Inquiries at 1 year

[Vuby22]

I know that 1 year old inquiries do not affect fico scores but are still on your report for 2 years (not sure why that is). Can lenders still hit you with "too many inquiries" denial if you are in year 1-2 of those inquiries? Lol can they even hit you with that after 2 years (barring any new ones)?

[FinStar]

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@Vuby22 wrote:

I know that 1 year old inquiries do not affect fico scores but are still on your report for 2 years (not sure why that is). Can lenders still hit you with "too many inquiries" denial if you are in year 1-2 of those inquiries? Lol can they even hit you with that after 2 years (barring any new ones)?

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Yes. It depends on the lender and their algortihms. Anything past 2 years, not usually.

A variety of lenders can consider anything up to 24 months. Lenders like Barclays, Capital One, Wells Fargo, Citi, US Bank/ELAN, for instance. That being said, it is profile-specific as some customers can bypass that factor altogether depending on the depth/strength or that particular profile and other elements.

[Vuby22]

Right, I figured the same - always lender dependent. It is interesting because "too many inquiries" is to denote "credit seeking" but let's say at the 24th month (I know it's even more/date of removal) are you really credit seeking? You could be more than halfway through a 36 month lease by then. Or have established more than a year of on-time payments with a card(s) that were part of that batch of inquiries. You are actually "credit using" at that point. I hope an algo writer takes this to heart but slim chance.

[FinStar]

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@Vuby22 wrote:

Right, I figured the same - always lender dependent. It is interesting because "too many inquiries" is to denote "credit seeking" but let's say at the 24th month (I know it's even more/date of removal) are you really credit seeking? You could be more than halfway through a 36 month lease by then. Or have established more than a year of on-time payments with a card(s) that were part of that batch of inquiries. You are actually "credit using" at that point. I hope an algo writer takes this to heart but slim chance.

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Though, keep in mind that if a reason is cited for the # of inquiries in a 24 month period (versus 6 or 12), there are other inherent reasons why an application could be denied. Lenders are only required to provide or list (1) reason, but there can be other factors that may have resulted in not getting approved

[OmarGB9]

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@Vuby22 wrote:

Right, I figured the same - always lender dependent. It is interesting because "too many inquiries" is to denote "credit seeking" but let's say at the 24th month (I know it's even more/date of removal) are you really credit seeking? You could be more than halfway through a 36 month lease by then. Or have established more than a year of on-time payments with a card(s) that were part of that batch of inquiries. You are actually "credit using" at that point. I hope an algo writer takes this to heart but slim chance.

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I agree with you, but yea, sadly lenders program their algorithms to just check for a value over a certai threshold, typically; not so much how old an inquiry is.

[Traveler101]

On the subject of inquiries. Let's suppose you have applied and approved for 4 cards all new and reporting on all 3 reports in the last 8 months. The approvals were based off TU and EQ. Your EX has 1 inquiry within the last 6 months. You apply for a card using your EX. Isn't it possible when the algorithm could determine you are applying using other reports and still hit you for inquiries or at least credit seeking?

[FinStar]

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@Traveler101 wrote:

On the subject of inquiries. Let's suppose you have applied and approved for 4 cards all new and reporting on all 3 reports in the last 8 months. The approvals were based off TU and EQ. Your EX has 1 inquiry within the last 6 months. You apply for a card using your EX. Isn't it possible when the algorithm could determine you are applying using other reports and still hit you for inquiries or at least credit seeking?

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Not unless the particular lender may access 2 reports instead of exclusively using EX. For instance, Comenity, SYNCB, Citi, Chase or even AMEX have been known to either HP or SP a secondary CRA.

With that said, and since we are discussing hypothetical scenarios, it's likely the 4 newer accounts in the past 8 months will weigh more heavily than the inquiries themselves, but it all depends on the lender's specific algorithms. At 4 new accounts, a lender could potentially consider that an individual could be overextended, but as cited further above, it's all profile specific.

[Traveler101]

I would not even think they would need to pull a secondary. They would be able to see the new accounts on the EX and determine off that alone the new accounts would denote applications. Amex aside because of their pre-approvals. I've always been curious about that. 

[Vuby22]

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@FinStar wrote:

With that said, and since we are discussing hypothetical scenarios, it's likely the 4 newer accounts in the past 8 months will weigh more heavily than the inquiries themselves, but it all depends on the lender's specific algorithms. At 4 new accounts, a lender could potentially consider that an individual could be overextended, but as cited further above, it's all profile specific.

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Sort of my point about inquiries - there are other aspects of the algo that track your creditworthiness from that batch of inquiries; new accounts, payments made, uti, etc. Why make the inquiries stay on file for 2 years. To me it prob is old code from when V/MC logo was the entire area of the physical card and they needed to keep track of 1 card per 2 years lol? IMO credit seeking windows should be in months and not years if even that.

[FinStar]

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@Vuby22 wrote:

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@FinStar wrote:

With that said, and since we are discussing hypothetical scenarios, it's likely the 4 newer accounts in the past 8 months will weigh more heavily than the inquiries themselves, but it all depends on the lender's specific algorithms. At 4 new accounts, a lender could potentially consider that an individual could be overextended, but as cited further above, it's all profile specific.

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Sort of my point about inquiries - there are other aspects of the algo that track your creditworthiness from that batch of inquiries; new accounts, payments made, uti, etc. Why make the inquiries stay on file for 2 years. To me it prob is old code from when V/MC logo was the entire area of the physical card and they needed to keep track of 1 card per 2 years lol? IMO credit seeking windows should be in months and not years if even that.

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It's all based on risk modeling, consumer patterns and credit behaviors that have been well-documented over several decades. AI has made that level of sophistication even more complex. It's not 100% perfect, but it's what most financial institutions rely on.