Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
inquiries.

"An inquiry indicates when a business, usually a lender, has checked your credit. The inquiries listed here are the number of times in the 12 months prior to the date of this report that a lender has checked your credit at Equifax. Most likely, these inquiries appear because you applied for credit with that lender. Inquiries associated with applying for new credit are typically the only kind of inquiry that will impact your FICO® score."

 

This appeared on ScoreWatch, so It has me thinking. I know inquiries did not really affect your credit after about 12 months. But do they not show on your reports that creditors pull after 12 months? I know they stay for two years on CR but say I have 20 inquiries in 2012 can I app for different products in 2013 as long as their 12 months apart?]

 

I am gardening right now, but I was thinking I have to actually wait until 2014 until there is absolutely NO inquiries on my CR at all.... Help 
:smileyvery-happy:

Last App: 9/16/13
BK Discharge: 6/12
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Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: inquiries.

They'll still be visible by creditors beyond 12 months; they just won't be scored by FICO after 12.

 

You can app anytime. Every creditor has their own standards and guidelines. I've had some CCCs not care about my inquiries older than 6 months. Some didn't want any under a year. YMMV.

Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
Re: inquiries.

Since I was discharged from bk7 I was thinking about gardening the Capital one Secured and the Orchard that just turned Cap one and waiting each and every inquiry is off my CR. Then go ahead and apply for a good card. Do you think I'd have a chance with Chase or Amex in about 24 months? With my Cap one Secured at 3k? and low balances?

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |
Moderator Emeritus
llecs
Posts: 32,881
Registered: ‎08-04-2007
Re: inquiries.

ihatemyscore wrote:

Since I was discharged from bk7 I was thinking about gardening the Capital one Secured and the Orchard that just turned Cap one and waiting each and every inquiry is off my CR. Then go ahead and apply for a good card. Do you think I'd have a chance with Chase or Amex in about 24 months? With my Cap one Secured at 3k? and low balances?


Check out the CC forum. I have no idea. I do know that chase frowns on baddies, but they are easily recon-able.

Mega Contributor
RobertEG
Posts: 17,456
Registered: ‎03-19-2007
Re: inquiries.

FICO, through its analysis of risk predictive value, has determined that credit inquiires lose most, if not all, of their value in predicting chance of delinquency after one year.

So they chose to exclude them from scoring at that point.

 

The CRAs make their own determination of what their clients want to see.  The two year credit report inclusion period for inquiries is totally their administrative policy.

Apparently, they feel their clients still want to see inquiries over one year, but have set a two year limit.

 

The degree to which any creditor or business bases their decision making on inquiries over one year is totally up to them. They are no longer automatic factors due to FICO score exclusion.  I would suspect that most creditors, and particularly businesses, that pull a CR take the same general view as FICO.  Little risk predictive value in inquiries over one year.  However, FICO is a limited analysis, pertaining to risk of delinquency.  A creditor might view numerous inquiries as indicative of something else, such as desparation for credit, and give them weight, such as if credit was not approved and the inquiree was a low-market creditor with low qualifications. 

Who knows?

 

 

 

Frequent Contributor
ihatemyscore
Posts: 283
Registered: ‎02-05-2012
Re: inquiries.

Thanks Robert, everytime I read your post they are so throughly written I just understand what you are saying.. lol.

 

I will wait 24 months until I have 0 Inquiries.. 

Last App: 9/16/13
BK Discharge: 6/12
NavyFCU Flagship Visa Sig $10k | NavyFCU nReward Secured $500 | NavChek $5k | Walmart $600 | Capital 1 Quicksilver $750 | Capital 1 Plat $1k | Kays $400 | Amazon $600 | Express $250 |