Since Inq's falls in the '10% of your FICO' section and that inq's don't count towards FICO after 12 months and I have 3 inqs on my EX that are nearing their 1 year mark, what kind of score increase can I expect?
The inqs on my EX was for a car loan so in Nov the car loan will also have aged to 1 year (always on time)
I have two on my TU also that are nearing the 1 year mark and 2 on my EQ in the same boat.
@llecs wrote:The 10% would include inquiries but would also include new credit as well. I can't envision inquiries being more than 1% of your FICO, and likely it's less. If I had to guess, I'd guess 0 because inquiry damage fades over time and you really wouldn't notice a change of a point here or there.
FICO dupes auto and mortgage inquiries within a given time frame, so if the car apps were within a month (approx) of each other, then you really are getting dinged for one at best for each account. If you have newer inquiries or newer accounts reporting since the inquiries, then those would dilute any possibility of points gained.
Now if you opened any new accounts with those inquiries and if those are hitting a year old soon and you don't have any newer accounts, then I vote for a decent chance of a score boost at or near the one-year mark. If you become inquiry and new account free outside of one year, then I'd vote for a possible score change if you get rebucketed. YMMV.
Those inqs were for a car loan that I got last November. I got with two inqs within a day of each other. Taking what you said in bold above, I might get some kind of score increase end of Nov?
Very valueable information thanks.
What if I added a charge card backdated to 2001? That would give me an extra 10 years (averaged of course).
My AAoA will change from 5.3 years to 5.65 years it seems. Could I get a slight boost?
I keep a spreadsheet of all my TL active and closed (that I get from my credit report) and I date tehm so I know. So far my AAoA is right on. I hope i do get some form of increase once it hits 6 years.
For me to gain singnificant points, I have to pay down my util. Right now i'm at 75% and saving to bring it at least to 50%
@llecs wrote:AAoA calculates the average age of all OC accounts, opened or closed, good or bad. FICO reads AAoA as a whole number, rounded down. So, FICO reads it as 5 years and it'll remain at 5 years when updated with the new TL. You wouldn't get a boost for that. You could get a boost if this charge card becomes your oldest reporting TL or your oldest reporting charge card. It could help your mix if you are lacking any charge cards, which could count for some pointage. And I take it that this is an Amex since it is backdated and since you mentioned charge, I'll assume it is a Zync, Green, Gold, Plat, etc. This won't help util on EX or EQ, but the TU98 will factor it into util (though subsequent versions won't). In other words, it could help your TU FICO as found on here if util is right.
It's a Zync and it will be my oldest 'active' reporting tradeline. I have an Optima AMEX reporting since 2001 but it was closed in 2005 so it's not active '
Does this make a difference if it's closed or opened and its reporting?
But the Zync is my only active charge card.