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I have some inquires falling off over the next 30-90 days (about 6), am I correct in assuming this will do nothing to my score? I read somewhere that after 1 yr they no longer count against you. Or will my score increase? It would kinda suck if you get NO increase since they ding you when you get an inquiry.
I'm guessing you won't see too much of a score jump once they are that old, but overall it'll look better visually to a lender looking at your profile having less inquiries.
Update though once they fall off I'd love to know the results if it caused any score bump or not! I have a bunch due to fall off in April so I am curious myself.
@capricornchangeswrote:I have some inquires falling off over the next 30-90 days (about 6), am I correct in assuming this will do nothing to my score? I read somewhere that after 1 yr they no longer count against you. Or will my score increase? It would kinda suck if you get NO increase since they ding you when you get an inquiry.
Depending on your profile, you might see a few points added.
They become unscoreable 1 yr on FICO 8, they still remain on mortgage scores. 2 yr mark is when age off all scoring models.
@DollyLamawrote:They become unscoreable 1 yr on FICO 8, they still remain on mortgage scores. 2 yr mark is when age off all scoring models.
No, inquiries are NOT counted on "mortgage scores" (EQ5/TU4/EX2) after 1 year.
No commonly-available FICO model scores inquiries after 12 months. (Some VantageScore models may still include months 13-24, but that's VS...)
The record of the inquiry itself is removed from the CRA reports after 24 months.
@capricornchangesIt would kinda suck if you get NO increase since they ding you when you get an inquiry.
You would have already received the score increase when they reached the 1 year mark though, so it wouldn't make sense for you to gain any additional points when they fall off.
Yes, if you took a scoring hit from receiving an inquiry, that hit would be reversed at the 1 year mark, even though the inquiry would still be present in your credit report for another year.
For example, on 1/1/17 you went from 0 inquiries to 1 inquiry on EX. Let's say your score dropped 6 points just to assign a number to the conversation. Throughout the year your score may go up or down based on other credit-related factors. On 1/1/18, your score would go up 6 points due to the inquiry becoming unscoreable. It would still be visible on your credit report, though. On 1/1/19 the inquiry would fall off, but you would not see any change to your credit score from it falling off, as you got your 6 points back on 1/1/18 already.