topic Re: 50-70 inquiries?? in Understanding FICO® Scoring

50-70 inquiries??

Anonymous — Mon, 12 Dec 2016 11:42:29 GMT

I've seen people post about the Avianca CC approval and other approvals.. I noticed some mentioned they have as many as 50-70 inquiries on their report... how is that possible? How is that not devastating to one's score and a red flag to any issuer? Can someone please explain this to me? Also, how do you manage to get 70 inquiries?

Re: 50-70 inquiries??

Anonymous — Mon, 12 Dec 2016 19:15:31 GMT

I got a dozen from applying for an auto loan. Sure, they're "scored" as one, but it still looks hinky unless you explain it to someone.

Re: 50-70 inquiries??

Revelate — Tue, 13 Dec 2016 02:04:41 GMT

There are some folks who rack up 50+ accounts a year. It happens.

As for scoring impact, they stop counting after like 10.

Re: 50-70 inquiries??

Anonymous — Tue, 13 Dec 2016 08:45:45 GMT

What's the max scoring impact?

Re: 50-70 inquiries??

Anonymous — Tue, 13 Dec 2016 12:50:05 GMT

@Anonymous wrote:
I got a dozen from applying for an auto loan. Sure, they're "scored" as one, but it still looks hinky unless you explain it to someone.

I disagree as this is seen all the time when people are going for auto loans and dealerships are checking for the best rate. Lenders see this literally every day and it's common knowledge, so IMO it doesn't look bad at all. I believe it's something like a 14 day window where all of these inquiries will be scored and viewed as 1.

Re: 50-70 inquiries??

Revelate — Tue, 13 Dec 2016 13:39:22 GMT

@Anonymous wrote:
@Anonymous wrote:
I got a dozen from applying for an auto loan. Sure, they're "scored" as one, but it still looks hinky unless you explain it to someone.
I disagree as this is seen all the time when people are going for auto loans and dealerships are checking for the best rate. Lenders see this literally every day and it's common knowledge, so IMO it doesn't look bad at all. I believe it's something like a 14 day window where all of these inquiries will be scored and viewed as 1.

In general the forum has a somewhat irrational inquiry phobia. You're correct, lenders in aggregate have seen this phenomena hundreds of millions of times, and they aren't willfully stupid about such things.

FICO 98 was 14 days

FICO 04, appears to be 45 days

FICO 8/9 45 days.

Documented application to mortgage, auto, student loan lending.

End of the day if you need the tradeline, don't sweat the inquiries: they don't hurt that much and they stop counting after a year and unlike things like my tax lien they won't keep anyone from gold-plated credit themselves. When talking auto lending, while I definitely try to arrange financing beforehand if after we've come to an acceptable price for the car, sure go ahead and try to beat it dealer. If you can't I'm OK anyway, and if you do, may save me non-trivial money.

Re: 50-70 inquiries??

Anonymous — Tue, 13 Dec 2016 20:25:15 GMT

What are ballpark max point losses for inquiries for FICO scores? How much can you ultimately lose?

Re: 50-70 inquiries??

Anonymous — Tue, 13 Dec 2016 21:28:48 GMT

I think inquries fall into the sector of FICO scoring that only makes up 10% of your score. And inquiries are only a portion of that 10%. As Rev stated above, once you get to a certain number of inquiries (say 10+) you're already in the worst place you can be [with respect to inquiries] so your score can only get hurt so much. I don't know if I've ever heard of someone losing more than 20-25 points from inquiries, even if it was a ton of them.

Also remember that inquries that don't result in new credit won't hurt as much as inquries that DO result in new credit. For example, if someone goes on a spree and submits 10 apps but gets denied for all 10, their score will drop from the 10 inquries. If another person goes on a spree and submits 10 apps and gets approved for all 10 new accounts, they will also have 10 new accounts that will adversely impact their score (new credit) which will drop their score a good deal more.

In both cases, however, scores typically rebound quickly. Most people say that inquries and new accounts stop impacting score in about a year, but from my experience it's about half that amount of time if you have an otherwise strong profile and hadn't been apping for a ton of credit prior.

Re: 50-70 inquiries??

dragonfly66 — Sun, 18 Dec 2016 08:49:23 GMT

@Anonymous wrote:
What are ballpark max point losses for inquiries for FICO scores? How much can you ultimately lose?

I'm no expert by any stretch of the imagination, but I just had my 2 Amex inquiries hit my report (they only checked EX) and there was no decrease in that score. In the past, when a decrease has happend, I've noticed an initial dip of 3-5 points and then it bounces back once the card(s) start reporting. Of course that assumes you haven't gone crazy with the new cards. Obviously each individual is different but that's been my experience.

Re: 50-70 inquiries??

Anonymous — Tue, 20 Dec 2016 03:43:21 GMT

I have 26 on TU. After 5 or 6 I forget because i did them all last year my score didnt change between 5-6 or 26. So I would assume 70 wouldnt change it either. Even after all my new acounts last year I stopped losing points on AAoA,The good thing tho is when I got my car this year my AAoA dropped about 30 minutes because i have so many accounts now 😂

I just printed my annual credit report, Equfax alone was 192 pages......

Re: 50-70 inquiries??

Blodreina — Thu, 22 Dec 2016 22:37:38 GMT

@Anonymous wrote:
I have 26 on TU. After 5 or 6 I forget because i did them all last year my score didnt change between 5-6 or 26. So I would assume 70 wouldnt change it either. Even after all my new acounts last year I stopped losing points on AAoA,The good thing tho is when I got my car this year my AAoA dropped about 30 minutes because i have so many accounts now 😂
I just printed my annual credit report, Equfax alone was 192 pages......

I laughed out loud.

Re: 50-70 inquiries??

grillandwinemaster — Fri, 30 Dec 2016 07:47:32 GMT

@Anonymous wrote:
I have 26 on TU. After 5 or 6 I forget because i did them all last year my score didnt change between 5-6 or 26. So I would assume 70 wouldnt change it either. Even after all my new acounts last year I stopped losing points on AAoA,The good thing tho is when I got my car this year my AAoA dropped about 30 minutes because i have so many accounts now 😂
I just printed my annual credit report, Equfax alone was 192 pages......

192 pages?!?!

That's a short novel! Lol

How many accounts do you have reporting?

Just curious...

Re: 50-70 inquiries??

Anonymous — Fri, 30 Dec 2016 16:34:03 GMT

68 open accounts and bunch of closed accounts in good standings. EQ has always been like that. TU and EX half the pages.

Re: 50-70 inquiries??

Revelate — Fri, 30 Dec 2016 16:46:02 GMT

@Anonymous wrote:
68 open accounts and bunch of closed accounts in good standings. EQ has always been like that. TU and EX half the pages.

Yeah depending what EQ report you get, it's astonishingly long. Even with my comparitively short history I cleared something like 60 pages with far fewer accounts than what you have... I thought they changed that though, at least recent ones seemed more consolidated but I haven't gotten one straight from annualcreditreport in a while as I have to snail mail that damned file probably as a result of my address being horribly wrong and my not spending the seemingly dozens of hours required to fix it.