topic Re: multiple inquiries in General Credit Topics

multiple inquiries

Anonymous — Mon, 05 Nov 2007 18:08:15 GMT

Over the past year or so I have had so many inquiries to my account. My wife and I refi'd our house and looked at mayn lenders in the process over about 30 days or so. Also, my wife, bless her heart, without telling me, used my info to try to refi my auto loan. She went to two places and each of them dinged me 3 times for three different attempts since each attempt was denied. I have also had a few attempts at credit cards and one for a store credit card the guy swore up and I would be approved since "no one ever gets denied" Oh yeah, and some student loan applications. My scores are in the upper mid 600's. Does anyone know how long it takes for the inquires to not matter that much anymore. I know they drop off in 2 years. I am really trying so hard to get my score up but with zero balances on all CC's and a great payment history for at least 30 months, my score has not gone up that much.

Paramagic

Re: multiple inquiries

fused — Mon, 05 Nov 2007 23:21:25 GMT

FICO scoring has a "de-duplication window" and it looks at your history for the last 12 months, and when it sees two or more hard inqs for the same type of mortgage or auto loan it will ignore all but one of them as far as scoring is concerned. If the lender is using an older FICO scoring model the window is 14 days, if they are using the newest model it can be 45 days.

Also keep in mind that even though the multiple inqs count as one in FICO scoring, all of the inqs will show-up on your CRA reports for up to 2 years. Keep in mind this de-duplication window does not apply to CC apps but I really think it should.

Re: multiple inquiries

Anonymous — Mon, 05 Nov 2007 23:54:42 GMT

Every time I pull my credit report analysis on MyFico it always says that I have too many inquiries. I just want to top 700 someday so I am microanalyzing every aspect of my report to get rid of everything.

Paramagic

Re: multiple inquiries

Anonymous — Tue, 06 Nov 2007 01:44:18 GMT

Wow...up to 2 years? That is a little ridiculous, IMO.

I think it should be up to 12 months.

Re: multiple inquiries

fused — Tue, 06 Nov 2007 02:06:55 GMT

In FICO scoring, all inqs which are outside of this de-duplication window will report and count for only twelve months. At the CRA sites it's a full two years but who really cares, virtually no one uses those scores.

Re: multiple inquiries

Anonymous — Tue, 06 Nov 2007 02:12:05 GMT

fused wrote:
In FICO scoring, all inqs which are outside of this de-duplication window will report and count for only twelve months. At the CRA sites it's a full two years but who really cares, virtually no one uses those scores.

well, good...as long as it doesn't stay on the "good stuff"