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Inquiry categories and binning

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Super Contributor

Re: Inquiry categories and binning


@SouthJamaica wrote:

@Thomas_Thumb wrote:

@SouthJamaica wrote:


There are many different practices among credit unions.

 

Some do, and some don't, do a hard pull for membership.

 

As to those who do a HP for membership, some do allow that HP to be used for a credit application in the near future, while some take a second HP.

 

PenFed's well established practice used to be that there was a HP for membership, but that that HP would be used for any credit product application during the next 30 days. At present, to the best of my knowledge, PenFed's current practice is in flux and I get the feeling nobody knows exactly what the new policy is. https://ficoforums.myfico.com/t5/Personal-Finance/PenFed-accounts-SP-HP-update/m-p/6094836


SJ -

CUs continue to be a mixed bag with membership and use of the membership HP for future credit applications. Have you noticed any difference in coding with CUs relating to length of time between joining and applying for a CC?

 

No. The HP's for membership always seem to be "installment loan inquiries". And the HP's for CC's are almost always "installment loan inquiries" as well, even though neither has anything to do with an installment loan.

 

It would appear ill advised to generalize on HP coding and binning for CU credit card applications.

 

IMHO it's definitely ill advised to generalize on HP coding and binning for CU credit card applications.

 

However, I suspect CU loans are always coded as loans

 

I wouldn't know. I have very little experience applying for loans.

 

- if they do a new HP or use a membership HP.  If the membership were a SP, then a new HP is likely required.

 

Yes definitely.


PS It just occurred to me that HP's in connection with my credit limit increase requests from CU's are also denominated "installment loan inquiries" in most cases.  Is it possible that installment loan inquiries cost less, so the credit unions click off 'installment loan' as the reason?


I don't know, but have seen it with many CUs. 

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:

Oldest/average age varies by bureau. Estimates above.


Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 31 of 41
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Valued Contributor

Re: Inquiry categories and binning


@Birdman7 wrote:

@dragontears wrote:

so reading post 4 there is no data that there is only loan vs credit card inquiries..... and I still believe that the "other loan" type of HP are not deduped. 


@dragontears 

 

https://www.fico.com/blogs/skinny-fico-scores-and-inquiries


Thanks, that makes my point, only mortgage, auto and student loan HP are deduped. Other types are not. 

Scores hover around 800
Haven't been AZEO in over a year
Rome was not built in a day, neither is a good credit profile
Message 32 of 41
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Moderator

Re: Inquiry categories and binning


@Birdman7 wrote:

@GApeachy wrote:

What's de-duplication?  


@GApeachy read the section in the Primer, it's got slides from fico that will make the concept easier to understand.


Don't wanna break your heart, but we kinda answer the questions, then point members to threads for additional information.

The existence of this forum is predicated on it. 

Message 33 of 41
Highlighted
Super Contributor

Re: Inquiry categories and binning


@dragontears wrote:

@Birdman7 wrote:

@dragontears wrote:

so reading post 4 there is no data that there is only loan vs credit card inquiries..... and I still believe that the "other loan" type of HP are not deduped. 


@dragontears 

 

https://www.fico.com/blogs/skinny-fico-scores-and-inquiries


Thanks, that makes my point, only mortgage, auto and student loan HP are deduped. Other types are not. 


@dragontears I totally misread what you wrote. It was late. You are correct that auto SL, and mortgage inquiries are separate and grouped separately for purposes of binning. 

I dont know if "other" loans are de-dupped and from the sources above they may not be. And your point is correct that we have to divide auto SL and mortgage inquiries into separate categories too, I think. And I tend to agree the other loan types may not be de-dupped, based on the links above. 

But good point, we'll have to break the inquiries down further if we hope to determine bins. 

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:

Oldest/average age varies by bureau. Estimates above.


Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 34 of 41
Highlighted
Senior Contributor

Re: Inquiry categories and binning


@Remedios wrote:

@Birdman7 wrote:

@GApeachy wrote:

What's de-duplication?  


@GApeachy read the section in the Primer, it's got slides from fico that will make the concept easier to understand.


Don't wanna break your heart, but we kinda answer the questions, then point members to threads for additional information.

The existence of this forum is predicated on it. 


Oh no problem. As you can see @Birdman7  and @dragontears  hooked me up with a response and a link.  Look forward to reading more from these fine peeps. Smiley Wink

”MY TAKE HOME PAY DON’T TAKE ME HOME”
Message 35 of 41
Highlighted
Super Contributor

Re: Inquiry categories and binning

Significantly edited post 4 please re-read that post.
For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:

Oldest/average age varies by bureau. Estimates above.


Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 36 of 41
Highlighted
Super Contributor

Re: Inquiry categories and binning

I also edited post 13 to put a qualifier.


Based on some thought and good points from @dragontears , loans that are not mortgages, auto, or student loans may not have dedupe and buffering logic applied.

 

Consequently, I don't think we can use the 30 day buffer as a hard and fast rule as to whether it's installment or CC necessarily, but just as a guide because other types of loans may or may not have this logic applied. That's something we need to collect data points on and determine.

 

Any members that are applying for any loans that are not mortgage, auto, or student, please contribute as to whether you are taking an immediate hit for your hps or whether they are buffered 30 days.  

then maybe we can determine whether or not the other loan type has the logic applied or if they should just be grouped with the general credit card classification. 

 

And as noted above, credit union pulls are a wild card, but may mostly be coded as installment loans. 

Community, we need your help. Please contribute dps and any thoughts from anyone are also appreciated.

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:

Oldest/average age varies by bureau. Estimates above.


Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 37 of 41
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Valued Contributor

Re: Inquiry categories and binning

I want to bring this thread back to the front of mind for the community as this would be VALUABLE data for ALL of us on this forum

 

Thanks




FICO 8 - 10/2020


Message 38 of 41
Highlighted
Super Contributor

Re: Inquiry categories and binning


@1GaDawg85 wrote:

I want to bring this thread back to the front of mind for the community as this would be VALUABLE data for ALL of us on this forum

 

Thanks


@1GaDawg85 thank you you are so correct. And I know a lot of people are applying for personal loans and SSL's and I need to know whether or not those have the 30 day buffer.

 

But just because you do not get a score hit the same day does not necessarily mean it's buffered, because it could be binned, but if members gets hit the same day, we know they are not deduped. 

help Community !

For a collection of our current FICO scoring wisdom, updated as we learn, read the following. Watch the revision dates on the bottom of the first 8 posts as they are regularly updated: Link to Scoring Primer.


RIP:

Oldest/average age varies by bureau. Estimates above.


Updated Oct 2020, unless otherwise noted.

(Forgive typos, mobile.)(Everything said is Just IMHO.)

In order to better answer your questions and record your DPs, please provide your profile stats: Any baddies? Severity and recency? (clean/dirty), Number of accounts, both open and closed on CRs (thick/thin), AoOA? (Mature/young), AOYRA-Age of Youngest Revolving Account (new accounts/no new accounts)? Open/closed loan on CR?
For example, mine is clean/thick/mature/new account, with open loan on record.
If you don't know where you fall, just detail any baddies, your number of open and closed accounts, AoOA, AOYRA and whether you have a loan on record to start.

For utilization questions, list individual and aggregate utilizations, revolving and installment, please.
Message 39 of 41
Highlighted
Moderator

Re: Inquiry categories and binning

Four points lost when HP for personal loan reached 30 days. Screenshot_20201015-061930_myFICO.jpg

 

Screenshot_20201015-062401_Gmail.jpg

 

Message 40 of 41
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