HOW DO INQUIRIES AFFECT CREDIT SCORE

[FireMedic1]

FICO's research shows that opening several credit accounts in a short period of time represents greater credit risk. When the information on your credit report indicates that you have been applying for multiple new credit lines in a short period of time (as opposed to rate shopping for a single loan, which is handled differently as discussed below), your FICO Scores can be lower as a result. Although FICO Scores only consider inquiries from the last 12 months, inquiries remain on your credit report for two years. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk.

https://www.myfico.com/credit-education/credit-reports/credit-checks-and-inquiries 

[Revelate]

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@donkort wrote:

I've read over 3 inquiries as affecting credit score......up to 6 inquiries.

If you're shopping around, and the inquiries are of the same nature (e.g. from mortgage servers), you can accumulate as much inquiries as you want for up to 2 weeks.  I've seen 45 days, too.

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Actually on some FICO algorithms even 1 inquiry is damage, as shown by reason codes at 1 vs. 0 inquiries.

I think it's more like 8+ where they stop counting; I've never gotten that high to test honestly with scoreable inquiries.  I never saw any point in opening up slews of tradelines at once even if I do have far more than the consumer average.

[cr101]

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@Revelate wrote:

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@donkort wrote:

I've read over 3 inquiries as affecting credit score......up to 6 inquiries.

If you're shopping around, and the inquiries are of the same nature (e.g. from mortgage servers), you can accumulate as much inquiries as you want for up to 2 weeks.  I've seen 45 days, too.

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Actually on some FICO algorithms even 1 inquiry is damage, as shown by reason codes at 1 vs. 0 inquiries.

I think it's more like 8+ where they stop counting; I've never gotten that high to test honestly with scoreable inquiries.  I never saw any point in opening up slews of tradelines at once even if I do have far more than the consumer average.

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my score recently dropped 7 points after my 7th inquiry hit. 1 was from 2018, 5 were from 2019, and 1 was from 2020.

[Anonymous]

30 inquiries is nuts. OP is on a marathon

[Revelate]

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@cr101 wrote:

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@Revelate wrote:

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@donkort wrote:

I've read over 3 inquiries as affecting credit score......up to 6 inquiries.

If you're shopping around, and the inquiries are of the same nature (e.g. from mortgage servers), you can accumulate as much inquiries as you want for up to 2 weeks.  I've seen 45 days, too.

---

Actually on some FICO algorithms even 1 inquiry is damage, as shown by reason codes at 1 vs. 0 inquiries.

I think it's more like 8+ where they stop counting; I've never gotten that high to test honestly with scoreable inquiries.  I never saw any point in opening up slews of tradelines at once even if I do have far more than the consumer average.

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my score recently dropped 7 points after my 7th inquiry hit. 1 was from 2018, 5 were from 2019, and 1 was from 2020.

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That's 6 inquiries though (at most depending on the pattern in 2019 vs. the 2020 one), the one from 2018 would've faded to grey by 1/1/2020 no matter how late in the year it was taken.

[cr101]

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@Revelate wrote:

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@cr101 wrote:

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@Revelate wrote:

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@donkort wrote:

I've read over 3 inquiries as affecting credit score......up to 6 inquiries.

If you're shopping around, and the inquiries are of the same nature (e.g. from mortgage servers), you can accumulate as much inquiries as you want for up to 2 weeks.  I've seen 45 days, too.

---

Actually on some FICO algorithms even 1 inquiry is damage, as shown by reason codes at 1 vs. 0 inquiries.

I think it's more like 8+ where they stop counting; I've never gotten that high to test honestly with scoreable inquiries.  I never saw any point in opening up slews of tradelines at once even if I do have far more than the consumer average.

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my score recently dropped 7 points after my 7th inquiry hit. 1 was from 2018, 5 were from 2019, and 1 was from 2020.

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That's 6 inquiries though (at most depending on the pattern in 2019 vs. the 2020 one), the one from 2018 would've faded to grey by 1/1/2020 no matter how late in the year it was taken.

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2018 was in Oct. 2019=1 in Sept and 4 in Oct. 2020=Jan. 

[Thomas_Thumb]

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@Revelate wrote:

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@donkort wrote:

I've read over 3 inquiries as affecting credit score......up to 6 inquiries.

If you're shopping around, and the inquiries are of the same nature (e.g. from mortgage servers), you can accumulate as much inquiries as you want for up to 2 weeks.  I've seen 45 days, too.

---

Actually on some FICO algorithms even 1 inquiry is damage, as shown by reason codes at 1 vs. 0 inquiries.

I think it's more like 8+ where they stop counting; I've never gotten that high to test honestly with scoreable inquiries.  I never saw any point in opening up slews of tradelines at once even if I do have far more than the consumer average.

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Agree - even if the single inquiry does minimal damage itself, it can influence severity of score drop associated with # cards reporting balances.

I recall seeing some posters in the CC forum with over 100 countable inquiries across the three CRAs. Their scores were in the 700s. There is a saturation point where inquiries no longer have an addative impact. The saturation count appears to be in the 8 to 12 range (or nominally 10 +/-2)

[KittySaysMeow]

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@Thomas_Thumb wrote:

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I recall seeing some posters in the CC forum with over 100 countable inquiries across the three CRAs. Their scores were in the 700s. There is a saturation point where inquiries no longer have an addative impact. The saturation count appears to be in the 8 to 12 range (or nominally 10 +/-2)

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I just went on a two day application spree. I'm currently at 11 inquiries, and the FICO 8 (EX) stopped dropping after the 8th one.

[Anonymous]

Thank you for the data point.

[Dreams_Come_True]

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@thornback wrote:

Are all of your inquiries from credit card apps, or were you maybe rate shopping for a loan - like home or auto?

An inquiry will affect your scores for exactly 365 days from the date incurred.  When they age to the 365 day mark, they become unscoreable and any points lost are returned to you.  However, they remain on your reports, as a record, for a full 24 months (25 months on Experian). 

You have far too many inquiries.  Depending on how many of them are under a year old, they could costing you 30+ points.  We cannot determine how many points exactly because each profile responds differently to how an inquiry is weighed.

If they are all from applying for revolving credit, you need to stop applying at least until they all age a year - but waiting til most or all fall off completely would likely be best.  Excessive credit seeking behavior not only suppresses your scores, but is an easy denial reason for most lenders. 

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What happens when you earn points with added inqueries? Do we lose them when they reach 365 days? When I started my credit rebuilding journey I had no credit activity or accounts open.  So, everytime an inquiry was added I was gaining between 4-10 points, depending on the CBR.