topic Re: Inquiry Question in Understanding FICO® Scoring

Inquiry Question

anderl — Mon, 26 Dec 2011 08:35:11 GMT

What is the effect,if any, on one's score(s) once an inquiry turns 1 yr. old?

Re: Inquiry Question

Gollum — Mon, 26 Dec 2011 10:23:52 GMT

@anderl wrote:
What is the effect,if any, on one's score(s) once an inquiry turns 1 yr. old?

I think that depends on the number of recent hard inquiries in your credit report(s), the rest of the information in your credit report(s), and the scoring model used to evaluate the information in your credit report(s)..

Here are a couple URLs/links for information that I think is relevant:

http://www.myfico.com/crediteducation/questions/inquiry-credit-score.aspx

http://www.bankrate.com/finance/credit-cards/how-credit-inquiries-affect-credit-score.aspx

Re: Inquiry Question

visorboy1974 — Mon, 26 Dec 2011 10:34:02 GMT

@anderl wrote:
What is the effect,if any, on one's score(s) once an inquiry turns 1 yr. old?

At most, maybe a couple of points...and that's if you don't have multiple more recent inquiries in front of it.

Re: Inquiry Question

SevenNEW — Mon, 26 Dec 2011 13:09:06 GMT

Actually, if I remember well the inquiry stays 2 years on your report, but ceases to have an effect on your score after 1. So you should be good scorewise!

Re: Inquiry Question

Anonymous — Mon, 26 Dec 2011 13:40:14 GMT

@SevenNEW wrote:
Actually, if I remember well the inquiry stays 2 years on your report, but ceases to have an effect on your score after 1. So you should be good scorewise!

When my scores were in the low 700's inq's hitting the year mark were worth about 7-9 points each, but it seems now that my scores are higher, the affect of an inq dissipates throughout the year, and now when an inq hits the year mark I gain very few points, example......

I had two inq's hit the year mark on Dec 6th and Dec 9th on TU, my TU FICO was 795 before the inq's hit the year mark, and when I pulled my TU report on the 12th, both inq's were gone and I had gained 4 points for both inq's hitting the year mark, bringing my TU to 799 (really FICO???? you couldn't have given me 5 points)

So it can vary, like the first replier in this Thread has said. It's a YMMV type of thing.

Happy Holidays.

Re: Inquiry Question

llecs — Mon, 26 Dec 2011 15:36:19 GMT

OP, I vote zero especially if there are any inquiries newer than that. However, if there's a new TL as a result of that inquiry, I vote for a gain as that hits the 1-yr mark.