how much do inquiries hurt?

Anonymous · ‎04-14-2012

I have transunion score of 683 and equifax score of 668. 6 inquiries on transunion and 7 on equifax. last inquiry was nov of last year. it is to my understanding that a full year later the inquiries no longer impact your score right? i have one last baddie do to fall off early next year so i should be in the low 700 club correct? also i only have 6 months credit history and no other lines of credit/loans. I was slightly shocked at my scores cause Im always seeing people post on here with multiple credit limits with a way longer history than mine and yet they are mid to high 600 scores. is there something im missing?

Revelate · ‎04-14-2012

@Anonymous wrote:
I have transunion score of 683 and equifax score of 668. 6 inquiries on transunion and 7 on equifax. last inquiry was nov of last year. it is to my understanding that a full year later the inquiries no longer impact your score right? i have one last baddie do to fall off early next year so i should be in the low 700 club correct? also i only have 6 months credit history and no other lines of credit/loans. I was slightly shocked at my scores cause Im always seeing people post on here with multiple credit limits with a way longer history than mine and yet they are mid to high 600 scores. is there something im missing?

Correct on the inquiries not counting after a year. Their damage also heals over time during the year as well.

As for people's credit scores, different derogatories, different balances, different tradeline types, etc. ad naseum; there's just too many potential differences to make any reasonable analysis or even estimate without a line-by-line comparison of credit reports.

RobertEG · ‎04-15-2012

With a 6 month credit history, you are taking a substantial hit in length of credit, both with oldest account and with average age of accounts.

Lenght of credit is approx 15% of your score, so that is around 125 points. Even with pristene scoring in all other categories, that would probably limit you to the mid-700s as a starting point.

Credit mix, if you dont have multiple revolving and/or installment credit, will take a hit. Which is usually the case for one of such low credit history.

% util of your revolving, and percent accounts reporting a balance, are substantial scoring categories. How is your util?

Inquires are one of the lowest and shortest-lived impacts. The bigger fish need time to grow.