Inquiry 1 year Mark - Weird Point gain

[barca]

This confirm some of the discussion on this forum that inquiry does not reduce as time goes by.

It seems it is absolute for 1 year and point lost will remain until the 1 year mark is off.

I only have 2 inquires on each CRA 12/19/2019. 

After the one year mark today - I see increase of 3 points each in Experian and TransUnion Fico 8

But my big suprise is FICO 2 Experian (mortgage) I see 11 points difference.

802 to 813

I can confirm no other changes , since I have experian monitoring and I check my credit and score almost everyday.

I won't be able to see my other mortgage scores for EQ and TU until month end from myfico.

It is amazing how sensitive the mortgage score is to inquiry

[Anonymous]

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@barca wrote:

This confirm some of the discussion on this forum that inquiry does not reduce as time goes by.

It seems it is absolute for 1 year and point lost will remain until the 1 year mark is off.

I only have 2 inquires on each CRA 12/19/2019. 

After the one year mark today - I see increase of 3 points each in Experian and TransUnion Fico 8

But my big suprise is FICO 2 Experian (mortgage) I see 11 points difference.

802 to 813

I can confirm no other changes , since I have experian monitoring and I check my credit and score almost everyday.

I won't be able to see my other mortgage scores for EQ and TU until month end from myfico.

It is amazing how sensitive the mortgage score is to inquiry

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@barca as clean as your inquiry list appears, I'm assuming the age of your youngest revolver is over a year old and was at the time of this mortgage inquiry? That being the case 30 days after the pull, did you experience the same loss that was returned to you today?

I ask because you had no scorecard reassignment to interfere with the weighting. 

[Anonymous]

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@barca wrote:

This confirm some of the discussion on this forum that inquiry does not reduce as time goes by.

It seems it is absolute for 1 year and point lost will remain until the 1 year mark is off.

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Correct.  If someone loses X points with the addition of a scoreable inquiry, they'll lose X points with the removal of a scoreable inquiry assuming they haven't been rebucketed during that time span.

[Anonymous]

That’s my understanding as well.

[Anonymous]

I say "a" scoreable inquiry very specifically, because it doesn't have to be "the" scoreable inquiry.  If someone adds a scoreable inquiry on Dec 6th and then a [different] scoreable inquiry reaches 365 days of age on Dec 10th, the points lost on the 6th would return 4 days later.

[barca]

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@Anonymous wrote:

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@barca as clean as your inquiry list appears, I'm assuming the age of your youngest revolver is over a year old and was at the time of this mortgage inquiry? That being the case 30 days after the pull, did you experience the same loss that was returned to you today?

I ask because you had no scorecard reassignment to interfere with the weighting. 

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The age of my youngest revolver is also my AoYA is 2 years 1 month. (reported to CRA on Nov 2018)

-- so it is more than 1 year old before the inquiry.

unfortunately, I did not really remember points lost then.. covid was just starting, things were just not in order etc.

other data points :

AAoA = 6 years 3 months

@Anonymous 

yes. we both agree on that.

one thing that was clear  - the point gained was today , the last time my score changed was about 2 weeks ago, when my utilization change was reported

I have checked my reports and score almost daily - with no change

if the change occur at the 1 year mark (11 points gained in EXP 2, and 3 points in FICO 8, EXP and TU). ..

it is safe to assume if no scorecard reassignment during the year as @Anonymous  stated....

then the score drop remains the same throughout the year and the gain at the end of 1 year mark = drop with inquiry at begining

[Anonymous]

Yes, agreed on the above.

Another fun data point, on March 1 when your AAoA reaches 78 months you should see a score increase... perhaps to the tune of 3-5 points.

[barca]

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@Anonymous wrote:

Yes, agreed on the above.

Another fun data point, on March 1 when your AAoA reaches 78 months you should see a score increase... perhaps to the tune of 3-5 points.

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I did not know 78 months is another threshold . That is positive news.

Speaking of inquiry - if one is going to app for mortgage in future -

 then to maximize points , it will be safe to stay away from inquiry for 1 year

[Anonymous]

Correct.  Inquiries and new accounts within the last 12 months are a no-no when mortgage seeking.

[Anonymous]

Actually the new account threshold is greater than 12 months on the mortgage Scores; we don’t know exactly where though, but waiting longer for that scorecard reassignment would offer more points. Maybe 14-15 months? I don’t know, I’m looking for it now.

Anyone monitoring their mortgage scores with their youngest revolver just over 12 months, please watch and see when the new account reason code disappears.