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please help me understand inquiries.

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please help me understand inquiries.

Inquiries stay on report for 2 years, but only count for 1? I have like 20 inquiries on each report, but have like 15 cards now. I'm gonna garden for at least a year. Only cards I will take are pre approvals with awesome deals. If they send me any! Lol. So will cc card companies see those inquiries next year?
Message 1 of 7
6 REPLIES 6
Established Contributor

Re: please help me understand inquiries.

No. Only your inquiries in the last year (I think they fall off on the 13th month, so technically last 13 months) will show on your reports. The 2 year threshold for inquiries is something only you can see when you pull your own reports. Lenders will only see 1 years worth of inquiries (the same thing you see on myfico reports). 

Message 2 of 7
Contributor

Re: please help me understand inquiries.

So I will be in good shape if I don't apply for at least a year. Ty
Message 3 of 7
Mega Contributor

Re: please help me understand inquiries.

Inquires are on your credit report for two years. Computers recognize them for one year. If they do a manual review they will be seen and taken into consideration. 

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Message 4 of 7
Moderator Emeritus

Re: please help me understand inquiries.


@mikeb1212 wrote:
Inquiries stay on report for 2 years, but only count for 1? I have like 20 inquiries on each report, but have like 15 cards now. I'm gonna garden for at least a year. Only cards I will take are pre approvals with awesome deals. If they send me any! Lol. So will cc card companies see those inquiries next year?

Although for scoring purposes inquiries only have an impact for 12 months lenders can still see them for 24 months.

Message 5 of 7
Senior Contributor

Re: please help me understand inquiries.


@mikeb1212 wrote:
Only cards I will take are pre approvals with awesome deals.

I'd recommend not relying on preapprovals.  You're arbitrarily ruling out cards that may be beneficial to you.  Select cards based on your needs/wants.

Message 6 of 7
Legendary Contributor

Re: please help me understand inquiries.

Reliance on pre-approvals can be a good way to substantially increase chances of approval, and thus there are good reasons to give them emphasis, IF the pre-approval is of the type that is based on their use of a CRA to provide a listing of consumers.

 

If the credtior obtained a lisiting of consumers from a CRA, their offer must be a "firm offer for credit," which rs required under the FCRA to be granted if the consumer apples and is found to still meet the screening criteria specified by the consumer for generation of their listing.

It can reduce the number of hard inquiries burned by a consumer in the application process.

Message 7 of 7
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