inquires

[Freshstart2020]

After one year, per info found here.  Inquires will only hurt your credit for one year however they will remain on the report for two.  When one year pass will I see an increase in my score if nothing else change?

[haulingthescoreup]

Probably, although it's difficult to separate out the effect of the inq no longer counting vs the effect of the account that resulted from the inq hitting it's one year birthday.

Also, you don't get dinged for every inq. For instance, the first one on a given bureau usually doesn't count, the second one does, third one maybe doesn't, and after 5 or 6, they don't count at all.

So if it's your only inq going over one year, or if it's your ninth inq and you still have 8 more that are younger, you probably won't see any score change. You might get points from something related but separate, like increased age.

Otherwise, depending on your average age of accounts, total length of history, and a scattering of other things, you might get 2-3 points back for the inq no longer counting plus another 3 to 5 (or more) points for the resulting account hitting one year old. Or not. (In other words, it's complicated and highly variable.)

[RobertEG]

Minor.  A couple of points.

[Freshstart2020]

OK THANKS FOR ALL YOUR HELP. HERE IS A LIST OF my INQUIRES.  They all happened on the same date.  What are my chances?

BANK OF AMERICA

Address:

1825 E BUCKEYE RD

PHOENIX, AZ 85034

Date request:

12/17/09

EXXMBLCITI

Address:

PO BOX 6003

HAGERSTOWN, MD 21747

Date of Request:

12/17/2009

KOHLS/CHASE

Address:

PO BOX 3115

MILWAUKEE, WI 53201

(262) 703-1876

Date of Request:

12/17/2009

WFNNB/EXPRESS

Address:

4590 E BROAD ST

Date of Request:

12/17/2009

[llecs]

I vote zero, but if you had new TLs reporting as a result of those inquiries, then you could see some significant gains.

[vanillabean]

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@llecs wrote:

I vote zero, but if you had new TLs reporting as a result of those inquiries, then you could see some significant gains.

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Which characteristics of a TL a year later are likely to yield such gains, would you say? I may soon be in that situation and wonder if the benefit is to come mainly from the quality of the TL itself or from leaving behind a less than nutritious credit background.

[Anonymous]

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@Anonymous-own-fico wrote:

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@llecs wrote:

I vote zero, but if you had new TLs reporting as a result of those inquiries, then you could see some significant gains.

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Which characteristics of a TL a year later are likely to yield such gains, would you say? I may soon be in that situation and wonder if the benefit is to come mainly from the quality of the TL itself or from leaving behind a less than nutritious credit background.

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Age. New tradelines reaching a year will shed the "new account" ding. And, you'll have a year of positive history for that account. 

[haulingthescoreup]

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@Anonymous-own-fico wrote:

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@llecs wrote:

I vote zero, but if you had new TLs reporting as a result of those inquiries, then you could see some significant gains.

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Which characteristics of a TL a year later are likely to yield such gains, would you say? I may soon be in that situation and wonder if the benefit is to come mainly from the quality of the TL itself or from leaving behind a less than nutritious credit background.

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As LilMirth said, it's just the fact of them turning a year old.

All your TL's are of equal value.

What you did, whether you realized it or not, is you "diluted" bad history with good. In other words, you have some negatives on your credit report from the past on X number of TL's. By adding new TL's and keeping them clean with on-time payments, month after month after month, you're increasing the proportion of your credit report that is clean. The combo of additional TL's and the baddies getting older results in gradually improving FICO scores.

While it's not a good idea for rebuilders to go bat-crazy and get lots of new cards, the above is a good argument for getting 3 or 4, once your rebuilding has gotten to the point where you can qualify for decent cards, as opposed to the rip-off cards.

[llecs]

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@haulingthescoreup wrote:

While it's not a good idea for rebuilders to go bat-crazy and get lots of new cards, the above is a good argument for getting 3 or 4, once your rebuilding has gotten to the point where you can qualify for decent cards, as opposed to the rip-off cards.

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+1. I have no doubt my scores would be higher than they are now and I'd have much higher CLs, had I only taken my time and be more selective, vs. settling for a Credit One, Orchard, Target, etc (at that time).

[vanillabean]

Thank you, LilMirth. I've been doing a little thinking about age and have come to the conclusion that it would so nice if a card could age faster than its holder. My illusion in that respect would be to have more than one card.

Let's say you have no cards and then get a card. A year later, your AAoA is 1 year. If you get another card then, your AAoA is .5 years. That's a 50% reduction.

If you at first had gotten three cards, the reduction would have been only 25%, as your AAoA is .75 years. The collective age of the prior cards certainly adds up.

If nine cards at first, then your AAoA is .9 years after the card a year later. That's a mere 10% difference from before. Plus nine times a positive history a year later.

Of course I may not have the resources to properly fertilize nine cards in parallel (not to mention that I might not have gotten all of them, especially the good cards). And as I see just now, Hauling encourages not to go crazy about it.

Maybe the itch simply stems from that I can't wait to get my hands on the card I was approved for a few days ago. I was thinking of calling up the CCC to see if I could get going on creating an online account, but figured the system doesn't work this way.