Score Increase when Inquiry ages to a year?

[Anonymous]

@Yeliaba1 Yes, I agreed with CGID there. I am under the same belief. Sorry, my earlier comment was actually for SHJ, I went back and edited for clarity.

@SHJ???

[Anonymous]

---

@Anonymous wrote:
@SHJ Would binning have anything to do with this? Yes! That is maybe what happened! If so, you won't get points back a year later. For DP's sake, what was your before and after INQ numbers at EQ? and do you know which scorecard you are on?

---

Interesting! Before applying for the refinance, I had two inquires on my EQ report - one was from 2017 (beyond 12 months prior) and the other was from June, when I apped for the auto loan. That would make that refinance pull my second auto-related one of the year, and third overall for the past 24 months. I remember looking at the base Fico 8 score after the pull, but I can't recall if I took a look at the other Fico scores... I don't think I did - at least not until a good 2 weeks later :/ ... I should also point out that the lender was in fact a credit union - PFCU, to be precise. 

Also, may I ask what you mean by scorecard? hehe 

[Anonymous]

If the INQ was more than 12 months prior, it was unscoreable. When was the refinance pull? how close were the last 2? Do you know which scoresheet you are on? If not, is your file clean/dirty, AooA, # of accts?

[Anonymous]

The auto loan app was in June 2018, and the refinance app was December 2018, so a 6 month gap between inquiries. No idea about the scoresheet, but I do have derogs from last year - 120+ days on student loans, more than a year old now. Oldest account is 5 years 6 months, and I have 13 accs (2 closed, 11 active). 6 revolving accs, 5 installment. 

[Revelate]

Hah, Citi double-pulled me.

Clean EX FICO 8 score change going from 4 to 5 inquiries: -7, 824 -> 817

Assuming CU inquiries count anyway, again hah.  Will see on rest of models tomorrow when I get my additional score pull rather than just the FICO 8 alert + update.

[Anonymous]

@SHJ Yeah, too far apart for deduplicating. As for scoresheet, you should be on a dirty one, so it may react differently. I haven't studied those much yet.

[Anonymous]

Alrighty, I'll let you all know what happens when I cross that mark. From what I've gathered so far, there should not be a score increase. 

[Revelate]

Inquiries count the same whether dirty or clean: inquiries dropping even when on a derogatory scorecard can produce an increase.

It’s new accounts passing a year where you get nada on derogatory scorecards.

[Anonymous]

---

@Anonymous wrote:

---

@Anonymous wrote:
@SHJ Would binning have anything to do with this? Yes! That is maybe what happened! If so, you won't get points back a year later. For DP's sake, what was your before and after INQ numbers at EQ? and do you know which scorecard you are on?

---

Interesting! Before applying for the refinance, I had two inquires on my EQ report - one was from 2017 (beyond 12 months prior) and the other was from June, when I apped for the auto loan. That would make that refinance pull my second auto-related one of the year, and third overall for the past 24 months. I remember looking at the base Fico 8 score after the pull, but I can't recall if I took a look at the other Fico scores... I don't think I did - at least not until a good 2 weeks later :/ ... I should also point out that the lender was in fact a credit union - PFCU, to be precise. 

Also, may I ask what you mean by scorecard? hehe 

---

@SHJ I missed part of your response earlier; I apologize. First, yeah, I expect no points cuz you didn't lose any on the one in June. Probably binning.

Anyway. you asked what I meant by scorecard. Well, I am far from an expert, but basically, the way FICO scoring works is this, VERY oversimplified. First, the number and types of scorecards vary by algorithm, but they are segmented by various attributes. For example, FICO 8 has 12 cards: 8 clean, 4 dirty. That is the first level of segmentation. Then depending on the decision points, other attributes come into play. If clean, then other attributes are Aged/young, thick/thin, new accounts/no new accounts. If dirty, it's divided between those with or without public records, then again divided by severity. There's also dispute on the proper nomenclature.

So, what is the significance? Well, scorecard determines your highest potential score and determines the signal strength of other scoring attributes, I believe. For instance, someone on a dirty scorecard or a new account scorecard may lose more points for an INQ or for passing certain utilization thresholds, etc.. Missing a payment would also be magnified. There's much more and I'm far from expert level. If I've spoken in error, I hope @Thomas_Thumb will correct me.

[Revelate]

Birdman: also -7 on EX FICO too apparently for the inquiry, definitely need to start collecting data points again