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@Anonymous wrote:
I've read that after 1 year an inquiry isn't calculated in Fico score. The inquiry will stay for 2 years. I am wondering if the score will only be effected after 1 year or also have effect when off report completely? Any wisdom to share??
The inquiry has no effect on FICO score after 1 year, but if the inquiry was from a successful new account
application, the "new" account has an effect on score. Accounts are considered as "new" for 2 years and
have a diminishing input into scores up till the 2 year mark.
Score is only one simplified metric of a credit report. Under manual review or proprietary inhouse risk
scoring models, the visible inquiry can have a direct influence on credit decisions up until it disappears off
a credit report at 2 years. Same goes with the bunched inquiries counting as one for FICO scoring. The
bunched inquiries are still all visible and may input into credit report evaluations beyond just a simple FICO
score.
FYI -
Some credit scoring models do look at inquiries for the full 2 years. Examples include:
1) VantageScore 3.0
2) Credit based insurance scoring models (CBIS) from LexisNexis.