Questions about INQs and scoring formula

[Anonymous]

Does anyone have details about inquiry defintions and formula details how and how much is affects score ?

I could not locate any precise information, every talking to reps.  Everyone has vague idea that is affects but no specifics.  I am sure someone has knowledge.

a) If a bank does credit pull for purpose of opening a savings account (note: not for a loan) - is it still considered as negative inquiry ? If so why ?

b) FICO score: for an individual there is no details/specifics where exactly the score points was lost and how to make it up.  I have used paid services yet no use here.  There are lot of people just making money around this.

c) while FICO scores has disclaimer, I am not sure if they have any legal binding incase of incorrect reporting..

Message Edited by ByrdMan on 02-06-2009 06:41 PM

[Junejer]

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sam_talker wrote:

Does anyone have details about inquiry defintions and formula details how and how much is affects score ?

I could not locate any precise information, every talking to reps.  Everyone has vague idea that is affects but no specifics.  I am sure someone has knowledge.

a) If a bank does credit pull for purpose of opening a savings account (note: not for a loan) - is it still considered as negative inquiry ? If so why ? A hard INQ is a hard INQ, regardless of who does it or what the purpose of the INQ is.  If it is going to cost you points, then it will.

b) FICO score: for an individual there is no details/specifics where exactly the score points was lost and how to make it up.  I have used paid services yet no use here.  There are lot of people just making money around this.  I don't understand the question.

c) while FICO scores has disclaimer, I am not sure if they have any legal binding incase of incorrect reporting.. Again, I don't understand the question/statement.  Please rephrase b) and c) so that we may assist you.

Message Edited by ByrdMan on 02-06-2009 06:41 PM

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[cobaltnv]

Sam, 

  I agree with Byrdman. We need some clarification before anyone can provide an answer for you.  That said let me offer the following. Nobody will be able to give you "precise information" about scoring. The FICO formula is a trade secret. Some of the people on here have figured out a great deal about the formula, but it is all information gathered from trial and error and from numerous people sharing their experience. 

  Keep in mind that the FICO score generated from the information on your credit reports is not generated for you. It is generated for lenders. You have a legal right to see what is on your credit report, you have no such right to your credit score (some may disagree with me on this).  There are legal requirements for what can and cannot go on your credit report and that the information must be "accurate". There are no legal requirements for your credit score.