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I have read that inquiries stop hurting your score after 1 year. For example, if the inquiry was in July 2011 will this age and imporve the score a little more? I know that it does not come off the report for 2 years, but how does this work.
All I've read says they stop being factored after one year. Two of mine are coming up on the one year mark this week. Ex should go up but it's a FAKO so there's no telling if the score change is predictive.
@praise123 wrote:I have read that inquiries stop hurting your score after 1 year. For example, if the inquiry was in July 2011 will this age and imporve the score a little more? I know that it does not come off the report for 2 years, but how does this work.
That's correct....assuming that you didn't incur any more recent inquiries you might expect a small FICO score bump.
I just got a SW yesterday. The only thing different was the 1-yr anniversary of one of the 2 inq. I got bumped 10 points!!!!! YMMV but I got +10 going from 2 inq to 1. And it had nothing to do with a new account hitting a year (that inq was for rent approval).
Thats great to hear. I have a few that are going to age out in July, august, november for that year mark, but I also have several HP that were needed to get credit approved in June. I hoping things settle down by December so I can be cleared with the mortgage approval. Thanks~
I actually think they could last as long as two years, but I'm assuming over time they will have less impact.
I just applied today for a Discover Card. I got declined and the only reason it said was "Too many inquiries in last 24 months."
@Anonymous wrote:I actually think they could last as long as two years, but I'm assuming over time they will have less impact.
I just applied today for a Discover Card. I got declined and the only reason it said was "Too many inquiries in last 24 months."
Inquiries will stay on your reports for 2 years, but FICO scoring ignores them after the first year. However, creditors may look at your report and choose to include anything ( including older inquires ) in their own analysis.
@Anonymous wrote:I actually think they could last as long as two years, but I'm assuming over time they will have less impact.
I just applied today for a Discover Card. I got declined and the only reason it said was "Too many inquiries in last 24 months."
too many in 24 mos yikes! i figured they would over look them after 12 mos
I have 7 on eq all due for 1 year mark in nov so im all antsy on a score bump as well