I'm back with another question, shockingly.
So I'm currently on the myfico plan that updates every 90 days. I just got my first 90 day update, and it seems like a substantial amount of my hard inquiries are gone! I had something in the range of 24 or 25 and now I only have six. I know for certain they're only a year old, the ones that have been removed today. I understand that they perhaps don't count as much after a year but I hadn't expected them to be completely missing after a year. Is that the case? Seems in my Experian app they're all still there, as well as my Credit Karma app. Most of them were inquiries when I purchased my vehicle, I understand for Experian specifically if you shop within 2 weeks they should only count as one inquiry, or something to that effect. However without getting into details I ended up shopping at two separate dealerships over a month apart and it seems like all the inquiries accrued to over 20. Now they all seem to be missing from the myfico app only. Can anyone give me any insight into this, are they gone? Thanks in advance!
@JoeRockhead wrote:Hard inquiries remain on your reports for 2 years but FICO stops factoring them after they turn one year old
Awesome man thanks! Just so I understand it do the bank still Factor them in? Because the my FICO app reflects only six hard inquiries across all three credit bureaus do banks see it the same way? For example I technically only have one inquiry under my Equifax. Does that track? Thanks
@Shmike wrote:I'm back with another question, shockingly.
So I'm currently on the myfico plan that updates every 90 days. I just got my first 90 day update, and it seems like a substantial amount of my hard inquiries are gone! I had something in the range of 24 or 25 and now I only have six. I know for certain they're only a year old, the ones that have been removed today. I understand that they perhaps don't count as much after a year but I hadn't expected them to be completely missing after a year. Is that the case? Seems in my Experian app they're all still there, as well as my Credit Karma app. Most of them were inquiries when I purchased my vehicle, I understand for Experian specifically if you shop within 2 weeks they should only count as one inquiry, or something to that effect. However without getting into details I ended up shopping at two separate dealerships over a month apart and it seems like all the inquiries accrued to over 20. Now they all seem to be missing from the myfico app only. Can anyone give me any insight into this, are they gone? Thanks in advance!
your myFICO report only displays inquires in the last 12 months, the inquires are still on your actual reports and because they are still on your reports, anybody using your report to make a credit decision can see them too.
the FICO score pulled alongside of the application will disregard those inquires though when it comes to the score that is produced
pull your actual reports to confirm: https://www.annualcreditreport.com/index.action
Got it cool thanks for clearing that up. So I shouldn't stop gardening? LOL because I still have a Litany of hard inquiries that are going to reflect to anyone who pulls my credit to make a credit decision be it credit cards or a car loan. Wishful thinking haha thanks again!
Most creditors don't go purely off of scores, so having many inquiries beetween 12 and 24 months old can still hurt you.
Also, Inquiries hurt your vantage scores for the full 24 months.
I would keep gardening...you still have 6/12 to work down. If you can get that to 2/12 or less, you have better odds of better approvals, not just getting the new card, but also getting a better SL. Banks are getting really risk-off, so it's not a great time to apply for things anyway? But, ultimately, to what extent you should care about inquiry load comes down to the specific issuer and credit product you want - there is no one size fits all approach. A lot of them mostly care about x/6 and x/12, but then there's Chase...and there's banks that aren't very inquiry-sensitive at all.
I research the mood and desires of the issuing bank when I apply for a card, I want to know whether they are actively looking to grow marketshare? Are they aggressively orginating cards or are they stepping back and tightening standards? What is their real business model, do they want revolvers who pay interest or do they mostly want interchange income? That will key you into how conservative they are and what they are looking for in your credit profile. What an issuer wants is often a moving goalpost with the economy and internal factors.
Regardless, I'd still garden if I were you, probably all the way to 0/12 or 0/24. If we get the coveted "soft-landing" and avoid a bad economic downturn, you'd be well-positioned to make some quality applications in a better lending environment then.
EX VS3: 745, EQ VS3: 755, TU VS3: 753, VS4: 709
@DXness wrote:I would keep gardening...you still have 6/12 to work down. If you can get that to 2/12 or less, you have better odds of better approvals, not just getting the new card, but also getting a better SL. Banks are getting really risk-off, so it's not a great time to apply for things anyway? But, ultimately, to what extent you should care about inquiry load comes down to the specific issuer and credit product you want - there is no one size fits all approach. A lot of them mostly care about x/6 and x/12, but then there's Chase...and there's banks that aren't very inquiry-sensitive at all.
I research the mood and desires of the issuing bank when I apply for a card, I want to know whether they are actively looking to grow marketshare? Are they aggressively orginating cards or are they stepping back and tightening standards? What is their real business model, do they want revolvers who pay interest or do they mostly want interchange income? That will key you into how conservative they are and what they are looking for in your credit profile. What an issuer wants is often a moving goalpost with the economy and internal factors.
Regardless, I'd still garden if I were you, probably all the way to 0/12 or 0/24. If we get the coveted "soft-landing" and avoid a bad economic downturn, you'd be well-positioned to make some quality applications in a better lending environment then.
Perfectly put, thanks! I will take your advice.