an instant, non-zero chance you could've gotten a CSP even if you'd wished which historically has required a higher credit strata to obtain.