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I think I did something stupid...

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sarge12
Senior Contributor

Re: I think I did something stupid...

Think of it this way...disputing an inquiry can be done if you did not authorise the inquiry, but if that is the case then the bank instigated the inquiry without authorisation or someone claimed to be you to initiate the inquiry. I am not sure the bank could do that without it reflecting badly on them. Usually those are done in cases of identity theft, and the ding to your credit is way too small to be worth the effort for something like this. I guess the bank might could say it was meant to be a soft pull, but I have never heard of it being done.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 11 of 19
coreysw12
Valued Contributor

Re: I think I did something stupid...

At any rate, an inquiry starts losing relevance after 30 days, and is almost completely irrelevant after 12 months. So it's really not worth stressing over. I've seen people here who have 100+ inquiries on their reports, and still have decent scores and get approved for stuff. "New credit" only makes up ~10% of your score, and things stop being considered "new" after a pretty quick period of time.

    Total Loan Balance: $43k / $65k


    Total SL: $78k

United 1K - 725,000 lifetime flight miles    |    Chase Status: 4/24
Message 12 of 19
sarge12
Senior Contributor

Re: I think I did something stupid...


@coreysw12 wrote:

At any rate, an inquiry starts losing relevance after 30 days, and is almost completely irrelevant after 12 months. So it's really not worth stressing over. I've seen people here who have 100+ inquiries on their reports, and still have decent scores and get approved for stuff. "New credit" only makes up ~10% of your score, and things stop being considered "new" after a pretty quick period of time.


No it is only a small amount of points, that remain the same, for 12 months and then all points return. It stays on the report for 24 months, but has no affect at all on the scores, but will still count for 5/24. Inqueries do not have gradually decreasing effect...but we are talking about 2-5 points here per inquiry. Even less if there are a lot of them.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 13 of 19
sarge12
Senior Contributor

Re: I think I did something stupid...

I think I read where after a certain threshold is reached inqueries stop counting at all..like maybe 10 or so, but additional inqueries do not drop scores any further. One inquiry in the last 12 months will cost more points than the 10th inquiry does. If 1 costs 5 ponts, 10 will not cost 50 points, in fact I think it was 1-3 cost xxx points, and 3-6 cost xxx points etc until all points for inqueries are depleted.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 14 of 19
coreysw12
Valued Contributor

Re: I think I did something stupid...


@sarge12 wrote:

I think I read where after a certain threshold is reached inqueries stop counting at all..like maybe 10 or so, but additional inqueries do not drop scores any further. One inquiry in the last 12 months will cost more points than the 10th inquiry does. If 1 costs 5 ponts, 10 will not cost 50 points, in fact I think it was 1-3 cost xxx points, and 3-6 cost xxx points etc until all points for inqueries are depleted.


Sounds plausible, and in my experience seems pretty accurate. Going from 0 to 1 inquiry is a pretty substansial hit, but after that eash additional inquiry causes a lesser hit until eventually more inquiries seems to make no difference at all.

 

I have 10 inquiries, and the last couple inquiries barely affected my score, in fact I don't think they actually changed my score at all. But the first few did.

 

Age is also a big factor. People freak out that inquiries stay on your report for 24 months, but in reality they stop impacting your FICO after only 12 months, and between 0-12 months the impact gradually gets reduced to zero. Where an inquiry might drop your score by 10 points right away, after 6 months its impact might only be 4 points, after 9 months it's maybe 1 point, and after 12 months it's 0 points. I'm speaking generally and using estimated figures of course, but I think generally that's accurate.

    Total Loan Balance: $43k / $65k


    Total SL: $78k

United 1K - 725,000 lifetime flight miles    |    Chase Status: 4/24
Message 15 of 19
sarge12
Senior Contributor

Re: I think I did something stupid...


@coreysw12 wrote:

@sarge12 wrote:

I think I read where after a certain threshold is reached inqueries stop counting at all..like maybe 10 or so, but additional inqueries do not drop scores any further. One inquiry in the last 12 months will cost more points than the 10th inquiry does. If 1 costs 5 ponts, 10 will not cost 50 points, in fact I think it was 1-3 cost xxx points, and 3-6 cost xxx points etc until all points for inqueries are depleted.


Sounds plausible, and in my experience seems pretty accurate. Going from 0 to 1 inquiry is a pretty substansial hit, but after that eash additional inquiry causes a lesser hit until eventually more inquiries seems to make no difference at all.

 

I have 10 inquiries, and the last couple inquiries barely affected my score, in fact I don't think they actually changed my score at all. But the first few did.

 

Age is also a big factor. People freak out that inquiries stay on your report for 24 months, but in reality they stop impacting your FICO after only 12 months, and between 0-12 months the impact gradually gets reduced to zero. Where an inquiry might drop your score by 10 points right away, after 6 months its impact might only be 4 points, after 9 months it's maybe 1 point, and after 12 months it's 0 points. I'm speaking generally and using estimated figures of course, but I think generally that's accurate.


I have been told by someone who knows more than I ever will that the effect of an inquiry on the score does not decline in the effect like some things do. They told me if it drops 5 points for 1 inquiry in the last 12 months, it will still be 5 points until the 12 months aging occours. Whoever told me that could have been wrong though, and I can't even swear who it was.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 16 of 19
BallBounces
Valued Contributor

Re: I think I did something stupid...

OP,

I don't think anyone has asked this relevant question:

 

How many other installment loans do you have open and closed?

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 17 of 19
JLL2104
Contributor

Re: I think I did something stupid...

I have a student loan, a one-main loan, and the one this thread is about

Message 18 of 19
BallBounces
Valued Contributor

Re: I think I did something stupid...

OK.  

 

Then yes, this loan is not very relevant.  If you can get the INQ and tradeline removed, you should, otherwise this is not the worst thing in the world.

050719:     
021924:     


FICO 08 scores listed and are stagnated until multiple derogatory items expire over the next two years.
Message 19 of 19
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