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I have six inquiries on Transunion scheduled to fall off between 3/4/16 and 3/17/16 from an app spree way back in 03/2014.
Can I expect any type of scoring bump once these fall off? The reason I'm asking is I'm going to apply for a mortgage within a week or two and wondering if it's worth waiting until after March 17th for all of these old INQ to drop off.
Thx!
Without more detailed info, our wild guess becomes a REALLY wild guess with reagrd to changes to an unknown file.
However: Conventional wisdom is that the score harm ends after ONE YEAR, rather than the TWO YEARS it takes for them to be removed from your account. I would say it is very likley this will have precisely 0 effect on your score since it is aging off in the two year category....
@BallBounces wrote:Without more detailed info, our wild guess becomes a REALLY wild guess with reagrd to changes to an unknown file.
However: Conventional wisdom is that the score harm ends after ONE YEAR, rather than the TWO YEARS it takes for them to be removed from your account. I would say it is very likley this will have precisely 0 effect on your score since it is aging off in the two year category....
LOL! True...but then wild guesses are our specialty on this board!
I guess what I'm wondering is if people have seen increases in scoring after the INQ fall off (as opposed to just hitting the one year mark).
I know this may be hard to tell also since the account also hits the two year mark at the same time (and thus that may be a cause of a score increase).
For whatever it's worth, I've seen a small bump after the two year INQ mark. By small, I mean like...a point or two.
@Dw4250 wrote:
@BallBounces wrote:Without more detailed info, our wild guess becomes a REALLY wild guess with reagrd to changes to an unknown file.
However: Conventional wisdom is that the score harm ends after ONE YEAR, rather than the TWO YEARS it takes for them to be removed from your account. I would say it is very likley this will have precisely 0 effect on your score since it is aging off in the two year category....
LOL! True...but then wild guesses are our specialty on this board!
I guess what I'm wondering is if people have seen increases in scoring after the INQ fall off (as opposed to just hitting the one year mark).
I know this may be hard to tell also since the account also hits the two year mark at the same time (and thus that may be a cause of a score increase).
As I said, this will have precisely 0 effect on your score.
When people note a 1 point increase (and really, we are talking about one point here.....) frpom an INQ falling off, they are actually seeing the effects of payment history growing, or AAoA increasing or something similar. You will not receive a score increase from a 2 year INQ being removed.
If there are other reasons for you to wait, by all means wait. but hoping for a score increase because of 24 month old inquiries isn't one of the reasons to wait.
Quite true for Fico scoring models - Inquiries impact score for only 12 months, Fico officially states this in their communications so no testing required.
Not true for VantageScore - Inquiries impact score for the full 24 months with VantagesScore. For those that use CK differences in how AAoA is calculated/reported and how inquiries are counted can lead to confusion relative to Fico models.
@Thomas_Thumb wrote:Quite true for Fico scoring models - Inquiries impact score for only 12 months, Fico officially states this in their communications so no testing required.
Not true for VantageScore - Inquiries impact score for the full 24 months with VantagesScore. For those that use CK differences in how AAoA is calculated/reported and how inquiries are counted can lead to confusion relative to Fico models.
Well Thomas, perhaps if the OP heads on over to myVANTAGE.com he would get that advice. Which might happen when mortgage lenders start using Vantage 3s. Ummm.
Hey -
I tried myvantage.com, no such web site.