Inquiries

[MsKmm00]

How long do inquiries stay on your CR?  At what point will they not impact your ability to get credit?

[Anonymous]

2 years. Fico goes by the last year. Impact lessens after 6 months, so, I was told by my banker who is desperately trying to help me get my scores up, just like all these great people on this forum.

[Anonymous]

on the report for 2 years--affect lessens after 6 mos--not counted in score after 1 yr

[Anonymous]

Sorry AWLEGZ - It seems FICO counts inquries for the full 1 year.

Many of us were mistaken that they faded after 6 months.

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AWLEGZ wrote:

on the report for 2 years--affect lessens after 6 mos--not counted in score after 1 yr

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[Anonymous]

I heard with the new fico system coming out that inquiries wont affect your score as much as they do now.

[Anonymous]

They are making changes to the scoring model? Please elaborate.

[haulingthescoreup]

Wow, this has been all over the boards! It's FICO 08, and no one knows exactly what it entails, other than AU's no longer being counted, "few" lates not hurting as much as "more" lates (no definition, alas), lessened penalty for inqs, etc.

Check the Credit in the News board --lots of posts there with links to various news articles.

It was supposed to have been piloted last fall by EX, I think it was, and then all three using it in calendar 2008, but it's on indefinite hold. There's a parallel lawsuit by FICO against the 3 CRA's involving the Vantage score, and FICO 08 is waiting on the resolution to that (plus I would guess other issues as well.)

[BBYGRL]

My score increased when my inquires aged a year.

[Anonymous]

I have one inquiry from 2.6.07 on my TU CR from Performance Capital Management (a debt collector) that I have made timely monthly payments to pay off. It's not even possible to request credit from them. Has this ever happened to anyone? This seems a little fishy to me.

01.24.07: TU - 706, EQ - 716, EX - 704

[Anonymous]

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stylngrl wrote:
I have one inquiry from 2.6.07 on my TU CR from Performance Capital Management (a debt collector) that I have made timely monthly payments to pay off. It's not even possible to request credit from them. Has this ever happened to anyone? This seems a little fishy to me.

01.24.07: TU - 706, EQ - 716, EX - 704

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All too common, I'm afraid.  What sort of debt are they attempting to collect?  There was a recent court decision in the 9th Circuit that determined that a CA does not have permissible purpose to pull your reports in all cases.  That particular case involved a CA attempting to collect on towing fees, and the Court ruled the CA was not allowed to pull the consumer's report because it was not collecting on a credit transaction initiated by the consumer.

Otherwise, if it is a credit transaction, the FCRA specifically states that they are allowed to pull your report:

§ 604. Permissible purposes of consumer reports [15 U.S.C. § 1681b]

(a) In general. ...any consumer reporting agency may furnish a consumer report under the following circumstances and no other:

(3) To a person which it has reason to believe

(A) intends to use the information in connection with a credit transaction involving the consumer on whom the information is to be furnished and involving the extension of credit to, or review or collection of an account of, the consumer, ...  [emphasis added]

The upside is that this INQ will only affect your score for another 12 days.

Message Edited by cheddar on 01-25-2008 06:38 AM