topic Re: How long do they do inquires last? in Understanding FICO® Scoring

How long do they do inquires last?

Anonymous — Mon, 28 Jul 2008 01:44:16 GMT

How long do inquires last in credit report? is it one or two years.. Also, how many years does it need to pass, for a new account to be consider old? I have been searching for store credit, I was approve for some of them. But now when I app for another store. I received a later saying too many inqui, and new account.

Re: How long do they do inquires last?

Anonymous — Mon, 28 Jul 2008 01:53:54 GMT

INQs stay on your report and are visible to potential creditors for 2 years, but they only count in FICO scoring for 1 year.

It is generally believed that the older they are, the less relevant they are in a creditor's decision-making process, especially after the reach the 1 year mark.

Message Edited by lurknomore on 07-27-2008 06:53 PM

Re: How long do they do inquires last?

Anonymous — Mon, 28 Jul 2008 01:54:27 GMT

I have about 20 inq on my CR from when I went wild trying to get a decent CC. How much do these affect my score? And say they are 6 months old, do the affect it the same as if they were fresh?

Re: How long do they do inquires last?

fused — Mon, 28 Jul 2008 01:55:57 GMT

CZnn wrote:

Also, how many years does it need to pass, for a new account to be consider old? I have been searching for store credit, I was approve for some of them. But now when I app for another store. I received a later saying too many inqui, and new account.

- generally speaking, an account is no longer new once it's 12 months old

- some creditors will deny you credit if you have too many inqs and new accounts...there is no magic number though. Every creditor has their own underwriting, some are strict while others are lax.

Re: How long do they do inquires last?

Anonymous — Mon, 28 Jul 2008 02:05:09 GMT

Thanks for the information...

Re: How long do they do inquires last?

Anonymous — Mon, 28 Jul 2008 02:15:07 GMT

I was approved this month for "gap visa " for $4000.00 this is the highest credit limit card that I have. I also have around 12 more cards. But my question is should I stop seraching for credit...

Re: How long do they do inquires last?

fused — Mon, 28 Jul 2008 03:48:35 GMT

CZnn wrote:

I was approved this month for "gap visa " for $4000.00 this is the highest credit limit card that I have. I also have around 12 more cards. But my question is should I stop seraching for credit...

Well that's a loaded question? The reality of it all is that it's not so much about how many cards you have rather it's how well you manage them. Now this is just my opinion, others might disagree, but I believe in keeping it simple. If I could do it all over again, this is what my credit file would look like:

2-3 MCs or Visas

1 Discover

1 Amex

1 store or gas card

1 open line of credit such as OD protection

1 open installment such as an auto, student or personal loan

1 open mortgage

And this is it. Many people have scores well over 780, even well over 800, with a file similar to this. So to answer your question, it's up to you to decide how many CCs you want. But if it was me, I would not keep apping. Try and work on increasing your CLs w/o hard inqs instead...the FICO gods prefer you do this.

Re: How long do they do inquires last?

Anonymous — Mon, 28 Jul 2008 06:11:43 GMT

I am getting closer to a perfect mix on personal accounts -(well when the rest of the accounts age to a year old)

1 mortgage

1 auto (0% apr)

1 SL

3 Amex (1 charge, 2 revolving)

3 store (HD, Kay, sears)

3 Visa (WAMU, AZFCU, CCCU)

3 MC junny, Wamu, capone

1 Discover

1 HELOC (AZFCU)

1 LOC (AZFCU)

Only the Mortgage, Capone, WAMU Visa were pre-my FICO and I am really close to swapping out the mortgage if rates go down this fall,

Only thing I am paying interest on is the mortgage- everything else is PIF, deferred or 0%

Only Amex Green ($95) and Delta ($30) have AF. So no great canidates to prune,

Message Edited by Timothy on 07-27-2008 11:11 PM

Re: How long do they do inquires last?

fused — Mon, 28 Jul 2008 06:21:16 GMT

Timothy wrote:

I am getting closer to a perfect mix on personal accounts -(well when the rest of the accounts age to a year old)

1 mortgage

1 auto (0% apr)

1 SL

3 Amex (1 charge, 2 revolving)

3 store (HD, Kay, sears)

3 Visa (WAMU, AZFCU, CCCU)

3 MC junny, Wamu, capone

1 Discover

1 HELOC (AZFCU)

1 LOC (AZFCU)

Only the Mortgage, Capone, WAMU Visa were pre-my FICO and I am really close to swapping out the mortgage if rates go down this fall,

Only thing I am paying interest on is the mortgage- everything else is PIF, deferred or 0%

Only Amex Green ($95) and Delta ($30) have AF. So no great canidates to prune,

Message Edited by Timothy on 07-27-2008 11:11 PM

Too many CCs dude!

Re: How long do they do inquires last?

umbrellagirl — Tue, 29 Jul 2008 15:54:22 GMT

It"s 2 years but dispute the old ones sometimes that work. you did not authorizes

Re: How long do they do inquires last?

MidnightVoice — Tue, 29 Jul 2008 16:03:54 GMT

umbrellagirl wrote:
It"s 2 years but dispute the old ones sometimes that work. you did not authorizes

One should only dispute information that is not correct!!

Re: How long do they do inquires last?

Anonymous — Tue, 29 Jul 2008 16:36:24 GMT

umbrellagirl wrote:
It"s 2 years but dispute the old ones sometimes that work. you did not authorizes

Disputing valid inquiries is never a good idea.

Consider this a friendly reminder that discussion of disputing valid information violates the FICO Forums TOS and Credit Repair Discussion Guidelines.

Please read these Guidelines, which are stickied at the top of this forum, before posting anything further about disputing.

Re: How long do they do inquires last?

MidnightVoice — Tue, 29 Jul 2008 17:12:55 GMT

cheddar wrote:

umbrellagirl wrote:
It"s 2 years but dispute the old ones sometimes that work. you did not authorizes
Disputing valid inquiries is never a good idea.

Consider this a friendly reminder that discussion of disputing valid information violates the FICO Forums TOS and Credit Repair Discussion Guidelines.
Please read these Guidelines, which are stickied at the top of this forum, before posting anything further about disputing.

Apart from being a not a good idea, ain't it against the law?

Re: How long do they do inquires last?

Anonymous — Tue, 29 Jul 2008 17:31:16 GMT

Not against the law if the information is inaccurate, outdated, or unverifiable. The only real issue is when you KNOW that the information is 100% accurate and you dispute it as not being so.

Re: How long do they do inquires last?

MidnightVoice — Tue, 29 Jul 2008 18:05:42 GMT

Boscoe wrote:
Not against the law if the information is inaccurate, outdated, or unverifiable. The only real issue is when you KNOW that the information is 100% accurate and you dispute it as not being so.

Is "I don't recall exactly......" as valid in law as in Politics?

Re: How long do they do inquires last?

MarineVietVet — Thu, 03 May 2012 21:55:58 GMT

To General Credit Topics with the new title of "Inquiries still reporting after 2 years".

Re: How long do they do inquires last?

RobertEG — Sat, 05 May 2012 21:04:44 GMT

Not illegal if no knowlingly false representations are made. Just not a disputable issue.

If the dispute is not based on inaccuracy of reporting by a furnisher, it can be summarily dismissed without investigation as "frivolous or irrelevant" by the CRA, if filed through them, or by the furnisher, if a direct dispute. Any dispute is required to identify an alleged inaccuracy in reporting, and provide some documentation in support of that allegation.

If filed as a direct dispute and the issues relate to inquiries, such direct disputes are exempted from the direct dispute process, and may thus be summarily dismissed as a non-disputable issue.

Just an improper dispute that requires no investigation or reinvestigation, and marks you as a frivolous disputer.

If GW becomes a path you must walk in the future, the path may have become a bit rockier.