topic Re: How soon does score go up after INQ fall off? in General Credit Topics

How soon does score go up after INQ fall off?

JMMD — Sat, 31 May 2014 03:48:45 GMT

I am curious how soon should I expect to see a score bump as an INQ falls off? WOuld there be a score bump as each one falls off if I have a bunch sort of close together? Like one or two a month?

Re: How soon does score go up after INQ fall off?

ExplicitElicit — Sat, 31 May 2014 04:53:23 GMT

Hmm, i'm interested in this as well! I Have about 6 (turning 1yr old) in June! Not at the 2 mark yet but at least age 1 year!

Re: How soon does score go up after INQ fall off?

Revelate — Sat, 31 May 2014 06:08:30 GMT

Immediate, though inquiries are on a step function: you don't lose points for every individual inquiry, and you don't gain points back for every individual one that comes off; it very much depends how many other inquiries are on your report.

That said, when I went from 2 to 0 inquiries I gained on the order of 2 points on EQ Beacon 5.0, though when I recently went from 0 to 1 inquiry on the same Beacon 5, my score didn't budge, so I am somewhat confused and it's hard to suggest what one's score will do as a result. Could be my file is so bad that an inquiry doesn't make it any worse

Re: How soon does score go up after INQ fall off?

JMMD — Mon, 02 Jun 2014 01:17:55 GMT

Thank you all. I guess time will tell.

Re: How soon does score go up after INQ fall off?

azguy13 — Mon, 02 Jun 2014 01:29:33 GMT

@Revelate wrote:
Immediate, though inquiries are on a step function: you don't lose points for every individual inquiry, and you don't gain points back for every individual one that comes off; it very much depends how many other inquiries are on your report.

That said, when I went from 2 to 0 inquiries I gained on the order of 2 points on EQ Beacon 5.0, though when I recently went from 0 to 1 inquiry on the same Beacon 5, my score didn't budge, so I am somewhat confused and it's hard to suggest what one's score will do as a result. Could be my file is so bad that an inquiry doesn't make it any worse

In theory, if the INQ no longer has an impact on your FICO score after one year, then you wouldn't really gain any points back once it falls off after two years. Now, that is in theory and we all know how these algorithms like to surprise us when we think we know what we are talking about.

so, with that being said, it is a YMMV situation based on your entire profile.

Re: How soon does score go up after INQ fall off?

Revelate — Mon, 02 Jun 2014 06:59:26 GMT

@azguy13 wrote:
@Revelate wrote:
Immediate, though inquiries are on a step function: you don't lose points for every individual inquiry, and you don't gain points back for every individual one that comes off; it very much depends how many other inquiries are on your report.

That said, when I went from 2 to 0 inquiries I gained on the order of 2 points on EQ Beacon 5.0, though when I recently went from 0 to 1 inquiry on the same Beacon 5, my score didn't budge, so I am somewhat confused and it's hard to suggest what one's score will do as a result. Could be my file is so bad that an inquiry doesn't make it any worse
In theory, if the INQ no longer has an impact on your FICO score after one year, then you wouldn't really gain any points back once it falls off after two years. Now, that is in theory and we all know how these algorithms like to surprise us when we think we know what we are talking about.

so, with that being said, it is a YMMV situation based on your entire profile.

I should've been more specific: 2 to 0 scoreable inquiries.

Re: How soon does score go up after INQ fall off?

takeshi74 — Tue, 03 Jun 2014 12:41:25 GMT

@Revelate wrote:
Immediate

This. Scores are generated based on data in your reports so if the inquiry isn't in a report it will not factor into a score.

Re: How soon does score go up after INQ fall off?

JMMD — Wed, 04 Jun 2014 01:17:21 GMT

@takeshi74 wrote:
@Revelate wrote:
Immediate
This. Scores are generated based on data in your reports so if the inquiry isn't in a report it will not factor into a score.

Thanks!