topic Re: Inquiry Drop Off ? in Rebuilding Your Credit

Inquiry Drop Off ?

MBOhio2 — Thu, 19 May 2011 20:33:43 GMT

On my Equifax report, I only have one inquiry from 05/25/10... since it will be one year old next month, should I see any score increase? Inquiries only hurt your score for 1 year, correct, but then show for 2 years??

Re: Inquiry Drop Off ?

MarineVietVet — Thu, 19 May 2011 20:40:31 GMT

@MBOhio2 wrote:
On my Equifax report, I only have one inquiry from 05/25/10... since it will be one year old next month, should I see any score increase? Inquiries only hurt your score for 1 year, correct, but then show for 2 years??

A single inquiry probably won't make any difference but..........since I like to be optimistic lets's hope it does give you a little bump.

And you are correct than inquiries report for 2 years but only affect credit for 1 year.

Edited for typo.

From a BK years ago to:
EX - 3/11 pulled by lender- 835, EQ - 2/11-816, TU - 2/11-782

"Some people spend an entire lifetime wondering if they've made a difference. The Marines don't have that problem".

Re: Inquiry Drop Off ?

MBOhio2 — Thu, 19 May 2011 20:42:58 GMT

Even 5 point would make me a very happy camper! Hmmm, I like to be optimistic too so my fingers are crossed!

So same scenario with TransUnion except I have 5 inquiries total and 2 are set to be one year old next month. Will losing 2/5 help me you think??

Interestingly, the ONLY difference between my EQ and TU (though I realize they use difference formulas) is the # of inquiries (1 vs. 5) and my TU FICO is 19 points lower than EQ FICO.

Re: Inquiry Drop Off ?

llecs — Thu, 19 May 2011 20:45:00 GMT

I wouldn't bet on a score change, but if you have any TLs associated with that inquiry, then you might see a gain.

Re: Inquiry Drop Off ?

MarineVietVet — Thu, 19 May 2011 20:47:34 GMT

@MBOhio2 wrote:
Even 5 point would make me a very happy camper! Hmmm, I like to be optimistic too so my fingers are crossed!

So same scenario with TransUnion except I have 5 inquiries total and 2 are set to be one year old next month. Will losing 2/5 help me you think??

Interestingly, the ONLY difference between my EQ and TU (though I realize they use difference formulas) is the # of inquiries (1 vs. 5) and my TU FICO is 19 points lower than EQ FICO.

Now dropping 2 out of 5 makes me even more optimistic. I hope this does help you but just be prepared to accept whatever happens and be happy that only 3 more are left.

I always try and be grateful for even the smallest victories when it comes to money matters.

Re: Inquiry Drop Off ?

MBOhio2 — Thu, 19 May 2011 20:48:52 GMT

Alright, thanks... I am desperately trying to squeak out every point I can get because I need to have a middle of at least 640 by June 10th (ahh!). Granted, I have about 72% util that will go down to 0% as soon as everything reports over the next 2 weeks, so it's possible, but I'm a little stressed about. I need to have 640s so we can get a mortgage pre-approval letter so we can start buidling our new home!!

Re: Inquiry Drop Off ?

MBOhio2 — Wed, 01 Jun 2011 15:51:45 GMT

Just to update everyone...

On EQ, my only 1 inquiry ages past 12 months this past months and I saw about a 5 point increase as a result.

On TU, 1 of 4 inquiries ages past 12 months this past month and I also saw about a 5 point increase as a result.

So it looks like I did see at least a small boost from these inquiries passing the one year mark!