topic Re: Inquiries data points in Understanding FICO® Scoring

Inquiries data points

Anonymous — Mon, 13 May 2019 13:05:51 GMT

I woke up yesterday to see my score jump 12 points..
The only thing it could be is number of inquiries since it no longer shows on Experian.com my now 8 inquiries in last year as a negative comment.
I was under the impression that inquiries hurt less as year goes on. Didn't think the day they fell off you would see such a bump. I was somewhat surprised to see this score change. I also have 3 Inquiries completely falling of mid June, and 4 more aging to one year...
Is it more likely the 4 inquiries that are almost a year helped my score?
Or could it really just be the fact one inquiry made the difference?
Also I did get an amex last week Wich brought my inquiry count to 10 but 2 have aged since app to make it 8..
Should I expect my score to rise more next month due to this or did I get the bump for next months inquiries?
I also understand once my amex hits my aaoa my score may dip for a bit

Re: Inquiries data points

Anonymous — Tue, 14 May 2019 12:07:31 GMT

Two common misconceptions about inquiries:

1 - Your score goes up when they "fall off" of your report. This happens after 2 years. This is untrue because all points associated with an inquiry come back after 365 days; it becomes "unscoreable" at that time even though it remains on your report for another year.

2 - Points come back "over time" as an inquiry ages. This isn't true. If a new inquiry results in the loss of X points, when a scoreable inquiry goes away you'll gain X points back. This happens at a single point in time, not gradually over the life of the inquiry.

Re: Inquiries data points

Anonymous — Tue, 14 May 2019 11:37:09 GMT

Thank you I understood the over 1 year affect, but read so many times they hurt less and less before they hit 1 year. Good to know I'll be getting bumps for these aging inquiries. I wonder why people act like an inquiry that's 9 months hurts less than a brand new 1.
Obviously as you stated isn't true. Since I just app'd so got 1 inquiry and saw 2 fall off Wich made my score jump 12 points. Basically went from 9-10, then down to 8 when 2 fell off within two days of each other.
Thanks for the information

Re: Inquiries data points

Anonymous — Tue, 14 May 2019 12:11:12 GMT

@Anonymous wrote:
I wonder why people act like an inquiry that's 9 months hurts less than a brand new 1.

I think it's common to think that way, as other factors such as negative items adversely impact a score less over time until they fall off. Speaking of falling off, you used that expression a few times above, but what I think you mean is "became unscoreable." It's important to distinguish between these things, because "falling off" means off of your report which is what happens at 2 years and no points are realized at that time, where becoming unscoreable simply means reaching 365 days in age. I'm pretty sure that you understand this, but someone else reading the thread could get confused.

Re: Inquiries data points

Revelate — Wed, 15 May 2019 20:35:04 GMT

The inquiries fading is a forum (and probably consumer in general) myth. I had it concretely during my mortgage process and other people later confirmed it that an inquiry on equaled and inquiry off one for one, no fade over the entire year.

Re: Inquiries data points

SouthJamaica — Tue, 14 May 2019 16:21:37 GMT

@Revelate wrote:
The inquiries fading is a forum (and probably consumer in general) myth. I had it concretely during my mortgage process and other people later confirmed it that an inquiry one equaled and inquiry off one for one, no fade over the entire year.

I wonder if it's really so easy to separate out the impact of an inquiry, since they are usually accompanied by other things, such as new accounts.

Re: Inquiries data points

Anonymous — Tue, 14 May 2019 16:22:10 GMT

Yup.

I also think that the misconception of them fading over the course of the year is fueled by unisolated/unsolid data points.

Someone may see a score increase of (say) 2 points around 6 months after taking on an inquiry and because "nothing else changed" in their eyes they feel the 2 points came due to the 6 months passing. What many people don't understand is that a file ages on the 1st of every month, meaning that 3 age of accounts factors increase by 1 month, so it's completely possible that those 2 points came from aging of accounts (for example) but gave the false impression that they were from the aging of the inquiry.

Re: Inquiries data points

Anonymous — Tue, 14 May 2019 17:50:00 GMT

Yes I did mean unscorable. Ty
Soon enough I'll get it down pat lol.

Re: Inquiries data points

Anonymous — Tue, 14 May 2019 18:05:39 GMT

BrutalBodyShots said- a file ages on the 1st of every month, meaning that 3 age of accounts factors increase by 1 month, so it's completely possible that those 2 points came from aging of accounts (for example) but gave the false impression that they were from the aging of the inquiry.

This is what I thought about the aging process happening on the first . I usually always see score increase on the first of a month from experian expected to be from aging accounts etc. like you said
.When I see tomorrows fico score I'll expect this new inquiry from my new Disco it card(accepted today) will bring my score right back down 12 points. Right?
I'm not so worried since I'll be in the garden hardcore I'm more curious for future reference

Re: Inquiries data points

Anonymous — Wed, 15 May 2019 01:20:06 GMT

@SouthJamaica wrote:

I wonder if it's really so easy to separate out the impact of an inquiry, since they are usually accompanied by other things, such as new accounts.

I think it's extremely easy and cut and dry if it's executed properly. Someone pulls their score before the inquiry, then pulls it immediately after, but without crossing the 1st of the month. This of course would happen before the new account(s) associated with the inquiry land on the CR. Say X points are lost. 364 and 365 days later the same thing can be done, again assuming the 1st of the month isn't crossed. After 364 days, no points have come back and after 365 days X points are gained. This with 100% certainty verifies that the points come back in 1 shot, not gradually over those 365 days.

Re: Inquiries data points

Anonymous — Wed, 15 May 2019 10:06:44 GMT

Yes score dropped back down 12 points as it was before. So it is cut and dry as u said

Re: Inquiries data points

Revelate — Wed, 15 May 2019 20:37:32 GMT

@Anonymous wrote:
@SouthJamaica wrote:

I wonder if it's really so easy to separate out the impact of an inquiry, since they are usually accompanied by other things, such as new accounts.
I think it's extremely easy and cut and dry if it's executed properly. Someone pulls their score before the inquiry, then pulls it immediately after, but without crossing the 1st of the month. This of course would happen before the new account(s) associated with the inquiry land on the CR. Say X points are lost. 364 and 365 days later the same thing can be done, again assuming the 1st of the month isn't crossed. After 364 days, no points have come back and after 365 days X points are gained. This with 100% certainty verifies that the points come back in 1 shot, not gradually over those 365 days.

Was even easier than that for me.

I went through a mortgage process with two iterations and I had two inquiries hanging out on EQ from before, so I saw my score yo yo from when first inquiry faded, to mortgage inquiry came out of grace period, and then second inquiry went past a year, and then I took another mortgage hit (no dedupe) on the second loan app.

Exact same score changes, also concretely proved that AOYA is not a factor on negative scorecards at the same time heh.