Hello,
Regarding inquiries, I was always under the impression that generally the more inquiries and how recent inquiries are is what dings you score a few points; However, I checked my reports and it seems my Experian score is higher despite having both more inquiries and more recent inquiries, I'll put screenshots below. I also want to note that everything else about my reports are the same, the only thing different is the inquiries. What's going on? Is there something about how inquiries are scored that I don't know about?
Each bureau tweaks the FICO algorithm a bit so they offer lenders a different scoring perspective; they each weigh aspects of your credit differently - including inquiries. I find that Equifax penalizes me the most for inquiries and Experian the least. Same for utilization - Equifax dings me the hardest, followed by Experian, & Transunion is the least affected.
@hernaemm90 wrote:Hello,
Regarding inquiries, I was always under the impression that generally the more inquiries and how recent inquiries are is what dings you score a few points; However, I checked my reports and it seems my Experian score is higher despite having both more inquiries and more recent inquiries, I'll put screenshots below. I also want to note that everything else about my reports are the same, the only thing different is the inquiries. What's going on? Is there something about how inquiries are scored that I don't know about?
Scoreable inquiries are within 365 days from time of pull. Anything outside is non scoreable.
Grouping of inquiries, e.g. 1, 2-3, 4-5, 6-8, 9, etc. Depending on the bureau algorithm. Example: You may see penalty at 1 and 2. Then no penalty at 3. Then another penalty at 4, and so on.
After a certain amount.e.g 10, you stop receiving penalty points.
To speak to the different tweaks with the bureaus...I'm out west and EX seems to be the go to bureau and has the most. But every INQ that hit all 3, TU hits me the hardest. EX is my middle man. EQ seems to love me although it wasn't always my highest score. TU seems to penalize more harshly than EX or EQ for everything. UTL changes hit me the hardest with TU, often with no score change on the others. You'd get mixed responses about different bureaus because every profile is different.
With the exception of a very old closed account still reporting on EQ increasing my AAoA by 1 month with them I have identical profiles on all 3 bureaus.
"After a certain amount.e.g 10, you stop receiving penalty points."
@M_Smart007 wrote:
"After a certain amount.e.g 10, you stop receiving penalty points."
Quick-- hide this before the app spree-ers see it!
