topic Re: Inquiries in Understanding FICO® Scoring

Inquiries

Anonymous — Thu, 10 Dec 2015 05:39:41 GMT

I have now taken a nice, warm seat in the garden, where I shall stay for quite a while.

Since July I (stupidly) racked up over 20 inquiries. July I had zero.

How long before this stops hurting my eligibility on stuff? I know it takes 2 years to come off, but if left alone 6 months, will that help?

Re: Inquiries

Anonymous — Thu, 10 Dec 2015 05:40:44 GMT

it'll help but 12 months they stop hurting you score wise. manual review will still show them pretty new and may raise a flag depending on profile.

Re: Inquiries

Anonymous — Thu, 10 Dec 2015 05:44:47 GMT

I'm starting to think that once one reaches a certain number of inquiries that they don't effect the fico score much, if at all anymore. I have 24 on my TU and close to that each on the other two CRs. The only concerns I have about them is that I could experience being AA'd by CCC.

Re: Inquiries

Anonymous — Thu, 10 Dec 2015 05:47:08 GMT

again, depends on profile. i have an "ok" profile and with 20 inquiries i don't see score fluctuations anymore. heck my scores have been the same for 3 months straight with 7 or so new accounts.

Re: Inquiries

Anonymous — Thu, 10 Dec 2015 05:48:27 GMT

i mean 7 new accounts in that 3 months. 12 for the year i think.

Re: Inquiries

takeshi74 — Thu, 10 Dec 2015 13:35:24 GMT

@Anonymous wrote:
How long before this stops hurting my eligibility on stuff? I know it takes 2 years to come off, but if left alone 6 months, will that help?

It's difficult to say. For one thing, impact of inquiries depends on credit profile. It also depends on creditor. X inquiries for one person and creditor could be no big deal whereas that same number could be an issue for a different person and/or creditor. Don't assume that credit and creditors are all identical.

To even begin to guess you'd need to give us a better idea of you entire profile. Also keep in mind that you don't have one number of inquiries. You have a number of inquiries with each CRA.

@Anonymous wrote:
I'm starting to think that once one reaches a certain number of inquiries that they don't effect the fico score much, if at all anymore. I have 24 on my TU and close to that each on the other two CRs.

Depends on profile. Those with thin and/or poor profiles would hit denials very quickly in the single digits.