04-25-2013 09:51 AM
got a score alert today-my score rose from 702(from earlier this month) to 718. only thing that changed, besides some cards that were already reporting a zero balance reporting another month of zero balance, is an inquiry went over 12 months...taking me from 4 to 3 in the last 12 months. The last time i noticed such a big change with only the amount of inquries different is back in august, i went from 8 to 10(some new apps) down to 9 when one hit its 1 year birthday. that was over a course of 9 days, score when 695 to 682, back to 695 when i went back under 10.
Have other people noticed other "break points?"
also a lot of people cite the lessend impact after 6 months from inquiries-i don't know how much i believe that-score rebounds seem more tied to accounts aging past 6 months(like a card opened december 20th turns 6 months on june 1st) instead of it happening 6 months from the date of inquiry.
Have people actually seen the score rebound right around the exact 6 months mark, or at the beginning of months? I know there was a quote from a FICO guy saying the 6 months thing is a myth...but of course they have incentive to not let the consumer know too much about the formulas..but some people swear by it so i dunno
04-25-2013 09:27 PM
Only bit of evidence I have to go on is this:
My last HP on my EQ report was June 2011, from Sprint/Nextel. (No new account open, just switched cell phone providers)
12/14/12: $899 balances reported on two old credit lines. FICO drops to 627
12/16/12: $7,344 balance on TL goes to $0. FICO is unchanged at 627
01/01/13: No change in report. FICO bumps to 640 (This is where that HP would hit its 6 month window, I believe.)
01/14/13: $200 balance increase reported on a card. FICO unchanged at 640
02/25/13: $1,000 balance increase reported on a card. FICO goes UP to 643
Take from this what you will....