@LynetteM wrote:Yes...it can be a manual read...or, it can be computerized. The 1-year rule on inquiries speaks to FICO scoring only. That doesn't mean creditors don't count how many times you've sought credit in the past two years (as opposed to just one year). Creditors can count inquiries any way they please.
Also, this same scenario can apply to mortgage and auto inquiries. Just because FICO counts them as one if they are done within a certain timeframe, that doesn't mean your future creditors will do likewise.
I think it's prudent to watch how many inquiries are on your reports for the full two years.
That all makes sense. Even to me. 
750Lady wrote:
Can anyone tell me where all these written/unwritten rules are located?
If you're lucky, you'll find this information in a forum like this but I'm not sure there is a "manual" that will give any specific number or exact information. I've read posts on here where people have had dozens of INQ and been granted good credit. I just thought you should be aware that the one year rule applies to FICO scoring only. Many creditors I'm sure have an algorithm that puts more emphasis on those less than a year old, yet still look at those between one and two years as well - the score is not only important thing. In other words if you and I both have a 705 FICO, and I have 10 inquiries that are over a year old, where you have none, chances are you'll be looked at as a better credit risk... Just keep that in mind - they are still on your report even though FICO doesn't score them.
Another of my favorites peeves is the information provided on here about credit card usage. It's spread as common knowledge on here, that plain and simple, "let only one card report a balance that is around 1% of your total revolving credit" for optimal FICO scoring - as if nothing else matters. Well, I think that is only partly true - and that there are many other complicated factors involved, such as type of usage, how long since you've used a particular type, how high your past balances have been (utility), etc., etc. And, I think your score reflects this and not just your current utility usage, but noboby knows the FICO formula so they just say the old, "let one card report 1%...". Whew, I got a little long-winded there
@bigtim wrote:Another of my favorites peeves is the information provided on here about credit card usage. It's spread as common knowledge on here, that plain and simple, "let only one card report a balance that is around 1% of your total revolving credit" for optimal FICO scoring - as if nothing else matters. Well, I think that is only partly true - and that there are many other complicated factors involved, such as type of usage, how long since you've used a particular type, how high your past balances have been (utility), etc., etc. And, I think your score reflects this and not just your current utility usage, but noboby knows the FICO formula so they just say the old, "let one card report 1%...". Whew, I got a little long-winded there
None of the things you cited above are factors in FICO scoring. The general UTIL advice given here is correct.
@creditwherecreditisdue wrote:
@bigtim wrote:Another of my favorites peeves is the information provided on here about credit card usage. It's spread as common knowledge on here, that plain and simple, "let only one card report a balance that is around 1% of your total revolving credit" for optimal FICO scoring - as if nothing else matters. Well, I think that is only partly true - and that there are many other complicated factors involved, such as type of usage, how long since you've used a particular type, how high your past balances have been (utility), etc., etc. And, I think your score reflects this and not just your current utility usage, but noboby knows the FICO formula so they just say the old, "let one card report 1%...". Whew, I got a little long-winded there
None of the things you cited above are factors in FICO scoring. The general UTIL advice given here is correct.
I don't believe it. It is simply not possible that if you and I have the EXACT same credit profile and we have the exact revolving accounts, a mix of bank, store, gas accounts etc, and for the past two years you have used your accounts periodically and wisely, paid them off, etc., and I never used one account, and now come Feb., we both show a small balance on the one same account, that we will have the same score - impossible. You have proven your ability to manage different types of credit recently, where I have not. How on earth would we be equal? FICO would have gone broke a long time ago if this were the case. If you ever get a chance to get a look at the algo, I would bet my life there were more complicated factors than the 1%, 1 account reporting theory...