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Valued Member
DarkScythe
Posts: 73
Registered: ‎01-21-2011

Quick question about inquiries

Hello everyone,

 

I'm getting ready to apply for a couple CC's soon, probably next week or so. However, the issue of credit inquiries still confuses me somewhat, and I was hoping for some clarification from those who would have more experience and knowledge about this stuff.

 

As I understand it, inquiries on my credit reports will affect my FICO score for only one year, but they will stay on the report and continue to display for two years. The latter is where I'm confused.

 

I applied for a Capital One last year, along with asking Chase for a CLI at the same time. Capital One hit all 3 reports, and Chase hit EX. As of December of 2011, it passed the one year mark, so I assume they stopped affecting my FICOs, even though they are still listed on my reports.

 

But then what do I say I have as far as number of inquiries goes? Do I have zero (since they stopped affecting my scores), one (minimum across all reports), two (maximum) or four (total)?

 

Thanks in advance!

Established Contributor
namvet
Posts: 866
Registered: ‎09-22-2011

Re: Quick question about inquiries


DarkScythe wrote:

Hello everyone,

 

I'm getting ready to apply for a couple CC's soon, probably next week or so. However, the issue of credit inquiries still confuses me somewhat, and I was hoping for some clarification from those who would have more experience and knowledge about this stuff.

 

As I understand it, inquiries on my credit reports will affect my FICO score for only one year, but they will stay on the report and continue to display for two years. The latter is where I'm confused.

 

I applied for a Capital One last year, along with asking Chase for a CLI at the same time. Capital One hit all 3 reports, and Chase hit EX. As of December of 2011, it passed the one year mark, so I assume they stopped affecting my FICOs, even though they are still listed on my reports.

 

But then what do I say I have as far as number of inquiries goes? Do I have zero (since they stopped affecting my scores), one (minimum across all reports), two (maximum) or four (total)?

 

Thanks in advance!


Inquires:  less than 6 months major effect     over 6 months minor effect     over 1 year  no effect     However, lenders still look at the number of inquires showing up on your reports.  Less is better

Moderator
Revelate
Posts: 8,331
Registered: ‎12-30-2011

Re: Quick question about inquiries


DarkScythe wrote:

Hello everyone,

 

I'm getting ready to apply for a couple CC's soon, probably next week or so. However, the issue of credit inquiries still confuses me somewhat, and I was hoping for some clarification from those who would have more experience and knowledge about this stuff.

 

As I understand it, inquiries on my credit reports will affect my FICO score for only one year, but they will stay on the report and continue to display for two years. The latter is where I'm confused.

 

I applied for a Capital One last year, along with asking Chase for a CLI at the same time. Capital One hit all 3 reports, and Chase hit EX. As of December of 2011, it passed the one year mark, so I assume they stopped affecting my FICOs, even though they are still listed on my reports.

 

But then what do I say I have as far as number of inquiries goes? Do I have zero (since they stopped affecting my scores), one (minimum across all reports), two (maximum) or four (total)?

 

Thanks in advance!


Your inquiry count is still your total inquiry count; however, most lenders will only pull one or two bureaus with few exceptions (most notably Cap One) as you found out, or a tri-merge pull for a mortgage, or some lenders for auto-loans.

 

For the most part as a result, you're going to either be at one (TU, EQ), 2 (EX), or 4 (if you get a tri-pull).

 

Regardless that's a very low number, and you're in fine shape for applying for new credit as far as your inquiry count goes.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Member
DarkScythe
Posts: 73
Registered: ‎01-21-2011

Re: Quick question about inquiries

[ Edited ]

Thank you for the quick response.

 

I'm aware that's how the inquiries affect my scores, but my question was more of what do I say when someone asks me how many inquiries I have right now.

 

Judging by the second part of your reply, I assume then I still have 4 inquiries, even though they are all 13 months old?

 

*Edit*

lol more posts came in while I was typing that response.

Thank you for the clarification. I'm going to post on the Credit Cards forum soon for suggestions and I'm certain this will be a question, so I wanted to be prepared.

 

I know CapOne does pull all 3, but unfortunately, they're pretty much my only option for my spending pattern. I'm going to try and get their new Capital One Cash Rewards card after a few others.

 

Moderator
Revelate
Posts: 8,331
Registered: ‎12-30-2011

Re: Quick question about inquiries

[ Edited ]

I find that surprising that only Cap One has a rewards card that you'd want more than all others.  If you have a Chase card I assume you're either prime or very close to it as far as your scores go, Cap One really isn't spectacular for prime borrowers; actually, they're close to the basement in most cases and the moderately ludicrous 3-bureau pull is just for starters (CS and CL's are laughable compared to the better ones).

 

From a pure scoring standpoint, you want a card which will grow with you, and Cap One really never does unless they change their business model... and I doubt they're going to do that considering who they've been acquiring (other sub-prime lenders).

 

You know your situation better than I do certainly, but I'd suggest looking around a bit more dependant on where your scores are currently at other card issuers.

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Valued Member
DarkScythe
Posts: 73
Registered: ‎01-21-2011

Re: Quick question about inquiries

Well, I've been poking around at alternatives, but haven't had much success.

 

I've been lurking these forums for oever a year, so I know everyone hates Capital One with a passion once they've gotten back on their feet.

 

My Chase card is not *really* a Chase card. I was a WaMu customer, and they provided me with my first credit card. When Chase absorbed WaMu, and my accounts, I asked their CSR's and they offered to "add on" a rewards package to my basic credit card, which is how I ended up with a Chase Freedom. I certainly would not have been approved at that time because I do have a few baddies on my reports. Those are over 4 years old at this point, but they still haunt me.

 

But in any case, with regards to Capital One, the reason is because I import a lot of goods from Japan. Their no foreign transaction fees is a huge lifesaver for me. I can't really find any other card that offers no foreign transaction fee AND no annual fee, and still comes with a cashback or points rewards of some sort.

 

Based on my Capital One's cashback, I earned a little over $16 last year (I only charge purchases from CDJapan and the like to this card) which means it's saved me at least $48 or so in fees compared to using my Chase card.

Moderator Emeritus
MarineVietVet
Posts: 14,084
Registered: ‎07-14-2009

Re: Quick question about inquiries


DarkScythe wrote:

Well, I've been poking around at alternatives, but haven't had much success.

 

I've been lurking these forums for oever a year, so I know everyone hates Capital One with a passion once they've gotten back on their feet.

 

My Chase card is not *really* a Chase card. I was a WaMu customer, and they provided me with my first credit card. When Chase absorbed WaMu, and my accounts, I asked their CSR's and they offered to "add on" a rewards package to my basic credit card, which is how I ended up with a Chase Freedom. I certainly would not have been approved at that time because I do have a few baddies on my reports. Those are over 4 years old at this point, but they still haunt me.

 

But in any case, with regards to Capital One, the reason is because I import a lot of goods from Japan. Their no foreign transaction fees is a huge lifesaver for me. I can't really find any other card that offers no foreign transaction fee AND no annual fee, and still comes with a cashback or points rewards of some sort.

 

Based on my Capital One's cashback, I earned a little over $16 last year (I only charge purchases from CDJapan and the like to this card) which means it's saved me at least $48 or so in fees compared to using my Chase card.


Not everyone. They were the only ones who would extend me credit when I was in the middle of my BK and I've never forgotten that. It's my oldest card at 14 years and I don't plan on getting rid of it. I'm sure it's probably considered a rebuilder card and that's ok. It doesn't hurt my feelings.

 

Have they been stingy on CLI's? Yes. Have I had problems with CSR's? Yes but no more and no less than CSR's from Citi, Discover, or BoA.

 

This rebuilder card has helped me rebuild my credit to what you see today. It's also always had an AF of $20 but I'm not going to fight over what amounts to $1.67 a month.

 

 

 

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Valued Member
DarkScythe
Posts: 73
Registered: ‎01-21-2011

Re: Quick question about inquiries

Haha, I know many are grateful to them for extending credit when they were down. That's why I added the "once they've gotten back on their feet" part. Of course I know it's not 100%, but probably high 90% whenever I see comments about CapOne it's from people who complain they refuse to grow with them.

 

Actually, on an unrelated note, in case anyone's still reading this thread:

What does it mean to carry a balance on a card?

 

I'll charge things to my cards, then when the statement comes for one billing cycle, I'll pay the "statement amount." However, any further purchases I've made since the billing cycle ended wouldn't actually be due yet, so I won't pay for those until those charges come in on next month's statement. Does this mean I do carry a balance, or am I PIF'ing? All I know is I'm not getting hit wtih any interest. (This is probably better in Credit Cards, but I haven't had time to think up a good post yet.)

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007

Re: Quick question about inquiries

If someone were to simply ask you how many inquiries you have, respond simply by asking...."In what respect?"

That is not a flippant response.  Credit inquiries vary in type, permissible purpose, CR inclusion, extent of information provided, etc.

Its kinda like asking one how many times they have been to a "fast food restaurant."

 

Purpose?  My own inquiry, inquiry by one offering promotional offers for credit, current creditors doing a manual review, by one who you have intitiated a request for credit, by a debt collector.....?

CR inclusion?  That is an arbitrary decision made by the CRAs, and is unregulated.  Thus, the two year period is just what they usually do, not what they might actually do, or are compelled to do under the FCRA.

Used in credit scoring?  That is a business decision made by Fair Isaac, again not regulated or even know for a fact to be a firm date of one year.

How long ago?  Five years?  A prior inquiry at any point was an inquiry.

Valued Contributor
my-own-fico
Posts: 1,141
Registered: ‎01-05-2010

Re: Quick question about inquiries


DarkScythe wrote:

 

But in any case, with regards to Capital One, the reason is because I import a lot of goods from Japan. Their no foreign transaction fees is a huge lifesaver for me. I can't really find any other card that offers no foreign transaction fee AND no annual fee, and still comes with a cashback or points rewards of some sort.


 

I happened to read about the VentureOne Rewards Credit Card the other day here and here because of the no foreign transaction fee, and it does indeed look tempting. I don't know about successfully redeeming "any airline" miles though; my travel cards are with airlines.

 


DarkScythe wrote:

Actually, on an unrelated note, in case anyone's still reading this thread:

What does it mean to carry a balance on a card?


 

To "carry" means to "carry over" a balance not fully paid by the due date from one billing cycle to the next. A billing cycle's statement presenting you with a balance doesn't mean you carry it at that time.

Another ambiguous phrase is "having too many balances", which refers to positive balances only, not zero or negative balances. Such use of the language will not go away as long as we keep being used to it.

 

When it comes to wishful thinking vs reality, wishful thinking wins.

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