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Question about the impact of inquiries

Revelate
Moderator Emeritus

Re: Question about the impact of inquiries


@My-own-fico wrote:

@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?

 


For what little it's worth I don't think it's changed at all though it might be weighted differently.

 

I had an inquiry fall out of scoring range, gained 3 points, then Verizon oh so helpfully made a stupid credit check on a no contract, no plan, paid in full for equipment wireless device... and lost an identical 3 points.  Stupid VZ, but at least in my anecdotal experience it looks to be aggregate number of inquiries which matters and I'm not convinced about the 6 month bit, think that may just be aggregate payment history increases or new tradeline seasoning potentially on that count.

 

I don't expect to have any more datapoints on this for another year unfortunately but that's my experience.

 




        
Message 11 of 17
Revelate
Moderator Emeritus

Re: Question about the impact of inquiries


@tmoney wrote:

@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.


We do know anecdotally that inquiry count is graded on a step function: i.e. 0->1 = drop, 1->2 = no change, 2->3 drop, 3->4 no change, 4->5 no change, etc.

 

This is simplified and hasn't quite held for me on the precise boundaries seemingly but a lot of individuals have seen this behavior under FICO '04 and it appears to be the same under FICO 8.




        
Message 12 of 17
vanillabean
Valued Contributor

Re: Question about the impact of inquiries


@Revelate wrote:

For what little it's worth I don't think it's changed at all though it might be weighted differently.

 

Agreed. In my case, inquiries have less impact under FICO 08.

 

Along inquiries, would you mind taking a look at this month's Garden Club Meeting? I'm getting nowhere.

Message 13 of 17
elPatitoFeo
Established Contributor

Re: Question about the impact of inquiries


@Revelate wrote:

@My-own-fico wrote:

@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?

 


For what little it's worth I don't think it's changed at all though it might be weighted differently.

 

I had an inquiry fall out of scoring range, gained 3 points, then Verizon oh so helpfully made a stupid credit check on a no contract, no plan, paid in full for equipment wireless device... and lost an identical 3 points.  Stupid VZ, but at least in my anecdotal experience it looks to be aggregate number of inquiries which matters and I'm not convinced about the 6 month bit, think that may just be aggregate payment history increases or new tradeline seasoning potentially on that count.

 

I don't expect to have any more datapoints on this for another year unfortunately but that's my experience.

 


 

How did VZ get the kind of info they need for a HP if you were not buying a contract plan???

 

Message 14 of 17
Revelate
Moderator Emeritus

Re: Question about the impact of inquiries


@elPatitoFeo wrote:

@Revelate wrote:

@My-own-fico wrote:

@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?

 


For what little it's worth I don't think it's changed at all though it might be weighted differently.

 

I had an inquiry fall out of scoring range, gained 3 points, then Verizon oh so helpfully made a stupid credit check on a no contract, no plan, paid in full for equipment wireless device... and lost an identical 3 points.  Stupid VZ, but at least in my anecdotal experience it looks to be aggregate number of inquiries which matters and I'm not convinced about the 6 month bit, think that may just be aggregate payment history increases or new tradeline seasoning potentially on that count.

 

I don't expect to have any more datapoints on this for another year unfortunately but that's my experience.

 


 

How did VZ get the kind of info they need for a HP if you were not buying a contract plan???

 


Still have to provide all your infos unfortunately, and I've been a VZ customer for a while.  Actually took two inquiries as I opened up a VZ business Internet connection the other day too, 2 inquiries, -3 points total.  Yawn.  Not something worth worrying over with how ummovable my score is and I'm not applying for anything new in the next year anyway so it's pretty moot... also anything I would be interested in would land on EX, so inquiries on EQ in this case from VZ, no biggie.  Incidently the business one was again month to month, and I'm the one providing all the equipment.  What credit is VZ extending me there?  Just plain silly.

 

It's more a general annoyance about how awkward and silly some of the credit report uses are these days.  If I ever wind up in a place where I'm making an extension of credit or otherwise need to see a credit report, going to do things better.




        
Message 15 of 17
elPatitoFeo
Established Contributor

Re: Question about the impact of inquiries


@Revelate wrote:

Still have to provide all your infos unfortunately, and I've been a VZ customer for a while.  Actually took two inquiries as I opened up a VZ business Internet connection the other day too, 2 inquiries, -3 points total.  Yawn.  Not something worth worrying over with how ummovable my score is ...

 

Well that sucks that VZ did that.  And it's not just your score, all our scores are rather immobile, specially if we subscribe to our FICO three-bureaus service... but that's another thread....Smiley Very Happy

 

Message 16 of 17
Revelate
Moderator Emeritus

Re: Question about the impact of inquiries


@elPatitoFeo wrote:

@Revelate wrote:

Still have to provide all your infos unfortunately, and I've been a VZ customer for a while.  Actually took two inquiries as I opened up a VZ business Internet connection the other day too, 2 inquiries, -3 points total.  Yawn.  Not something worth worrying over with how ummovable my score is ...

 

Well that sucks that VZ did that.  And it's not just your score, all our scores are rather immobile, specially if we subscribe to our FICO three-bureaus service... but that's another thread....Smiley Very Happy

 


Smiley Happy

 

To be fair my score has been flatlined for going on 2 years now as a result of my sins, it's not just the 3 bureau service this time Cat Tongue




        
Message 17 of 17
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