Super Contributor
Posts: 5,703
Registered: ‎10-06-2007
Re: The Hill publishes flawed argument about FICO scores

Dadaluma83 wrote:

So he doesn't think people should be punished for going on app sprees? Lots of inquiries and new accounts indicate a higher risk.  Quite disappointing to read someone with power to pass laws is that misguided.

Back in my credit dark days, having maxed all my CCs out, I still tried to get more credit.  I was turned down more times for # of INQs then the debt since they didn't need to look at that to know I was already in trouble.  While I was upset at time time, I realized that they did me a favor by denying me for that reason.


I would be great if FICO ignored INQs for things like cell phones, cable TV and even renting an apartment and also didn't ding you as much for an autoloan INQ or mortgage.


IMHO if you get hit for INQs and then deined for credit becuas of them,  FICO is probably doing you a favor. 


LOL I wish someone did that after I tried to open my 2nd credit card all those years ago.

11/28/2014 FICO: EQ: 796 EX:788 TU:803