Credit Challenge -- Inquiries @ 1 year

[Anonymous]

Test your credit score knowledge -- can you predict the score change?

On EX I have 6 inquiries all between 6 months and 1 year old. On Wednesday this week two will hit the 1 year mark -- obviously that should result in a score boost of a few points. Let's see who can guess the number?

Current score - 737, AAoA 11 months, oldest account 14 months, utilization 1%, 2 revolvers and 1 charge card reporting a balance (won't change in this interval). No lates / derogatories (short history holds my score down.)

My prediction - 10 points, five points for each inquiry. 

[Anonymous]

And the answer is -- my score increaed 8 points when midnight PDT rolled around, from 737 to 745. So that looks like you get back 4 points per inquiry.

[Thomas_Thumb]

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@Anonymous wrote:

And the answer is -- my score increaed 8 points when midnight PDT rolled around, from 737 to 745. So that looks like you get back 4 points per inquiry.

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So, it looks like reducing INQ from 6 to 4 gained you 8 points. Previously Inverse reported gaining 5 points when one of his 2 TU reported INQs reached 1 year age [840 => 845]. Most likely impact of inquiries on score is greater at higher scores - unless score has a buffer.

Not sure all INQ count the same - I suspect there are INQ QTY categories for Fico 8 such as:

a) Less than 2 (0 - 1)

b) 2 - 4

c) 5 - 8

d) 9 or more

or

a) 0

b) 1 - 2

c) 3 - 5

d) 6 - 9

e) 10 or more

Your point increase may relate to dropping to a lower category as opposed to points per inq. Others, such as Revelate, may have data documenting point changes relating to INQ count.  If some incremental count changes affect score but others do not, it would support a category assignment theory.

BTW - hope you are keeping records. A few months back some predictions were made on aggregate score change come January - once all INQ reach 1 year.

[Anonymous]

Unfortunately we may not get the January test as I may leave the garden soon--I've been waiting for these INQ's to drop off and then I have a few things to app. 

I will at least app a PLOC, likely tomorrow. I need to do that in order to move my banking over to my credit union. Prefer to build relationship with them in anticipation of a future mortgage app, but can't move my banking until I have a PLOC to backstop my checking account. It's my way of guaranteeing no oopses. 

Also thinking about apping a Discover card because I travel to China sometimes and Visa/Mastercard aren't accepted there. Discover is. 

Also thinking about apping a CITI double cash because it beats my BoA Travel Rewards Visa. But that might be one app too far, so debataing that.

Myt hinking is that if I'm eventually going to app all those things I should app them now and not later, take the AAoA hit earlier, and get it over with. At that point I'll be back into garden for a longer haul--likely to October next year (11 months from now).