Inquiry Master Thread - understanding inquiries and how the affect your credit score

[Anonymous]

So the data difference depends on how the SP is classified.

Yes, i'm sure there are also differences based on who's pulling it. Insurance company pulls are SPs. They may only receive a subset of the data, IDK. Likewise, does an employer need all the data? So, yes, who pulls matters.

You should be able to find a list of the codes. Probably here and on the webs. I don't know all the specifics, but hopefully that clears some of it up.

[Anonymous]

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@Anonymous wrote:

I have finally located a highly knowledgable resource that can (able to) provide me with a very specific answer.  As soon as I have the answer and the associated detials, I will indeed share it here.

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If you can get 2 separate PDFs, SP vs. HP, and share that online somewhere, you'll be a legend!

[Anonymous]

Hi Cassie,

My question is easy. Getting fact based answers has been hard.

My intention is simple: to get bedrock facts about INQs that we can all understand, know and use to be smarter about our credit.

[Anonymous]

The problem is there’s different types of soft inquiries that have different types of data.

As a matter of fact when you pull your real credit report, it has a legend on there and each soft inquiry is classified as to its purpose.

[Anonymous]

Here’s a link that says the data is the same but the source is not the bureau:

https://upgradedpoints.com/hard-vs-soft-credit-checks

[Anonymous]

@Anonymous Here we go read this it tells you about some of the different types of soft inquiries as I was explaining to you read this please:

https://www.thesimpledollar.com/credit/credit-report/personal-finance-101-credit-reports-credit-scores-and-hard-and-soft-pulls/

[Anonymous]

Inquiry lab rat checking in:

EQ recorded my new account and deducted 3 points. It is not an inquiry, deduction, only the recognition of a new account.

That caused me to wonder: when one applies and is approved for a new CL, the impact is 2 fold; 1 for the inquiry and one for the new account. I have not noticed previously that I saw 2 deductions, only 1. 

Does anyone on this thread know how to separate the inquiry cost vs new account cost (in points deducted), or are the 2 always combined? It is not a big matter, but appears in my case that the INQ cost is more (4 points) than the new credit line cost (3 points). What is the right way to think about this, or is it a matter not worth the thought?

[Anonymous]

@AnonymousNo, the cost can be 3-fold actually. Regarding version 8 for 12 month line:

1. inquiry-at time of app (unless the inquiry is binned, then there is no loss);
2. Possible point loss upon revolver reporting if-AAoA threshold is crossed;
3. New account penalty upon revolver reporting- Applies if your AOYR is 12+ months and you report a new revolver. Does NOT give successive penalties if you report a 2nd, 3rd, etc.. revolver. Loss from subsequent cards are from #2, if and when it occurs. Loss is also from #1 and possibly #2 when you already have a revolver under 12 months of age. Edit: (The new account penalty is caused by scorecard reassignment to a new account scorecard.)

Edit: When #2 and #3 occur at the same time, there's no way I know of to discriminate how many points are from each.

One note. It appears multiple new accounts within a period can cause a separate penalty on some versions/industry options. Reason code is something to the effect of: too many new accounts.

What was your AOYR when your new card reported? Less than 12 months? If so, the points you just lost appear to be from #2, not #3.

Edit: corrected paragragh #3 to reflect additional loss is from #1 and #2.

[Anonymous]

@Anonymous Another edit to post #38. (I added information in paragraph #1 regarding binning.)

You mentioned a time where you only saw 1 loss. This was most likely becuz the inquiry was binned and therefore there was no point loss for it. So the drop you saw consisted of #2 and #3, or if you had a revolver <12 months old, then it was just #2.

When you apply for a revolver, the HP point loss (#1) is near immediate, so you should definitely be able to discriminate that loss from the rest, again, assuming its not binned.

If you get hit with #2 AND #3, there's no way I know of to discriminate between them, as they both happen at the same time, when the account reports.

BUT, as I said, the AOYA penalty/bonus (scorecard reassignment) only occurs when the youngest revolver crosses the 12 month threshold, so any subsequent revolvers dings will be straight #2 (AAoA)

[Anonymous]

Hi Bird,

For clarity on your question, I have added 2 new revolvers in last 90 days.

I am waiting for the monthly reporting cycle to reveal the new account penalty points from EQ and TU. My INQs from 2 new revolvers are both on EX; penalty points for both EQ and TU should be same or very close, as both scores are within 12 points of each other. EQ and TU scores will help me infer the INQ point penalty for my situation (thick file, old file, no derogs, over 12 cards, over 250k total CL). There should be no other file changes (account or INQ aging changes).

Still awaiting to get HP vs SP INQ insights from my expert. It may merely confirm that there is no (or minimal) data difference or process difference that codes a pull as hard or soft aside from the policy difference of how the creditor decides to code it.