Inquiry Aging questions....

Trishco · ‎03-13-2008

Hello you wonderful Ficonians!

A bit of background: May 07 home flooded 3 times, applied for and opened accts to replace appliances, h20 heater etc.

Last June, applied for credit for a new truck. Throughout the process my cr was pulled roughly 27 times. Supposedly it only counts as one though my scores dropped over 40 points. No I did not open any of them!

While I have gradually increased my credit score (util. method), what kind of increase might I expect after the one year mark?

Can I expect a substantial increase as those hits will hit the one year mark as well as some of the new accounts being one year old?

*crossing fingers and praying someone says yes!*

Blessings to all of you for taking time to share your knowledge and experiences!!!!

Trish

RobertEG · ‎03-13-2008

As to whether each inquiry counts separately, the key is how close those inquiries were to one another. FICO gives you a rolling "shopping window" of 14 days, within which multiple auto or mortgage inuiries only cout as one. this does not apply to inquiries for other types of loans or credit. Check the dates of the auto inquiries, and you can see those within 14 days of one another, and thus countng as only one.

Message Edited by RobertEG on 03-13-2008 09:21 PM

Trishco · ‎03-14-2008

Thank you for your reply.

The *shopping window* was within the 14 day time period, though the 27 hits were on ONE day.

Are the inquiries somehow coded so that the scoring system knows that they were all for auto financing even if it was an institution such as Citifinancial at various times in various states???

I am hoping that once June rolls around and these inquiries hit the one year mark, I can recover the 40 plus drop I got from all these hits.

Again, thank you for the input!

Anonymous · ‎03-14-2008

Trishco wrote:

Thank you for your reply.

The *shopping window* was within the 14 day time period, though the 27 hits were on ONE day.

Are the inquiries somehow coded so that the scoring system knows that they were all for auto financing even if it was an institution such as Citifinancial at various times in various states???

I am hoping that once June rolls around and these inquiries hit the one year mark, I can recover the 40 plus drop I got from all these hits.

Again, thank you for the input!

The de-duplication of inquiries within the 14-day window requires those inquiries to be coded as auto inquiries. This depends on the lender coding them correctly. If they are not properly coded, they will not be de-duped.

If you lost 40 points due to 27 auto inquiries in one day, there is no way they are coded correctly.

Check with each of the lenders who pulled your reports and see if they might recode their inquiries.

Trishco · ‎03-14-2008

Thanks for the info Cheddar! It's greatly appreciated.