1 Year old HP Inquiry -

[Thomas_Thumb]

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@Anonymous wrote:

I appreciate the information. Very useful. You said, "I have been at Fico 8 850 since the score was 1st reported to me in 2/2014. I get a report through Discover Card every month and the score has never dropped below 850." So before 02/2014 you didn't know your credit score?

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Correct, 2/2014 is the 1st time I actually saw my credit score. My wife and I were told by a loan officer back in 2005 that we both had +800 scores from all three CRAs when we applied for our latest mortgage but we did not see the numbers. I do not manage credit or spending habits based on score - just sound practices such as PIF and never be late. Sometimes ignorance is bliss.

Since early 2014 I have extracted every credit score available to me as a consumer (including VS and Ed scores) primarity because I like data and wanted insight into how other models scored my profile. I observed a few things along the way such as:

1) Don't max out a CC (80% UT) as it affects Fico 4 score. 

2) A consumer requested CLI may trigger a HP and if so, the HP impacts Fico scores for a year on CRA reports that show the inquiry (except classic Fico 8 - no change).

3) Closed accounts fall off reports after 10 years.

4) Fico 4 is skittish and does not like my style but Fico 8 does.

I never prepay charges to post an artificially low balance on a statement. My practice is generally pay statement balances 3 to 5 days before due date. That way I am essentially using the card issuers money interest free from date of charge to statement payment date month after month. My spending habits relative to aggregate CL naturally aligns with aggregate UT of 1% to 6% - I do not see score fluctuations associated with allowing all charges to post on monthly CC statements.

[bada_bing]

One thing to remember about inquiries is that if an inquiry was

used to open a new account, the account will still be scored as

"new" for 2 years. Even though the inquiry is no longer factored

into the score calculation after 1 year, the "new account is for 2

years. New accounts have a small negative influence on score.

Another thing about only FICO8 score model is that the sum total potential

of all score contributors is over 850, but the score itself is capped at 850.

It's possible to have a little extra credit hidden in an 850 score that could

make up for a minor ding like utilization not perfectly optimized. That's the

reason some 850 scores seem so rock solid over time, they actually have

some extra points hidden in the score. Not all 850 scores are equal, but

there is no way to see it without stressing them to the point of falling below

850.

I'm hopeful I can post 850 scores in the spring. I currently have 2 "new" credit

card accounts (18 months old) and a 3 year old Refi mortgage sitting at 81% of

the original refi'd balance. If I get below 80% and the card accounts age past 2

years I should get the last couple points I need - my current TU is 848 and EX is

849. I evidently have some "extra" points built into my score now or one would

think it would be impossible to score 849 with a mortgage at over 80% and two

card accounts newer than two years.

[Thomas_Thumb]

FYI - my inquiry was related to a CLI request associated with a CC that was already 2 3/4 years old at the time.

[Revelate]

EQ Beacon 5.0 during a short window with flatlined scores while I was going through my mortgage process.  

Inquiry count: 3 -> 2 -> 3 -> 2 -> 3

Score: 693 -> 700 -> 693 -> 700 -> 693

Also mortgage / auto inquiries will all be listed and scored as one... didn't have any problems with the mortgage inquiries even though some were coded a little strangely, didn't know enough to be able to test the auto inquiries when I was last car shopping. 

[OMW2_HighAcheiver]

So I can be clear, when I was shopping for my vehicle, the dealership ran the hell out of my credit report of course. The 5 inquiries count (calculate) on my report as ONE but reflects FIVE individual? So really it's physically damaging when a creditor see it, however, not damaging my score so much?

[CH-7-Mission-Accomplished]

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@peaved_about_credit wrote:
So I can be clear, when I was shopping for my vehicle, the dealership ran the hell out of my credit report of course. The 5 inquiries count (calculate) on my report as ONE but reflects FIVE individual? So really it's physically damaging when a creditor see it, however, not damaging my score so much?

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Yes, you are correct.  It is not necessarily damaging when a creditor sees them so long as you get the chance to explain them.  Always recon a denial and if inquiries are part of the reason, explain them as car shopping.

Sometimes lenders will deny you and say it is due to inquiries, but it is really due to something else in their internal scoring system.  They just have to give you a FICO reason and they seem to like that one.

Also remember that most credit card lenders only pull one report (Cap 1 likes to pull all three), so they will only see the inquiries for that one bureau.  So somebody might have 20 inquiries from car shopping, but say only four were on their TU report (due to randomness of creditor pulls).  That credit card company would only see the four inquiries.  Likewise, five inquires spread evenly across three bureaus isn't that many, if they were not being scored as one for FICO scoring.

[Thomas_Thumb]

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@bada_bing wrote:

Another thing about only FICO8 score model is that the sum total potential

of all score contributors is over 850, but the score itself is capped at 850.

It's possible to have a little extra credit hidden in an 850 score that could

make up for a minor ding like utilization not perfectly optimized. That's the

reason some 850 scores seem so rock solid over time, they actually have

some extra points hidden in the score. Not all 850 scores are equal, but

there is no way to see it without stressing them to the point of falling below

850.

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Not that ayone cares... but VantageScore 2.0 probably has even more buffer at its max 990 score than does Fico 8 classic at its max 850 score.

[Thomas_Thumb]

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@Revelate wrote:

EQ Beacon 5.0 during a short window with flatlined scores while I was going through my mortgage process.  

Inquiry count: 3 -> 2 -> 3 -> 2 -> 3

Score: 693 -> 700 -> 693 -> 700 -> 693

Also mortgage / auto inquiries will all be listed and scored as one... didn't have any problems with the mortgage inquiries even though some were coded a little strangely, didn't know enough to be able to test the auto inquiries when I was last car shopping. 

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Revelate, here is some data I uncovered through Fico 8 bankcard monthly monitoring on my AT&T Universal/Citi card. This score is not maxed out - so no buffer to mute factor impact. I now see some score fluctuation likely due # cards reporting. Here is the data for general interest. There are some gaps due to reports not being pulled for some months.

Your Fico Score is 882.

Congratulations - You have an exceptional FICO Score.The below factor(s) are informative but not significant as they represent very marginal areas where your score was adversely affected. Keep up your good financial habits!

Key Factor(s) affecting your FICO Score:

* Too many accounts with balances

FICO Scores consider the total number of accounts a consumer holds with balances including credit card balance amounts that appear from the most recent account statements - even if that balance was paid off. Your score was impacted by having too many accounts with balances

Report	EQ Fico 08	# Inquiries	# cards reporting	Max UT % on any	Aggregate
Date	Bankcard score	less than 1 yr	balance (out of 6)	card reporting	UT %
3/24/2015	877	1	3	3	1%
4/21/2015	876	1	n/a	n/a	n/a < 5%
5/26/2015	871	1	5	6	3%
6/23/2015	876	1	n/a	n/a	n/a < 5%
7/28/2015	886	0	3	3	2%
8/25/2015	882	0	4	n/a	n/a < 5%

Potentially lost 6 points going from 3 of 6 to 5 of 6 cards reporting. Possibly 4 points going from 3 of 6 to 4 of 6.

Inquiry dropping off potentially worth 9 points for the EQ 08 BC model.

Here is a graph of Fico 8 classic scores for comparison

[Revelate]

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@Thomas_Thumb wrote:

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@Revelate wrote:

EQ Beacon 5.0 during a short window with flatlined scores while I was going through my mortgage process.  

Inquiry count: 3 -> 2 -> 3 -> 2 -> 3

Score: 693 -> 700 -> 693 -> 700 -> 693

Also mortgage / auto inquiries will all be listed and scored as one... didn't have any problems with the mortgage inquiries even though some were coded a little strangely, didn't know enough to be able to test the auto inquiries when I was last car shopping. 

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Revelate, here is some data I uncovered through Fico 8 bankcard monthly monitoring on my AT&T Universal/Citi card. This score is not maxed out - so no buffer to mute factor impact. I now see some score fluctuation likely due # cards reporting. Here is the data for general interest. There are some gaps due to reports not being pulled for some months.

Report	EQ Fico 08	# Inquiries	# cards reporting	Max UT % on any	Aggregate
Date	Bankcard score	less than 1 yr	balance (out of 6)	card reporting	UT %
3/24/2015	877	1	3	3	1%
4/21/2015	876	1	n/a	n/a	n/a < 5%
5/26/2015	871	1	5	6	3%
6/23/2015	876	1	n/a	n/a	n/a < 5%
7/28/2015	886	0	3	3	2%
8/25/2015	882	0	4	n/a	n/a < 5%

Potentially lost 6 points going from 3 of 6 to 5 of 6 cards reporting. Possibly 4 points going from 3 of 6 to 4 of 6.

Inquiry dropping off potentially worth 9 points for the EQ 08 BC model.

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Given your file think that's legit, nice datapoints thank you!

[Anonymous]

I had the same issue, but mine is worse. I have 10+ inquiries. A lot might count as 1, but I am convinced that they all don't. The thing that annoys me is that they reflect as far more than 1. So I also feel like that damages me when and if I apply for something. At least come the end of November, the score damage will be over.

Does an inquiry stop effecting your score on the exact date of the inquiry one year later or the beginning of the month of the inquiry anniversary?

I might be sensitive about this because on my EQ, the only negative thing hurting my score is said to be the outstanding % of the auto loan.

What is the % that an installment loan no longer effects a score?

This same factor does not come up as a negative hindering my score with either EX or TU.