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Question about the impact of inquiries

skigirl916
Established Contributor

Question about the impact of inquiries

I understand that inquiries fall off your credit report after 2 years.  But is there a point when, while they're still on the report, they have less impact?  Like a few months after they occur?  

 

(Sorry for all the questions, this forum is just so incredibly helpful!!) 

Message 1 of 17
16 REPLIES 16
red259
Super Contributor

Re: Question about the impact of inquiries


@skigirl916 wrote:

I understand that inquiries fall off your credit report after 2 years.  But is there a point when, while they're still on the report, they have less impact?  Like a few months after they occur?  

 

(Sorry for all the questions, this forum is just so incredibly helpful!!) 


After six months their impact diminishes. After a year they do not impact your score but continue to show on your report. 

;
Starting Score: EQ: 714, TU 684
Current Score: EQ: 725 7/30/13, TU 684 6/2013, Exp 828 5/2018, Last App 8/5/17
Goal Score: 800 (Achieved!) In garden until Sepetember 2019
Message 2 of 17
coldnmn
Mega Contributor

Re: Question about the impact of inquiries

Fico doesn't consider them after a year. After 6 months they have less impact.  But they will be taken into consideration if manually reviewed.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 3 of 17
skigirl916
Established Contributor

Re: Question about the impact of inquiries

I was hoping it was shorter, but I'll take 6 months and a year! Smiley Happy Thanks!

Message 4 of 17
vanillabean
Valued Contributor

Re: Question about the impact of inquiries


@red259 wrote:

After six months their impact diminishes.

 


@coldnmn wrote:

 

After 6 months they have less impact.


 

It would appear that Barry disagrees.

 

Message 5 of 17
coldnmn
Mega Contributor

Re: Question about the impact of inquiries


@My-own-fico wrote:

@red259 wrote:

After six months their impact diminishes.

 


@coldnmn wrote:

 

After 6 months they have less impact.


 

It would appear that Barry disagrees.

 


I don't believe they used Fico 08 scoring model in 2008. I don't think they had fico 04 then either. Times change and so does the way credit is judged. If I'm wrong in Barrys eyes I agree to disagree.

Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
Sam's Mastercard $15k / Walmart Mastercard $10k / Blispay $7.5k PayPal Ex MC $10.8k
CareCredit 5k / Husq $5k / Cap1 QS $4.5k / Barclay Ring $5.35k / Citi DC (WMC) $12k
Gardening Date 7/01/16 / MyFico 08: EQ 801 / TU 777 / EX 771 / 06/08/17
Message 6 of 17
Involver
Valued Contributor

Re: Question about the impact of inquiries

INQs are one of the least important things to worry about on your credit report.

 

If your report is clean and you don't have an outrageous number of inquiries, it's just a waste of energy.

Message 7 of 17
takeshi74
Senior Contributor

Re: Question about the impact of inquiries

While it's true that inquiries play a smaller role than other factors in scoring it really depends on one's credit profile.  They're much more likely to show up as a reason for denial for those with thinner profiles.

 

There isn't just one X that defines "outrageous" for all situations.  I added 11 new accounts last year.  Inquiries were never cited as a concern.  One with a thinner profile could easily have inquiries cited as a denial reason for the number that I have -- or even much less.

 


@coldnmn wrote:

I don't believe they used Fico 08 scoring model in 2008. I don't think they had fico 04 then either. Times change and so does the way credit is judged.


Always consider the source (including posting dates).

Message 8 of 17
vanillabean
Valued Contributor

Re: Question about the impact of inquiries


@takeshi74 wrote:


@coldnmn wrote:

I don't believe they used Fico 08 scoring model in 2008. I don't think they had fico 04 then either. Times change and so does the way credit is judged.


Always consider the source (including posting dates).


 

Yes, how can you when there was none listed for the stated thought that FICO didn't provide FICO 04 to consumers in 2008?

 

All fun aside, what do we really know about inquiries in FICO 08? Is there any reason at all to believe anything has changed?

 

Message 9 of 17
tmoney
Regular Contributor

Re: Question about the impact of inquiries


@skigirl916 wrote:

I understand that inquiries fall off your credit report after 2 years.  But is there a point when, while they're still on the report, they have less impact?  Like a few months after they occur?  

 

(Sorry for all the questions, this forum is just so incredibly helpful!!) 


   Just took a hp for a cli from USAA ,third inq in since April . No score impact on first two  (april and July) .This one cost me

  7 points.

Message 10 of 17
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