Question regarding inquiries

[willmsbrg]

Good evening all,

I hope everyone has had a wonderful Christmas and looking forward to a new year!!!

I was wondering how inquiries are looked at and I will use experian for this question..

I understand they show for 2 years and score for 1 year ( believe if I read correctly).

My question,  are they based on month alone or are they day based? I have 5 from Jan 2023, several with the same date and one or so with different dates.  Will they cease to score come Jan 01 2024 or will they drop on the date they were received? 

Thanks again!! 

[Centurion_Dreamer]

In my experience they will be deleted exactly 2 years after creation (day-based) [TU & EQ].

EX is showing up 2 years + 1 month as removal date to whatever reason (also day-based).

[Horseshoez]

My inquiries drop off at the beginning of the month.  Said another way, an inquiry made on 31-Mar-2021 would have dropped off on 01-Feb-2023.

[AzCreditGuy]

You can also call them up to remove the month before they are supposed to drop off....Ive done it several time and they are good to remove them

[willmsbrg]

Thanks for the info... 

I have a year before they drop off...

I was wondering if for scoring purposes they stop counting at the beginning of the month or on the day of the month they initially get reported...

Thanks!!

[Horseshoez]

Beginning of the month.

[CreditCuriosity]

Experian take a extra month usually to drop off for whatever reason

[willmsbrg]

They won't drop off till Jan 2024 or Feb 2024...

I'm just looking forward to them not counting for scoring purposes.. I don't know if I will see any point gain but it would be nice seeing a few at least..

Also, my new accounts from last Jan will also hit the year mark so that should boost a bit and my final CO will drop off next month as well...

So, Jan should be a banner month for that score on experian.....

[expatCanuck]

@willmsbrg 

My understanding (not validated) is that the inquiry will no longer impact your FICO score on the month after the year elapses.

So, if you incurred a Jan '23 INQ, it should no longer impact your FICO score as of Feb 1 '24. 

(Consider: if you incur an INQ on 31-Jan-2023, it wouldn't be a full year until Jan 31-2024.)

[willmsbrg]

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@expatCanuck wrote:

@willmsbrg 

My understanding (not validated) is that the inquiry will no longer impact your FICO score on the month after the year elapses.

So, if you incurred a Jan '23 INQ, it should no longer impact your FICO score as of Feb 1 '24. 

(Consider: if you incur an INQ on 31-Jan-2023, it wouldn't be a full year until Jan 31-2024.)

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That makes sense... thanks for the example...

So, Feb2024 will eliminate any Jan2023 point loss for those...  I'm guessing it will be the same way for accounts that hit the year mark in Jan 2024 and will report come Feb 2024 as aged a year...

My Experian report became baddie free today (other than inq )..   I had my continually updated CO finally drop off and I went from 690 to 745 an increase of 55 points... This from the EX website, I've not received the update here which I found odd...