MyFico's statement on 1 INQ...

[Kratos-TM]

I have one inquiry left within the year mark on my EQ report, and this is what it says when reading MyFico's report........ "Having multiple inquiries can hurt your FICO® score because research has shown that multiple inquiries can represent greater risk to a lender. A single inquiry, however, will have little or no impact on your score."

Is this single inq statement "generally" true even for people who have high ranged scores? I saw a 12 point jump when I went from 2 inquiries in the year mark to 1......I wonder if losing this last inquiry will have very little score changing effect.

[llecs]

Could a TL aging have something to do with that point increase too?

[blondy250]

I went from having 1 inquiry reporting from the last  last time I ran MyFico scores (4 months previous),  to having no inquires this last pull in January I went up 3 points. Of course it's very unscientific, and my tradlines aged, but going from 1 to 0 seemed to have little impact for me. Ymmv.

[Kratos-TM]

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@llecs wrote:

Could a TL aging have something to do with that point increase too?

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No, I pull my report everyday to insure I know what change happened to effect the score. It was definitely the inquiry by itself that yielded 12 points at the year mark. Strange..... My guess is that the algorythm for high scorers will ding you for more than 1 inquiry within the year. So my second guess is that this last inquiry won't yield many points, probably 1 or 2. But I just thought I'd post this to see if someone posted an example off of their experience.

[Kratos-TM]

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@blondy250 wrote:

I went from having 1 inquiry reporting from the last  last time I ran MyFico scores (4 months previous),  to having no inquires this last pull in January I went up 3 points. Of course it's very unscientific, and my tradlines aged, but going from 1 to 0 seemed to have little impact for me. Ymmv.

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Which bureau is this? My experience with EX and TU is similar to this. In fact I didn't gain many points with them when going from 2 to 1 to 0  (well at least on the 08EX and 98TU versions....I might I have gained on the 04 versions but we don't have access to them). But my experience with EQ04 is very different. I'm gaining many points everytime an inquiry falls off. EQ seems to care more about inquiries than the other two (at least with me). Which makes me wonder about the last inq....

[blondy250]

Experian and Equifax, didn't pull the TU98 and TU08 from discover was my first so nothing to compare TU too.

[Revelate]

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@Kratos-TM wrote:

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@blondy250 wrote:

I went from having 1 inquiry reporting from the last  last time I ran MyFico scores (4 months previous),  to having no inquires this last pull in January I went up 3 points. Of course it's very unscientific, and my tradlines aged, but going from 1 to 0 seemed to have little impact for me. Ymmv.

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Which bureau is this? My experience with EX and TU is similar to this. In fact I didn't gain many points with them when going from 2 to 1 to 0  (well at least on the 08EX and 98TU versions....I might I have gained on the 04 versions but we don't have access to them). But my experience with EQ04 is very different. I'm gaining many points everytime an inquiry falls off. EQ seems to care more about inquiries than the other two (at least with me). Which makes me wonder about the last inq....

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Not certain on this; I'll see as I'm currently using Scorewatch and I have my last EQ inquiry from 1/13/13.

Inquiry damage does fade with time anecdotally, so it wouldn't surprise me that there weren't many points gained from their actually falling off as the majority of the negative has likely disappated by that point.  

Course I thought that with an medium aged state tax lien (3 years old) and then getting a second one moved my score all of 5 points downward.  Probably will move roughly the same 5 points when I get the most recent airstruck through the Fresh Start program: back to stuck sub-700 with EQ, cheerio.

[Involver]

I recently went from 0 to 1 INQ on EQ and my FICO dropped by only 2 points.  I am certainly not in your bucket though so, YMMV.

[Kratos-TM]

Thanks for the feeback guys. I know I over-think the details, but I want to learn as much about this stuff as possible so that I can help my family do better and know how even the smallest of details work in this game.