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Thick files and inquiries

Your FICO® Scores can impact your loan interest rates, terms, approvals and more.
Established Contributor

Thick files and inquiries

So I currently have 21 trade lines. 19 open and 2 closed. Safe to say I have a thick file? I had to take an inquiry 2 days ago for cell phone service. Lost 0 points via FICO. First time ever I lost nothing for an inquiry. Practically all of my accounts are last 60 days. So it just got thick if this is indeed a thick file. 😂

Is this what I can expect now? Sometimes I won’t lose any points? I do have double digit inquires on EX and EQ. Appreciate any feedback.
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


7 REPLIES 7
Community Leader
Super Contributor

Re: Thick files and inquiries

It sounds like you have opened 17+ accounts in the last 60 days.  Presumably that involved at least 17 inquries, not counting the additional inquiries that could have occured from rejections.  Thus your observation that you have "double digit" inquiries on your reports.

 

So the relevant fact here is that the cell phone inquiry likely hit a report with many inquiries, not the fact that you have a thick profile.  Once you have many inquiries on the report, the FICO algorithms tend to only give you a scoring drop for every 2-3 inquiries after that.

Message 2 of 8
Super Contributor

Re: Thick files and inquiries

1 - Yes, your file is considered thick based on the number of accounts you have.  Most believe that 4+ no longer constitutes thin.

 

2 - Inquires are believed to be "binned" by many, which may mean the 3-4 inquiries are scored the same way, 5-6, etc.  If that's the case, taking on an additional inquiry will sometimes leave someone in the same bin, thus realizing no adverse scoring impact.

 

3 - It's also believed by many that once you reach a certain amount of inquiries on a given bureau, say 14, that any additional inquiries no longer adversely impact score, as maximum scoring penalty related to inquiries is already being realized.  It's quite possible that in your case with > 20 inquiries already that additional inquiries are not going to further reduce your score.

 

Also keep in mind that inquiries are only scoreable for 1 year, even though they're present on your CR for 2 years.  What you really want to look at is how many of those 20+ inquiries per bureau happened within the last 365 days when you're considering scoring impact.

Message 3 of 8
Established Contributor

Re: Thick files and inquiries

Negative CGID. About 7 of them are AU accounts. Received a bogo from PenFed. No HP from BB&T for preselected Spectrum Cash Rewards. SSL no HP. Green Dot no HP and Open Sky. Still double digit though. Appreciate your input though. Makes sense.
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 4 of 8
Established Contributor

Re: Thick files and inquiries

Spoke too soon just took an inquiry for Direct TV and my score on MF dropped 25 points -  what the heck?!! Now that is some unlucky stuff right there. Wow 

 

I think I'll just keep my mouth shut in the future. LOL 

Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 5 of 8
Regular Contributor

Re: Thick files and inquiries

Maybe you should lay off the apps.Let the hard inquiries age, especially the inquiries from the last year as explained above.Only fill out an app for what you actually need like cable.You have a ton of cc's.Try be more focused on improving your Fico score.

Message 6 of 8
Super Contributor

Re: Thick files and inquiries


@BrandonLane wrote:

Spoke too soon just took an inquiry for Direct TV and my score on MF dropped 25 points -  what the heck?!! Now that is some unlucky stuff right there. Wow 

 

I think I'll just keep my mouth shut in the future. LOL 


It is highly unlikely that a 25 point score drop is attributable to a single inquiry.



FICO8 EQ 749 TU 773 EX 743 Total revolving limits 670800 (559800 reporting)
Message 7 of 8
Established Contributor

Re: Thick files and inquiries

You are correct SJ. It was also 2 installment loans that finally hit EQ. I didn’t anticipate that kind of a drop when my EX saw no effects from the installment loans. I also failed to compare my reports thoroughly. My mistake. 😐
Started 6/6/2018 EX - 588 ; EQ - 667 ; TU 575

Updated 12/2018


Message 8 of 8