Differentiating Inquiries ;Mortgage VS Auto Loan VS Credit Cards

[Anonymous]

Hi all,

I am really enjoying the forums here and trying to give knowledge where i have it but most the time I am gleaning more than sowing.

Here i find myself rebuilding for the last 5 years or so by paying off debts, waiting for things to fall off etc..

So in this post i wanted to highlight the importance of different INQ on peoples accounts and how it affects not just the score but how lenders look at it.

Many of us who have bought a house or attempted to buy a car know that we you can easliy accrue over 12 - 15 inq just with those two things.

Then take into account when you start electricity or turn on an cable or internet line, boom credit hit all over the place.

Then to boot we have delinitaitons of time as well that makes a difference. I think most know that credit inquiries will stay on your credit for 2 years and loose most of their affect on your score after the first year but often we see here on posts people asking it to be broke down between 6 months and 12 months as far as most recent and quantity of inq.

So for those of your that have the understanding on this issue and how it affected your various applications please stop by and drop a note on what you have experienced as far as the inquireies that have effected your score and in what manner.

Kind Regards.

[Revelate]

Inquiries are counted throughout the first year, they no longer count after that.

There appears to be zero aging of inquiries (concretely none on FICO 04) and at least on data so far that has held for FICO 8 and FICO 9; Vantage might be different but ignoring that for now.

End of the day inquiries are pretty irrelevant, if you need to rack up inquiries for whatever reason do so, isn't going to hurt much even in the first year at least under the current credit market.

[Anonymous]

Thank you Revelate.

[RonM21]

Very interesting angle of how to look at it Rev. It makes some sense though. I find myself going crazy over the inquiries that I have listed. May be overreaction on my end.

[Revelate]

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@RM21 wrote:
Very interesting angle of how to look at it Rev. It makes some sense though. I find myself going crazy over the inquiries that I have listed. May be overreaction on my end.

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Yeah my perspective is one who's been waiting nearly 5 years with another to go for my tax lien; compared to that inquiries are irrelevant so my perspective may not hold for everyone.

That said they're a very minor ding and not really worth worrying about; while I don't subscribe to the theory of racking up dozens or even hundreds in some cases extraneous tradelines, even 10-20 inquiries (not deduped ones) hasn't shown to be much impediment to the acquisition of credit at least in the last 3 years or thereabouts.

If we get another simliar financial crisis where lenders will try to find any excuse to say no, then maybe that will change, but for now given how minor of impact they are and the currently very low UW guideilnes for virtually everything these days (680 is good enough for darned near everything other than mortgages where one can do better with a higher score) it's just not worthwhile to worry about.