Not sure if the subject line I typed out is all that specific so here goes.
I have no lates, collections, bk's, and utilization is under 2% on one credit card. I have three credit cards reporting activity and 1 installment loan (motorcycle) with a balance of $8k and have paid on time for more than 1 year (I got the installment loan/motorcycle as a way of having a mix of credit showing in my files rather than just credit cards alone).
Fico TU is 701 and EQ is 702
However, I am showing 3 hard inquiries on TU report (most recent inquiry was 12/08) and EQ is showing 2 inquiries (most recent is 10/08).
How will this affect, if any, for an auto loan approval? I keep getting the vibe from the forum that 'too many inquiries' will result in being denied a CC and/or auto loan even if your FICO score is reasonable.
Inquiries only affect your FICO Score for a twelve month period. So the one from Dec 08 will no longer AFFECT fico score Dec 09.
they stay on your report for two years, then drop.