FICO 9 inquiry impact and aging

[SouthJamaica]

I had from 2 to 4 inquiries less than 3 months old on each of the 3 reports, so the distinction between more recent and less recent inquiries would not have accounted for the ~60 point difference between 8 and 9 for me.

[JLK93]

---

@SouthJamaica wrote:

I had from 2 to 4 inquiries less than 3 months old on each of the 3 reports, so the distinction between more recent and less recent inquiries would not have accounted for the ~60 point difference between 8 and 9 for me.

---

Of course not. However, inquiry aging could have accounted for Revelate's 10 point increase on 5/1. It could have also been something else.

[Thomas_Thumb]

Oilcan, thanks for the reminder on your data. I reposted the summary table that was included in the previous thread.

I think we had it half right - Inquiries [of moderate age] do count less in Fico 09 and your data is fairly robust in that regard. However, we overlooked the potential for an algorithm adjustment to factor in short term aging (like VS 3.0 uses). Given Revelate's added data it now appears that:

1) Fico 09 weighs recent (meaning 90 days or less) inquiries more than Fico 08.

2) Fico 08 weights inquiries between 3 months and 12 months more than does Fico 09.

3) Fico 09 discounts inquiries older than 3 months in scoring. Whether or not they are ignored completely in all cases or under certain conditions is unclear.

4) Comparing inquiry free TU bankcard scores - it appears that Fico 09 may give more weight to having a greater account depth.

Note 1: The # (or %) of cards reporting does influence enhanced scores. However, an above data set indicates the Fico 08 to Fico 09 offset remained when # cards reporting was reduced from 6 of 6 to 3 of 6.

Note 2: All inquiries related to the below QTY totals were reported to be between 5 months and 12 months age.

Fico Model	EQ Score	TU Score	EX Score	EQ Score	TU Score	EX Score
# inquiries	3	0	9	0	0	0
# cards Reporting bal	3 or 3 of 36	2 or 3 of 36	2 or 3 of 36	6 of 6	6 of 6	6 of 6
Auto 09	877	889	864	867	871	881
Auto 08	842	876	821	874	879	883
Diff (09 - 08)	35	13	43	-7	-8	-2
Bankcard 09	877	890	871	867	869	873
Bankcard 08	864	889	855	874	880	895
Diff (09 - 08)	13	1	16	-7	-11	-22

[Thomas_Thumb]

---

@SouthJamaica wrote:

I had from 2 to 4 inquiries less than 3 months old on each of the 3 reports, so the distinction between more recent and less recent inquiries would not have accounted for the ~60 point difference between 8 and 9 for me.

---

SJ, I agree with what you are saying. 

A couple things that might be looked at more favorably in Fico 09 relative to your file are: 

1) Old public records could have a reduced penalty in Fico 09.

2) Depth of file could be given more weight in Fico 09 and possibly closed installment loans could count more towards credit mix (you have a few of these)

[Thomas_Thumb]

---

@Revelate wrote:

---

@SouthJamaica wrote:

My impression is that recent inquiries are given less, rather than more, weight in FICO 9 than in FICO 8.

---

To date I haven't seen any from anyone else on this topic (not to say it doesn't exist), hopefully others will chime in with datapoints in the future.

---

Refer to summary table in an above post referencing "moderately aged" inquiries. The data is fairly robust.

Here's the link.

http://ficoforums.myfico.com/t5/General-Credit-Topics/My-First-850-on-Transunion/m-p/4466065#M224434

[Revelate]

Thanks for that link TT!  Yeah that got lost in the noise somewhere .

[Revelate]

Erg, apparently I need to wait 30 days for this to reflect in my score according to some online information I wasn't familiar with.  

Just applied for a mortgage refinance, Credco which is clearly a mortgage tri-merge clearing house and apparently Equifax sees it correctly.  Somewhat interestingly, VS doesn't have this exclusion period, got up and spanked on TU VS 3 for the inquiry (60 points), EQ VS 3 went down 5.  

[Thomas_Thumb]

Hopefully you're not in danger of being assigned to the dreaded 13th Fico 09 scorecard. You don't have high revolving debt but sometimes these statements are rather vague. Perhaps new credit applications and high installment balance to loan are also considered in lucky 13. I suspect not but felt it was worth mentioning.

[JLK93]

---

@Revelate wrote:

 Somewhat interestingly, VS doesn't have this exclusion period, got up and spanked on TU VS 3 for the inquiry (60 points), EQ VS 3 went down 5.  

---

60 points for 1 inquiry on VS 3.0???

[SouthJamaica]

---

@Thomas_Thumb wrote:

Hopefully you're not in danger of being assigned to the dreaded 13th Fico 09 scorecard. You don't have high revolving debt but sometimes these statements are rather vague. Perhaps new credit applications and high installment balance to loan are also considered in lucky 13. I suspect not but felt it was worth mentioning.

---

By "revolving debt" do they mean reported balances, or balances carried?