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Valued Member
jcastor24
Posts: 27
Registered: ‎07-21-2007
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how bad is inquiries on your report?

hello again i have 4 inquiries in my report , but by the next 3 month all is comming out will my score go up then or not.
 
experts please help my wife and i only have 6months to go before we start looking for a morgage.
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ByrdMan
Posts: 7,970
Registered: ‎12-19-2007
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Re: how bad is inquiries on your report?

Inquiries hurt for one year then stop hurting, even though they report for two years or so. Once they fall off at two years, you won't get a score increase. You already got a minor bump after one year.
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ilovepizza
Posts: 3,071
Registered: ‎05-17-2007
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Re: how bad is inquiries on your report?

[ Edited ]
If you have too many wait 6 months before you app for something new. They don't hurt as much after 6 mo, and after a year your totally fine again. If these inqs are older than 12 months already you have already regained the point loss back.

Message Edited by ilovepizza on 02-18-2008 02:24 PM
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Valued Member
jcastor24
Posts: 27
Registered: ‎07-21-2007
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Re: how bad is inquiries on your report?

hey ilovepizza i have only one collection in my cr mark paid why is still hurting my score if you know replie please.
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Timothy
Posts: 9,252
Registered: ‎03-19-2007
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Re: how bad is inquiries on your report?

The presence of a CA paid or unpaid will ding you good-
 
This is why we try hard for PFD's because the score difference between a paid and unpaid CA (updated at the same time) is zero.
 
How recent the collection has reported also makes a difference-

jcastor24 wrote:
hey ilovepizza i have only one collection in my cr mark paid why is still hurting my score if you know replie please.



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Boscoe
Posts: 660
Registered: ‎09-11-2007
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Re: how bad is inquiries on your report?

[ Edited ]
Ok, please clarify the mystery of effect of inquiries.....
 
It was said earlier in this thread to "wait 6 months...because they don't hurt so much after 6 months and not at all after 1 year.."
 
We all know about the 1 year thing, but which is the right answer about the effect during the 12 months?
 
a) Inquiries hurt exactly the same for 12 months, then zero effect
b) Inquiries hurt for 6 months, then slowly hurt less from months 6-12 and then zero effect
or
c) Inquiries hurt in the beginning but then slowly lessen the hurt during the several months from, say month 3 to month 12, and then zero effect
 
Which is the answer, so we can post this and people will stop asking and being confused?


Message Edited by Boscoe on 03-04-2008 01:51 PM
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llecs
Posts: 32,869
Registered: ‎08-04-2007
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Re: how bad is inquiries on your report?



jcastor24 wrote:
hello again i have 4 inquiries in my report , but by the next 3 month all is comming out will my score go up then or not.
 
experts please help my wife and i only have 6months to go before we start looking for a morgage.


And 4 inquiries aren't that bad. I have up to 26 on EX in the past year but haven't received any dings in score after applying for the past several. Now you probably don't want to go on an app spree before applying for that mortgage.
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ByrdMan
Posts: 7,970
Registered: ‎12-19-2007
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Re: how bad is inquiries on your report?

Boscoe, the truth is that if the inq is going to hurt your score, it will hurt it the same for the 12 months, then poof, it's gone.
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haulingthescoreup
Posts: 28,098
Registered: ‎04-01-2007
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Re: how bad is inquiries on your report?

As ByrdMan said.

The confusion comes from the fact that new accounts start hurting less after 3 months and then 6 months. So it's not that the inq hurts less, it's that the account that resulted from the inq is a little older, and IT'S hurting less.

In my experience, inqs all by themselves don't hurt most people all that much on their scores. But their presence on your reports can hurt when you are applying for more credit. Lots of inqs makes it look like you're in some frantic, frenzied quest for more, more, more credit. That's why it's smart to plan your app'ing carefully.
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FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
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RobertEG
Posts: 18,211
Registered: ‎03-19-2007
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Re: how bad is inquiries on your report?

Check out the post on the "Credit Education" page (click tab on the top menu.  It gives myFICO's explanation of inquiries, particulary multiples on mortage and auto.

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