Inquiries dropping off this year - any points?

[glamchick]

I have two inquiries coming off this year will i earn any points because of this?  If so how many?

[Anonymous]

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glamchick wrote:

I have two inquiries coming off this year will i earn any points because of this?  If so how many?

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No, you won't gain any points for inquiries dropping off.  They drop off after two years, but FICO only counts them for one year, so you get the points back when they turn one year old, not when they drop off.

[glamchick]

Thank you Chedder!!!  I am going to check on the ones that are turning a year old.

[haulingthescoreup]

Hi, glamchick, I've had a few go over one year, and I've gotten a whopping one or two points for each. On the other hand, if you actually were approved for a new account because of an inq, you will get some additional points for it going over one year.

I don't know if it's the same for everyone, but I got the birthday points (for the account going over a year) on the first day of the month, and I got the inquiry points on the actual day of the month that the inq was made.

So for a card that I got on 12/17/06, I got points (5? 8?) on 12/1/07 for the card's birthday, and I got one point on 12/18/07 for the inq no longer being counted. YMMV

[Anonymous]

The more inq's you have, the more they hurt your score. One inq doesn't effect you that much, but going from 8 inq's to 5 inq's will have a larger effect.

[Anonymous]

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Moobs wrote:
The more inq's you have, the more they hurt your score. One inq doesn't effect you that much, but going from 8 inq's to 5 inq's will have a larger effect.

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True to a point.  It seems the biggest damage usually happens with INQ #2 or #3, but if you already have, say, 15, for example, then #16 is not going to have as much of an incremental effect as #2 did.

ETA:  I just added #7 on EQ, and my score didn't budge.

Message Edited by cheddar on 02-13-2008 06:28 AM

[MidnightVoice]

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cheddar wrote:

True to a point.  It seems the biggest damage usually happens with INQ #2 or #3, but if you already have, say, 15, for example, then #16 is not going to have as much of an incremental effect as #2 did.

ETA:  I just added #7 on EQ, and my score didn't budge.

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I think that the score calculator figures once you havetoo many inqs you are usually going to get denied credit anywaay 

[Anonymous]

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cheddar wrote: True to a point. It seems the biggest damage usually happens with INQ #2 or #3, but if you already have, say, 15, for example, then #16 is not going to have as much of an incremental effect as #2 did.

ETA: I just added #7 on EQ, and my score didn't budge.

Message Edited by cheddar on 02-13-2008 06:28 AM

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You make a good point. And you also bring us back to the original question. Glamchick has two inquiries that will be falling off this year. And the answer to her question is that when the first (of 2) inquiries passes 12 months, she should see a small rise. When the second passes the 12 month mark, there will be little, if any, change since FICO doesn't seem to mind the occasional inquiry into credit.

[Anonymous]

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Moobs wrote:

You make a good point. And you also bring us back to the original question. Glamchick has two inquiries that will be falling off this year. And the answer to her question is that when the first (of 2) inquiries passes 12 months, she should see a small rise. When the second passes the 12 month mark, there will be little, if any, change since FICO doesn't seem to mind the occasional inquiry into credit.

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Yep, I'll agree with that.  Except that she didn't say she had two that were scheduled to pass 12 months.  She said she had two that were about to fall off.

The point I was making in my original post was that she won't get a boost when they fall off.  It's all about the one-year anniversary.

[MidnightVoice]

cheddar wrote:

The point I was making in my original post was that she won't get a boost when they fall off.  It's all about the one-year anniversary.

Unless she means fall of MyFICO reports - they do actually disappear from MyFICO reports after a year