cancel
Showing results for 
Search instead for 
Did you mean: 

How are credit inquiries factored in?

tag
RebelSon
Contributor

How are credit inquiries factored in?

I currently have 30 inquiries in past 2 years.

20 within the past 12 months

6 in the past 6 months

0 in last 30 days

 

total of 30.

Does excessive inquiry affect FICO only 30 days after inquiry or 1 year?

 

Starting Score: 460
Current Score: 750
Goal Score: 800


Take the myFICO Fitness Challenge
Message 1 of 2
1 REPLY 1
llecs
Moderator Emeritus

Re: How are credit inquiries factored in?

FICO ignores all inquiries beyond 12 months, so you are only hit for 20 of them.

 

If any of the twenty are mortgage or auto inquiries, then FICO will ignore all but one depending on the CRA and version of FICO score used if pulled within a given time frame. It ranges from 14-45 days and I think this version of TU FICO is 14. I know for sure that this version of EQ is 30. In other words, if 10 of the 20 are for an auto pull in a 2 week period, for example, then FICO will only score on one of the 10 and ignore the other 9.

 

For the "New Credit" portion of your report, it encompasses inquiries and new accounts. So, adding 50 more tomorrow won't impact oyur FICO at all. Most of the damage occurs when you go from 0 to 1 and 1 to 2. I've even added one inquiry going from 0 and haven't lost any points. Over December, I applied for the first time in over a year and that inquiry only dinged me 3 points. I bet if I added a second at that time, I'd probably see a ding of 2 or less, or none at all. Inquiry damage, per FICO, is overrated, IMO, though tends to impact your score more if in the high 700s and app free for a long time.

 

Message 2 of 2
Advertiser Disclosure: The offers that appear on this site are from third party advertisers from whom FICO receives compensation.