gaining points from inquiries aging

[folks19]

I have 7 inquiries on my EX report, all from May - December 2019. No inquiries in 2020. 1 inquiry, from May 2019, no longer lowers my score becuase it's from over 12 months ago. I have 1 inquiry from August 30, 2019, which will age off (for score purposes) in a few days, and 2 more from the begining of September. How many points should I expect to gain after these 3 inquiries age by 12 months? My EX score now is 699. I will post the amount of points I gain once I find out for real!

[Girlzilla88]

@folks19    Honestly I wouldn't expect to much until you get down to 2 or less remaining then of course 0

[dragontears]

In general you will gain the same amount of points as you lost when they happened. 

However, there is exceptions to that if you continued to add HP until they no longer had a score impact then as they start to age you won't see anything for the first few that reaches 1 year

[folks19]

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@dragontears wrote:

In general you will gain the same amount of points as you lost when they happened. 

However, there is exceptions to that if you continued to add HP until they no longer had a score impact then as they start to age you won't see anything for the first few that reaches 1 year

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 After how many HP's does it stop affecting my score?

[AZ-Jeff]

You can always guess but it's not easy (or close to impossible) to know the exact number your score will change. But inquiries make up a small part of your score. If you focus on the two biggies, payment history (35% of score) and the balances owed (30%) you can make significant gains in your score. Do you have goal score you're shooting for?

[folks19]

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@AZ-Jeff wrote:

You can always guess but it's not easy (or close to impossible) to know the exact number your score will change. But inquiries make up a small part of your score. If you focus on the two biggies, payment history (35% of score) and the balances owed (30%) you can make significant gains in your score. Do you have goal score you're shooting for?

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I know those are the biggies. However, there isn't much I can do about those things because I never missed a payment in my life, and my utilization is about 1%.

I don't really have a goal score because the main things that will improve my score are not really depended on me. My file is new (1 year), and the only way to improve that is with time.

As I mentioned, I have 7 HP's, which will also take time to age off. I'm now very carfull about applying for new credit. I made a few mistakes when I was starting out, and I applied for some of the top cards in the market thinking that "like what's the big deal? Can't anyone just apply for any credit card?" The number of inquiries on TU and EQ is lower. Now, I'll only apply for a card if I need it or if I'm certin that it will improve my score, and I would only apply if I think I'm very likelly to get uproved. I didn't apply for anything since yet in 2020 because I didn't really have a job, and once the virus got bad, I didn't think applying for credit would be a good idea.

As far as the last factor, credit mix, I can probably improve that but not ideally. I have 1 credit card and 1 credit building loan (from self). I don't have a car, so I defenitally don't have a car loan. I'm not either in the position where I can buy a house, so I'm getting a mortgage anytime soon. I may need a student loan soon, so that may add some credit mix. Besides for that, I have no idea. Do you have any idea on how to improve my score?

I may not have a way to improve my score without time, but if you have an idea, I'll be happy to liston!

[AZ-Jeff]

That's great that you haven't made any late payments and your utilization is low. I've read on other posts that you need three credit cards to use the AZEO method which might help your score. But other than time, I'd shoot for a score of 720 for now and visit the annualcreditreport website to monitor your accounts. Understanding that your file is relatively new, the inquiries might have more impact on your score. And I'm sure you aren't going to go out and buy a house or car just to add to your "mix".

[Mr_Mojo_Risin]

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@folks19 wrote:

I have 7 inquiries on my EX report, all from May - December 2019. No inquiries in 2020. 1 inquiry, from May 2019, no longer lowers my score becuase it's from over 12 months ago. I have 1 inquiry from August 30, 2019, which will age off (for score purposes) in a few days, and 2 more from the begining of September. How many points should I expect to gain after these 3 inquiries age by 12 months? My EX score now is 699. I will post the amount of points I gain once I find out for real!

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I had 3 HP's hit the 1 year mark on Aug 23. On the 22nd I received alerts from myFICO regarding EX and TU saying my scores had increased. EX +8 and TU +6. 

I haven't had any other changes to my reports, so I'm assuming those gains are from the inquiries aging to a year.

[ccquest]

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@AZ-Jeff wrote:

I've read on other posts that you need three credit cards to use the AZEO method which might help your score. 

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For maximum bonus, I think so. But it's worth adding that having your one revolver report a small balance is beneficial as well! My Experian FICO 8 went up 25 points when my only card went from 0% to 3%.

[Anonymous]

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@folks19 wrote:

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 After how many HP's does it stop affecting my score?

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I don't believe anyone really knows the answer to this, but some have ballparked the number to be perhaps in the 12-15 range... meaning once you reach that number (whatever it is) you could take on (say) 100 more inquiries and it wouldn't further adversely impact your Fico scores.

Most believe that inquiries are "bucketed" in that where one may cause a 4-6 point drop, the next may cause no drop at all because it is in the same "bucket."  Buckets for example could be 0-1, 2-4, 5-7, 8-10, 11-13, 14+ ... using those numbers as an example for sake of discussion, if one moved from 4 --> 5 inquiries they would see a score drop from moving to a new bucket, but if they then took on another going from 5 --> 6 would result in no score drop due to still being in the same bucket.  Hopefully that makes some sense.  The same then of course would be true going in the other direction, so as inquiries reached 365 days of age and became unscoreable score gains would be realized with bucket crossing thresholds.