Hard Pull Inquiry

[DaveSignal]

I am not sure why everyone gets so excited about a hard pull inquiry.  I monitor my score every day and have never seen any kind of significant effect from any inquiries, and I have quite a few.  I just recieved a score watch alert for my latest credit application and my score canged by a total of 0. 

Is there some kind of min and max inquiries thing where if you have over a certain amount of inquiries you can do inquiries all you want and it won't have any effect?

[namvet]

Inquiries are kinda like a paper trail of where you have been and a indicator of risk to potential and current lenders.  Your score can and will change from credit inquiry activity.  Some feel they are over rated and others don't seem to care about them.  Inquires will be part of your credit picture for 2 years regardless if they bother you or not.  Sooner or later you will feel the effect of those dings. 

[Revelate]

Search for a post by Haulingthescoreup on the Credit Card's forum, inquiries are penalized on a graduated scale, and beyond a certain number they no longer to seem to have much affect on one's score.

[DaveSignal]

I didn't find the exact post, but that makes sense then.  I did find that inquiries only count against your fico score for the last year.... leaving my EQ report with 12 inquiries.  Further inquiries have no effect on my socre....  The magic number might be 10 then.  Its possible that this number is a 6 point drop since the inquiries are the only major difference between my Equifax and TransUnion reports  (TU only has 3 inquiries in the last year) and my TU report is 6 points higher.  I will try to go a year with as little as possible inquiries and see if its worth the 6 points....

[namvet]

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@DaveSignal wrote:

I didn't find the exact post, but that makes sense then.  I did find that inquiries only count against your fico score for the last year.... leaving my EQ report with 12 inquiries.  Further inquiries have no effect on my socre....  The magic number might be 10 then.  Its possible that this number is a 6 point drop since the inquiries are the only major difference between my Equifax and TransUnion reports  (TU only has 3 inquiries in the last year) and my TU report is 6 points higher.  I will try to go a year with as little as possible inquiries and see if its worth the 6 points....

 

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    That's a great plan if you plan on adding more credit in the near future.  If not then the inquiries won't matter.  You are correct about the inquiries counting against your score only for the 1st year. 

[Revelate]

My fault, I didn't realize that the forum search interface was actually pretty limited when involving specific usernames.

I also hadn't realized that Hauling left and that many of the mods seem to be taking less of a role, school's out.  Anyway I'll see if I can dig up the posts through my own "thank you" responses in hopes that they don't get lost with my rapidly failing memory.