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nit picky inquiry scoring question...

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tcbofade
Super Contributor

nit picky inquiry scoring question...

OK, I already know that an inquiry no longer affects your FICO score after one year...

 

My question is, what exactly, is a year?

 

Example.    DW last applied for a credit card on 01 May, 2016.

 

When does that inquiry no longer affect her score?

 

01 May 2017,

02 May 2017,

01 June 2017?

 

not life or death... just curious.  Smiley Happy

 

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 1 of 9
8 REPLIES 8
Anonymous
Not applicable

Re: nit picky inquiry scoring question...

Yeah, great question!  I asked this same question a while back and I don't think the community could say with certainty.  To adjust your example a tiny bit, suppose your DW had an inquiry on May 3, 2016.  Does the inquiry stop affecting her score....

 

May 1?   (That would be "12 months" with the 1st of the month always adding a new month.)

 

May 3?  (Exactly 365 days later?)

 

May 4?  (Exactly 366 days later?)

 

June 1?  (365 days and then the next 1st of a month after that?)

 

There were different opinions but none that seemed universal.

 

Curiously, FICO's published language (at least on this site) is "12 months" rather than "one year" -- which makes me wonder if the 1st of the month is somehow the key as it appears to be for account age.

 

"... FICO® Scores only consider inquiries from the last 12 months...."

http://www.myfico.com/CreditEducation/New-Credit.aspx

Message 2 of 9
Revelate
Moderator Emeritus

Re: nit picky inquiry scoring question...

From my data and I may be misremember, it was either day or or day after.  I don't have time to look today, and it's probably buried in my installment utilization thread.

 

It's a little harder to tease out but actually hrm.  May look into that CCT trial as I have an inquiry passing a year, oh that's fun, my last inquiry on Transunion was 5/3/16, good timing with the question haha... assuming there's a difference between 0 and 1 inquiry which may not be, worth trying to catch though or maybe I'll go full monthy at 27 bucks and see all the Transunion scores which would be interesting with the PLOC anyway.

 

Ah well this is what I get when I'm not spending my own money on food haha.




        
Message 3 of 9
tcbofade
Super Contributor

Re: nit picky inquiry scoring question...

Hmph.  For what it's worth, she actually applied for FOUR credit cards on 01 May, 2016 and has had zero inquries on EX or EQ since. 

 

On 01 May, 2017, she DID see a six point gain on her EX score.  No change on 02, 03, or 04 May.

 

Somehow, I expected more than a six point gain....

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 4 of 9
Revelate
Moderator Emeritus

Re: nit picky inquiry scoring question...


@tcbofade wrote:

Hmph.  For what it's worth, she actually applied for FOUR credit cards on 01 May, 2016 and has had zero inquries on EX or EQ since. 

 

On 01 May, 2017, she DID see a six point gain on her EX score.  No change on 02, 03, or 04 May.

 

Somehow, I expected more than a six point gain....


Heh well I got less than that for my last inquiry on TU, even if I hit slightly north of 740 on TU 04 which is one of the three scores I actually care about (the ones used to UW a mortgage heh).

 

I missed it by 15 minutes though to see if it was day of or day after though, glad you managed to catch it!  Thought that was what I recalled but I couldn't remember.




        
Message 5 of 9
Anonymous
Not applicable

Re: nit picky inquiry scoring question...

I got my 3B Ultimate on 4/28/17 and I had an inquiry from 5/2/16. Today I switched to the 3B Premier , meaning they had to cancel the 'Ultimate' and sign me up again for the 'Premier' and It generated new CRs..... all of which are excluding my inquiry dated 5/2/16. So I think it must be to the day as they are no llonger listed. (I know they should are on for 2 years - but it only shows me the ones impacting my scores). I hope this helps!
Message 6 of 9
Anonymous
Not applicable

Re: nit picky inquiry scoring question...


@tcbofade wrote:

Hmph.  For what it's worth, she actually applied for FOUR credit cards on 01 May, 2016 and has had zero inquries on EX or EQ since. 

 

On 01 May, 2017, she DID see a six point gain on her EX score.  No change on 02, 03, or 04 May.

 

Somehow, I expected more than a six point gain....


Was she approved for all four cards?  Did each CC application result in a separate inquiry?  Are those four cards her youngest accounts?  Or did she open an account after that? 

Message 7 of 9
tcbofade
Super Contributor

Re: nit picky inquiry scoring question...


@Anonymous wrote:

@tcbofade wrote:

Hmph.  For what it's worth, she actually applied for FOUR credit cards on 01 May, 2016 and has had zero inquries on EX or EQ since. 

 

On 01 May, 2017, she DID see a six point gain on her EX score.  No change on 02, 03, or 04 May.

 

Somehow, I expected more than a six point gain....


Was she approved for all four cards?  Did each CC application result in a separate inquiry?  Are those four cards her youngest accounts?  Or did she open an account after that? 


Approved for three of four.  Each was separate inquiry, she opened two more accounts later in the year, but no inquiry on Experian or Equifax...our credit union only pulls TU. 

02/01/24 Fico 8: EX 757, EQ 803, TU 783.
Fico 9: EX 760 12/16/23, EQ 790 02/04/24, TU No idea.

Zero percent financing is where the devil lives...
Message 8 of 9
Anonymous
Not applicable

Re: nit picky inquiry scoring question...

OK.  Just wanted to rule out the possibility that her Age of Youngest Account was turning 1 at the same time that the inquiries might be.  That would be a confounder.

Message 9 of 9
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