Reply
Established Contributor
glamchick
Posts: 507
Registered: ‎01-09-2008
0

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?

Starting Score: 501
Current Score: 666
Goal Score: 700


Take the FICO Fitness Challenge
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

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.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Established Contributor
glamchick
Posts: 507
Registered: ‎01-09-2008
0

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.
 

Starting Score: 501
Current Score: 666
Goal Score: 700


Take the FICO Fitness Challenge
Moderator Emerita
Community Leader
Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
0

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
Regular Contributor
Moobs
Posts: 236
Registered: ‎01-08-2008
0

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
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

Re: Inquiries dropping off this year - any points?

[ Edited ]


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
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
0

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  :smileyvery-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
Regular Contributor
Moobs
Posts: 236
Registered: ‎01-08-2008
0

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
Moderator Emeritus
cheddar
Posts: 6,794
Registered: ‎09-29-2007
0

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.
 
----------------------------
App free since 7/11/08.
TU 744 / EX 710 / EQ 694 (Starting to slip. :smileysurprised: )
Super Contributor
MidnightVoice
Posts: 8,158
Registered: ‎03-25-2007
0

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

myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.

>> About myFICO
FICO Score - The Score that matters
Click to Verify - This site chose VeriSign SSL for secure e-commerce and confidential communications.
Fair Isaac Corporation is a BBB Accredited Financial Service in San Rafael, CA
FOLLOW US Social Media Facebook Twitter Pinterest Google+