Inquiries: How long do they hurt?

[Anonymous]

Does asking for a CLI from a CCC result in a soft or hard inq?

[haulingthescoreup]

Depends on the bank. Generally, Chase will, BofA won't unless you've begged too often, AmEx won't, Citi usually does, etc.

Your best best is to search here using the terms cli hard (bank name), or something like that.

[Anonymous]

US Bank does not make a hard inquiry.

[Anonymous]

Hard versus soft depends on the lender.

In any event, the impact of inquiries is generally overrated. The exception to this is people with scores up there in the nosebleed section--775 or so or higher. Once your score is very high, even minor negatives like inquiries have an inordinate affect.

[Anonymous]

I had 5 mortgage companies pull my credit within a two week time period.  How bad will that effect my score? 

[Anonymous]

As I understand it...when shopping for a mortgage or a new vehicle, all related inquiries within a two-week period are counted as one single inquiry. The reason for this is that FICO understands "rate shopping" and doesn't hold it against us.

[Anonymous]

I had talked with a lady last year at Credco and she had told me they have their most impact for the first 6-7 months and then after that it starts to weaken also not geeting another one for awhile would prevent another big drop. Be a loan officer in the mortgage business I've seen allot of horror stories and recommend everyone of my clients that they should really sign up for this site.

[Anonymous]

Counts as one inquiry within a two week period. The creditors know your shopping. Now applying at 5 car dealerships or 5 different credit card companies and watch your score start to sink.

[hdporter]

---

@haulingthescoreup wrote:
People can debate all they like, but Barry said that an inq hurts for exactly the same amount for all 12 months, and then not at all.

The fade that we see is if you actually get a new account from the inq. As it starts building positive history, the lost points lessen and eventually your score starts increasing beyond the starting point. But that's from the account, not the underlying inq.

---

With ultimate respect for Barry, did he reconcile that statement with the myFICO report explanation when "You've recently been looking for credit" is cited as a negative scoring factor?

"Your FICO score will consider these recent inquiries less as time passes, provided no new inquiries are added."

To me, that reads as a clear statement that inquiry age is a factor (independent of any related accounts that were established).

[haulingthescoreup]

---

@hdporter wrote:

---

@haulingthescoreup wrote:
People can debate all they like, but Barry said that an inq hurts for exactly the same amount for all 12 months, and then not at all.

The fade that we see is if you actually get a new account from the inq. As it starts building positive history, the lost points lessen and eventually your score starts increasing beyond the starting point. But that's from the account, not the underlying inq.

---

With ultimate respect for Barry, did he reconcile that statement with the myFICO report explanation when "You've recently been looking for credit" is cited as a negative scoring factor?

"Your FICO score will consider these recent inquiries less as time passes, provided no new inquiries are added."

To me, that reads as a clear statement that inquiry age is a factor (independent of any related accounts that were established).

---

Yes, I've started wondering about that myself. Might be time to go harass him again.