FICO Score and Inquiry Impact

cottage · ‎11-11-2011

In the last month, I've applied for a car loan (which I received) and 2 or 3 revolving credit lines (store cards). These are now showing up as inquiries and my score has dropped by about 20 points. I know the inquiries stay on the CR for 2 years. However, my question is for how long will they impact my score? How long will it take for me to regain the 20 points I've lost?

Thanks

Ms-Kato · ‎11-11-2011

@cottage wrote:
In the last month, I've applied for a car loan (which I received) and 2 or 3 revolving credit lines (store cards). These are now showing up as inquiries and my score has dropped by about 20 points. I know the inquiries stay on the CR for 2 years. However, my question is for how long will they impact my score? How long will it take for me to regain the 20 points I've lost?

Thanks

Same thing happened to me.

I would say about 6 months of paying your credit cards and car loan on time with no lates with a

low uli under 9%.

Anonymous · ‎11-11-2011

Inquiries remain on your report for 2 years, but only affect your FICO score for 1 year. In addition to the inquiries, the real damage is done from the new accounts reporting and the decreased AAoA. This will lesson over time obviously.

Anonymous · ‎11-12-2011

@Anonymous wrote:
Inquiries remain on your report for 2 years, but only affect your FICO score for 1 year. In addition to the inquiries, the real damage is done from the new accounts reporting and the decreased AAoA. This will lesson over time obviously.

+1