inquiries in the last 12 months or 24?

[Anonymous]

Im wondering what banks such as US Bank and Chase, as well as CC companies like AMEX and Discover, look for as far as inquiries go. Are they seeing how many you have done in the last 12 months or 24? I know inquiries dont fall off for 24 months, just seeking advise as to what they may be looking for. Also, what number of inquiries should you never go over? Right now Experian says I have 7 (one is a chase inquiry that I NEVER did...whats fishy is that i opened a checking account with them around the same time the inquiry was done hmmm...) Equifax says I have 3 and Transunion says I have 4. 2 of the Transunion inquiries will be falling off this year. 

[Anonymous]

FICO scoring doesn't care about inquiries over 1 year old and I imagine most banks don't consider them too strongly after the 1 year mark as well.  As to how many are "too many" it really depends on the profile.

Cornelius may have 5 inquires with only 1 year of credit history, a thin file, a delinquency and higher than ideal utilization.

Rupert may have 10 inquiries with 20 years of credit history, a thick file, no negative items and ideal utilization.

A potential lender would likely not think twice about Rupert's 10 inquiries, where Cornelius' 5 could be viewed as too many based on the rest of his credit profile not being strong.

[LionLaw]

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@Anonymouswrote:

FICO scoring doesn't care about inquiries over 1 year old and I imagine most banks don't consider them too strongly after the 1 year mark as well.  As to how many are "too many" it really depends on the profile.

Cornelius may have 5 inquires with only 1 year of credit history, a thin file, a delinquency and higher than ideal utilization.

Rupert may have 10 inquiries with 20 years of credit history, a thick file, no negative items and ideal utilization.

A potential lender would likely not think twice about Rupert's 10 inquiries, where Cornelius' 5 could be viewed as too many based on the rest of his credit profile not being strong.

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Agreed; for scoring purposes, nothing over 12 months counts (and even after 6 months the effect on your score is negligable).

While it will vary from person to person, a fresh inquiry will usually take about 5 (sometimes as many as 10) points off your score right away, and that effect will diminish over the next few months.  I've never really done a big app spree, so I can't comment on how a bunch of inquries at once would affect your score, though I've heard that people who end up with a bunch of inquiries on one report all at once do take a pretty substantial score hit for a few months.

[MakingProgress]

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@Anonymouswrote:

Im wondering what banks such as US Bank and Chase, as well as CC companies like AMEX and Discover, look for as far as inquiries go. Are they seeing how many you have done in the last 12 months or 24? I know inquiries dont fall off for 24 months, just seeking advise as to what they may be looking for. Also, what number of inquiries should you never go over? Right now Experian says I have 7 (one is a chase inquiry that I NEVER did...whats fishy is that i opened a checking account with them around the same time the inquiry was done hmmm...) Equifax says I have 3 and Transunion says I have 4. 2 of the Transunion inquiries will be falling off this year. 

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The Chase inquiry that you think is fishy is most likely from opening the checking account.   Many banks will do a HP when opening a checking or savings account. 

[Thomas_Thumb]

Really - A HP for opening a new savings account? Does that apply if you already have accounts with the bank?

It's been over 10 years since I opened a new savings or checking account so, no personal data on HP or lack thereof.

I have added new brokerage & IRA accounts at Fidelity in the last 3 years without any HPs.

[kshurika]

MakingProgress wrote:
The Chase inquiry that you think is fishy is most likely from opening the checking account. Many banks will do a HP when opening a checking or savings account.

I opened a checking account at Chase just a few months ago. There was no HP.

[DaveInAZ]

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@kshurikawrote:
@MakingProgress wrote:
The Chase inquiry that you think is fishy is most likely from opening the checking account. Many banks will do a HP when opening a checking or savings account.

I opened a checking account at Chase just a few months ago. There was no HP.

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Many credit unions do a HP for joining them, which requires at least a savings account. But few banks do, especially the national ones. I also opened a checking account with Chase a few months ago with no HP. You need to be sure to decline Overdraft Protection, as that's a credit product and authorizes them to pull your CR. I regularly open banks accounts for new account bonuses, in the past few years I've opened accounts a US Bank, Wells Fargo & BMO Harris Bank in additionto Chase, no HPs on any of them. But in the past years I've joined Penfed CU & DCU, HPs on both, but at least they used the same HP when I applied for a credit product, which is the reason I joined them.  

[RobertEG]

Inquiries that are over one year are generally considered both by creditors and credit scorers as no longer providing significant indication of risk of repayment, and are thus usually ignored.

CRAs retain inquiries for a longer period, not so much because they deem them to be relevant to scoring, but more because of legal requirments to retain documentation should issues of improper inquiries arise, or need to provide a record of prior inquiries shuld requests for prior record of inquiries by submitted under the FCRA.

[Anonymous]

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@DaveInAZYou need to be sure to decline Overdraft Protection, as that's a credit product and authorizes them to pull your CR.

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How is that a credit product and how does it work?  Overdraft Protection from my CU simply meant that if your checking account went negative for some reason it would pull the funds from your savings account in the event that the checking account was debited.  Is that different with Chase?  When I opened a checking and savings account at Chase the guy at the bank that I was working with while explaining 100 other things did mention the Overdraft Protection, which sounded similar to what I mentioned above that I was familiar with from my CU, so of course I said "sure" to having it.  I never received a HP from the opening of those 2 accounts at Chase (with OD protection).

[Anonymous]

I have opened multiple Chase accounts, including a checking and savings, and have never received a HP. As others have mentioned, its credit unions that sometimes do HPs for checking/savings accounts--not large banks like Chase, BOA, etc.

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@MakingProgresswrote:

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@Anonymouswrote:

Im wondering what banks such as US Bank and Chase, as well as CC companies like AMEX and Discover, look for as far as inquiries go. Are they seeing how many you have done in the last 12 months or 24? I know inquiries dont fall off for 24 months, just seeking advise as to what they may be looking for. Also, what number of inquiries should you never go over? Right now Experian says I have 7 (one is a chase inquiry that I NEVER did...whats fishy is that i opened a checking account with them around the same time the inquiry was done hmmm...) Equifax says I have 3 and Transunion says I have 4. 2 of the Transunion inquiries will be falling off this year. 

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The Chase inquiry that you think is fishy is most likely from opening the checking account.   Many banks will do a HP when opening a checking or savings account. 

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