Does having too many inquiries truly hurt chances of credit for the entire 2 year span? Or do they become less meaningful if your score is increased and other things are in order?
From what I understand, they stop having an effect on your FICO score after a year. However, they do remain on your report for 2 years.
@NoMoreDebt wrote:
@citymunky wrote:From what I understand, they stop having an effect on your FICO score after a year. However, they do remain on your report for 2 years.
I though in the past I have seen my score bounce up a couple points when an inquiry drops off? It could have been from something else but I always thought they were a couple points each?
I haven't noticed a FICO score bump when any given inquiry drops off after two, but I have noticed a bump when said inquiry ages to 13 months. Then there are my Vantage/FAKO scores, they do seem to hop up a bit after an inquiry drops off at 25 months.
@NoMoreDebt wrote:
@citymunky wrote:From what I understand, they stop having an effect on your FICO score after a year. However, they do remain on your report for 2 years.
I though in the past I have seen my score bounce up a couple points when an inquiry drops off? It could have been from something else but I always thought they were a couple points each?
Probably due to something else, as inquiries stop counting towards your score after a year as someone mentioned above.
@OniStringer wrote:Does having too many inquiries truly hurt chances of credit for the entire 2 year span? Or do they become less meaningful if your score is increased and other things are in order?
After 1 year they no longer affect your FICO scores, but your "chances of credit" can still be affected because they still appear in your report for another year and are not loved by lenders, who sometimes have their own internal scoring systems and who sometimes manually review applications.
@simplynoir wrote:Depends on who you are trying to bank with really when applying for credit cards and your credit profile, or as we say around here YMMV. Some banks are inquiry sensitive and won't even entertain approvals as long as you're within their tight rules. Citi is one that comes to mind with their 3/6 inquiry rule regarding approving apps/CLIs; have more than three inquiries in a six month span is a hardline they won't budge on. Then you have other banks that don't really care as long as your credit scores/profile is strong. Each bank is going to institute their own algorithms on how they determine what kind of customers they want
Best you can do is limit the inquiries and/or accept that if a person is going to be app-happy that some speed bumps are going to happen
Appreciate the input a lot!