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Inquiries dropping off this year - any points?

Established Contributor

Inquiries dropping off this year - any points?

I have two inquiries coming off this year will i earn any points because of this?  If so how many?
Gardening since 5/3/2016
Message 1 of 12
11 REPLIES
Moderator Emeritus

Re: Inquiries dropping off this year - any points?



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


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.
 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 2 of 12
Established Contributor

Re: Inquiries dropping off this year - any points?

Thank you Chedder!!!  I am going to check on the ones that are turning a year old.
 
Gardening since 5/3/2016
Message 3 of 12
Moderator Emerita

Re: Inquiries dropping off this year - any points?

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
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 4 of 12
Regular Contributor

Re: Inquiries dropping off this year - any points?

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.
Word... To your Mothers... All of them

TU(2/14/09)=719 EQ(2/2/09)=696 EX(1/21/09)=704
Message 5 of 12
Moderator Emeritus

Re: Inquiries dropping off this year - any points?



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.

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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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 6 of 12
Super Contributor

Re: Inquiries dropping off this year - any points?



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.


I think that the score calculator figures once you havetoo many inqs you are usually going to get denied credit anywaay  Smiley Very Happy
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 7 of 12
Regular Contributor

Re: Inquiries dropping off this year - any points?


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


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.
Word... To your Mothers... All of them

TU(2/14/09)=719 EQ(2/2/09)=696 EX(1/21/09)=704
Message 8 of 12
Moderator Emeritus

Re: Inquiries dropping off this year - any points?



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.

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.
 
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App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. Smiley Surprised )
Message 9 of 12
Super Contributor

Re: Inquiries dropping off this year - any points?



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
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Message 10 of 12