Inq questions

[homerunstacy]

Just want to make sure I understand the whole inq impact.  Based on previous posts. Inq's only impact FICO score for 1 year, stay on the report for 2 years, have the most impact to your score the 1st 6 months?  Do mortgage inquires have less weight or just when they are pulled around same time?   The two in April were from the same mortgage broker that was reviewing me for a refi.  Just wondering really how much point difference I am looking at on all of these. 

When I get to the Inq section here is what I have:

TU
Inquiries that may be affecting your FICO® score
Total: 4 Times
Date                            Company making the inquiry
March 30, 2010         Sears/Cbsd 
October 12, 2009      Wells Fargo Bank, Na 
April 23, 2009             3103worldwidef/Credlndrs 
April 15, 2009             Crosscapitalllc/Ucs-Hawk** This one is just a few days over a  year now so why would it show up?

EQ
Inquiries that may be affecting your FICO® score
Total: 3 Times
Date                                Company making the inquiry
December 31, 2009     Marinerfin 
November 28, 2009     Gemb/Walma 
April 23, 2009                Crdt Lend 

Thanks!

[lkcrew426]

Inquiries stay on your report for 2 years, but only affect your score for 1 year.

[Lel]

Your report says that these inquiries may be affecting your score - not that they are affecting your score.

I don't believe that the system looks at the inquiry dates when it generates these alerts.  It's just looking at all hard inquiries.  Since that one from April 15, 2009 is still on your report, it got grouped with the more recent ones.  But it's not affecting your score (and in two days, the other mortgage inquiry won't be affecting your score either).  However, you may not see any significant change in your score once these go beyond 1 year.

For FICO scoring purposes, the two mortgage inquiries, since they occurred within the 14 day window permitted by TU 98, are treated as a single inquiry. 

[homerunstacy]

Thanks! That makes sense. 

[Carlosjb3]

-Inquiries become less irrevelant if irrevelant at all to your fico score after 1 year

-At the 2 year mark from last pull they start to fall off (if not you better damn right to the bureaus!)

-If going on an app binge make sure you do so in the span of 3 days or less so the next time your fico score is calculated all inquiries will count as 1 inquiry possibly dinging your score between 1-10 points. Keep in mind that even though it will count as one inquiry your credit report will still show all the hard inquiries performed by each bank which is something other banks can still look at when determining your worthiness for credit. In other words, you can still be denied by other banks for too many inquiries.

[Lel]

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@Carlosjb3 wrote:

-Inquiries become less irrevelant if irrevelant at all to your fico score after 1 year

-At the 2 year mark from last pull they start to fall off (if not you better damn right to the bureaus!)

-If going on an app binge make sure you do so in the span of 3 days or less so the next time your fico score is calculated all inquiries will count as 1 inquiry possibly dinging your score between 1-10 points. Keep in mind that even though it will count as one inquiry your credit report will still show all the hard inquiries performed by each bank which is something other banks can still look at when determining your worthiness for credit. In other words, you can still be denied by other banks for too many inquiries.

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This is not accurate.

Only certain types of inquiries within a certain timeframe are grouped and treated as a single inquiry for scoring purpose.  These are mortgage, auto, and student loan inquiries.  And the window is much longer than 3 days - 14 to 45 days, depending on the FICO scoring model.

Credit card inquiries are not treated in the same way.  If you apply for 10 cards in a 3 day period, all the inquiries can theoretically have an impact on your credit score.

http://www.myfico.com/CreditEducation/CreditInquiries.aspx

[Anonymous]

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@Lel wrote:

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@Carlosjb3 wrote:

-If going on an app binge make sure you do so in the span of 3 days or less so the next time your fico score is calculated all inquiries will count as 1 inquiry possibly dinging your score between 1-10 points.

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This is not accurate. 

Only certain types of inquiries within a certain timeframe are grouped and treated as a single inquiry for scoring purpose.  These are mortgage, auto, and student loan inquiries.  And the window is much longer than 3 days - 14 to 45 days, depending on the FICO scoring model.

Credit card inquiries are not treated in the same way.  If you apply for 10 cards in a 3 day period, all the inquiries can theoretically have an impact on your credit score.

http://www.myfico.com/CreditEducation/CreditInquiries.aspx

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Thank you Lel.  This was bugging me and your response is very helpful.  Many thanks for putting the facts on the table.