So it is my understanding that inquiries affect your credit score for a year but remain on your report for 2 years.. How about with lenders, how long do inquiries impede credit card approvals? Is this a YMMV with different lenders.......I see some post that report being denied due to inquiries and 3-6 mos later get approval without any other changes in CR. Even I have been told 'wait 3 mos and reapply". So do lenders consider inquiries less after 3-6 mos across the board or only certain lenders?
@ecxpa wrote:So it is my understanding that inquiries affect your credit score for a year but remain on your report for 2 years.. How about with lenders, how long do inquiries impede credit card approvals? Is this a YMMV with different lenders.......I see some post that report being denied due to inquiries and 3-6 mos later get approval without any other changes in CR. Even I have been told 'wait 3 mos and reapply". So do lenders consider inquiries less after 3-6 mos across the board or only certain lenders?
The variability comes from the way the app can be reviewed. Inquiries up to a year old will impact your score (with lesser impact duing that year). If you have too many, your score might be too low for the issuer and you get denied because of that (and the reason might state that inqs impacted your score, leading to the decline).
And sometimes, your application will be manually reviewed, and then anything on the CR is fair game, so SOME banks, particularly the conservative credit unions such as PenFed, WILL have concerns about apps up to two years old.
Generalizing this YMMV experience, a lot of inqs 3 months or less will raise concerns with all issuers ("Is this person desperate for credit for some bad reason?"). This doesn't mean all will decline, just it raises a flag. Those 6 months or more will concern fewer. And those a year or more out will count only on manual review by the most conservative.
