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Rate Shopping

I know that, based on the FICO model, there is a certain window granted for mortgage inquiries to be grouped as one for scoring purposes. I was wondering if someone could confirm the window for FICO 04 models.

 

Also, is this window fixed from the first inquiry date, or is a rolling window? That is, if it's a 45 day window and the first inquiry occurs, say, October 1st, does the window end November 14th? If you apply again after the 1st, is the 45 days extended or is the cutoff date still November 14th? Thanks!

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Re: Rate Shopping

Okay I found that for 04 models there is a 30 day buffer and a 45 deduplication window...

 

I think this means that any inquiries in the past 30 days are ignored and then and that inquiries older than 30 days but that are within 45 days of each other are grouped into 1 for scoring purposes. Does that sound right?

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Re: Rate Shopping


road2freedom wrote:

Okay I found that for 04 models there is a 30 day buffer and a 45 deduplication window...

 

I think this means that any inquiries in the past 30 days are ignored and then and that inquiries older than 30 days but that are within 45 days of each other are grouped into 1 for scoring purposes. Does that sound right?


AFAIK it's 30 days for FICO '04, period.

 

Inquiries are always counted, but if they're within the rolling 30 day window (presumably it's rolling, I hedge my bets and cluster them all in the same month when I'm rate shopping and really all within a few days of each other) they are scored as a single one.

 

FICO '08 has a 45 day window.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Re: Rate Shopping

Thanks for the reply - but I have to question if that's true. This is from the TU FICO Model Overview:

 

 

When I did some poking around to find out more about what the buffer and deduplication periods referred to, that's how I came to the conclusion above.

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Re: Rate Shopping

Interesting: is the de-dupe then for repeated pulls by the same lender?  I hadn't heard of that personally.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Re: Rate Shopping

I hadn't either. I know most just know that there's a shopping window but once I started digging into it, it seems much more complex than a simple window. I'm also interested to know if this applies to all of the inquiry types in the same window.

 

Check this link out -  http://bankinganalyticsblog.fico.com/2012/06/a-better-way-to-treat-inquiries.html 

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Re: Rate Shopping


road2freedom wrote:

I hadn't either. I know most just know that there's a shopping window but once I started digging into it, it seems much more complex than a simple window. I'm also interested to know if this applies to all of the inquiry types in the same window.

 

Check this link out -  http://bankinganalyticsblog.fico.com/2012/06/a-better-way-to-treat-inquiries.html 


Mortgage and Auto should work the same way.

 

Credit card and other revolving inquiries certainly wouldn't.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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Re: Rate Shopping

Yeah but I'm wondering if, for example, you have an auto inquiry and a mortgage inquiry within the window, if they are grouped as 1. They way that blog post is worded, it kind of seems so.

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Re: Rate Shopping

[ Edited ]

road2freedom wrote:

Yeah but I'm wondering if, for example, you have an auto inquiry and a mortgage inquiry within the window, if they are grouped as 1. They way that blog post is worded, it kind of seems so.


There are multiple inquiry types, and while I've never had Mortgage ones, Auto ones are coded specifically and I presume differently than mortgage ones.

Starting Score: EQ 5 561, TU 98 567, EX 2 599 (12/30/11)
Current Score: EQ 5 771, TU 4 758, EX 2 758, EQ 8 795, TU 8 762, EX 8 786 (7/28/17)
Goal Score:    EQ 5 750, TU 4 750, EX 2 750, EQ 8 800, TU 8 Blah, EX 8 800 (01/01/18)


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