topic Re: Understanding inquiries in General Credit Topics

Understanding inquiries

itzateach — Thu, 06 Nov 2008 01:20:42 GMT

How many of these inquiries actually count?

September 08, 2008 Republicmortgage-/

Cbd August 31, 2008

Merrick Bank/Hooters Car July 25, 2008

Countrywideba/Cntrywdfsl July 24, 2008

Capital One Bank Usa Na July 21, 2008

Southern Hobby Supply July 08, 2008

Barclays Bank Delaware June 27, 2008

Countrywideba/Cntrywdfsl April 21, 2008

Republicmortgage-/Cbd March 03, 2008

Republicmortgage-/Cbd January 21, 2008

Countrywideba/Cntrywdcmd January 21, 2008

Countrywideba/Cntrywdcmd January 04, 2008

Eloaninc/Equifaxmtg November 29, 2007

Republicmrtgm/Creditplus November 06, 2007

Citicorpbankfna/Ctb/Ems July 10, 2007

Capital One Auto Finance June 06, 2007

Gemb/Paypal Dc May 24, 2007

Capital One Auto Finance February 26, 2007

Bncmortgagein/Landamcrsv February 08, 2007

Primaryreside/Landamcrsv December 13, 2006

Capital One Auto Finance November 14, 2006

Re: Understanding inquiries

llecs — Thu, 06 Nov 2008 03:22:34 GMT

I'd say that after tomorrow.....8

1) Eloan, Cntrywidex2, & Republic (1/21)

2) Republic 3/3 & Cntrywide 4/21

3) Barclays

4) S. Hobby

5) CapOne

6) Cntrywide & Republic

7) Merrick

8) Cbd (assuming non-mortgage)

Re: Understanding inquiries

itzateach — Thu, 06 Nov 2008 05:18:56 GMT

Cbd is mortgage also. We did some flipping and also a refinance, thus all those inquiries. Also a rapid rescore.

The reason I asked is because tonight when I got my new TU score after paying down my debt (except for the 2 that haven't updated - see other thread), one of the reasons the score wasn't higher was due to "seeking new credit" (is that the same as inquiries?) How will it change after tomorrow?

Message Edited by itzateach on 11-05-2008 09:15 PM

Message Edited by itzateach on 11-05-2008 09:18 PM

Re: Understanding inquiries

llecs — Thu, 06 Nov 2008 15:00:28 GMT

itzateach wrote:
Cbd is mortgage also. We did some flipping and also a refinance, thus all those inquiries. Also a rapid rescore.

The reason I asked is because tonight when I got my new TU score after paying down my debt (except for the 2 that haven't updated - see other thread), one of the reasons the score wasn't higher was due to "seeking new credit" (is that the same as inquiries?) How will it change after tomorrow?
Message Edited by itzateach on 11-05-2008 09:15 PM
Message Edited by itzateach on 11-05-2008 09:18 PM

I had mentioned "tomorrow", now today, to factor out your oldest inquiry (FICO only cares about inquiries within the past yr). Now today, assuming it ins't factored in, you likely won't receive an increase. One of the biggest myths, IMO, is the damage an inquiry causes. Any damage is likely to occur when your FICO scores are in the high-700s and beyond. Of my last 10 or so, pulling before and after using a FICO score, there was no hit to my scores at all (my scores are in the mid-600s). Also, having multiple inquiries (I have 32 on EX now), and adding a new one, won't ding your scores as FICO will stop reading the damage after a certain point.

Yes, seeking new credit will hurt. FICO will really dock you for adding new accounts if you did so within the past 6-12 months. Your comment won't go away for about a year. Also, lenders will also cite that, but I'm sure under a manual review, you could get a lender to understand what you were doing. Also, the damage came from lowering your AAoA. The only way to fix that is to lay low and not add any new credit for at least a year. Flipping houses can be very damaging to your scores if you are using credit to do it.

As a side note, when you pull your FICO report, take a look at the "Credit-At-A-Glance" page and look under inquiry count. If I did my math right, it should say 7 (w/ Cbd being a mortgage TL). If it doesn't say 7, then shout back.

Re: Understanding inquiries

itzateach — Fri, 07 Nov 2008 05:48:39 GMT

It says "recent inquiries -21." That is TU. Today I got a scorewatch for an inquiry and it didn't change my score, either.

Re: Understanding inquiries

llecs — Fri, 07 Nov 2008 12:17:30 GMT

itzateach wrote:
It says "recent inquiries -21." That is TU. Today I got a scorewatch for an inquiry and it didn't change my score, either.

For the record, I was wrong. It isn't a 60-day window, it is a 45-day window. This would change my answer above by a couple inquiries.

Question: Does your TU FICO report (from this site) say Recent Inquiries - 21? Or does the TU report from TU or TC say 21?

It isn't supposed to say 21. FICO only reads inquiries from the past 12 months.

Re: Understanding inquiries

itzateach — Fri, 07 Nov 2008 18:57:40 GMT

It is the TU report from here that is saying 21 inquiries....?? That is why I was wondering why they weren't lumped together as mortgage, etc.

Re: Understanding inquiries

Junejer — Sat, 08 Nov 2008 02:44:39 GMT

Mortgage and auto INQs get de-duplicated for scoring purposes, but they don't get counted as one by the CRAs. They will say 21, even though certain of them will "lump" together.