Credit inquiry

[cbecerra13]

How long do credit inquiries stay recorded?

[TylerDurden]

They'll stay in your CR for 2 years.

[techgoddess]

I heard that they only affect your score for 6 mos. though. Is that true?

[TylerDurden]

We might have to ask KB9 about this, but I think the more recent ones do affect your credit more than the older ones. I don't know the exact rule though.

[Ravenous Wolf]

Until the Fair Isaac corporation shows us their mathematical model or at least confirms how the sensativities work, no knows exactly for sure (just like everything else about the FICO score). Fair Isaac has given the public tantalizing clues about the calculations of the major factors computed into the score.

What I have heard from various sources is about five points an inquiry. The more time that passes, the less of a negative value. But then again, nobody knows exactly until Fair Isaac reveals their secrets.

The Fair Isaac corporation also feels that the AVERAGE person has only >>>ONE<<< inquiry per year. Therefore, the more inquiries you have, the more out of the norm that you are out of their statistical model.

[kb9tbq]

If you look at the reason codes not the ones the CRAs give to consumers but the ones you see from the creditors especially in the adverse action letters.

I have seen a few reason codes dealing with inquiries:

1. too many inquiries in the last 12 months

2. too many inquiries in the last 6 months

3. too many inquiries in the last 30 days

So I know the scoring is immediately affect by 1 year; also recently think it was swede that pointed out one thing which I had overlooked prior; in the FCRA or somewhere recently seen it says that only credit related inquiries are to affect you in the 1st year. My computer is going way too slow to night to even go hunting; but will when I can get the chance.

[Ravenous Wolf]

And the WORST reason code pertaining to inquiries is the one about having five inquiries in the past 30 days.

That one is a deal breaker for getting credit and when getting a mortgage, you are about guaranteed to get one of those codes if you are moving into a new house and getting everything (like utilities) set up in your name.

[Swede]

<blockquote>Originally posted by businessdebt

We might have to ask KB9 about this, but I think the more recent ones do affect your credit more than the older ones. I don't know the exact rule though.

</blockquote>

ANYTHING that's more recent on your reports will effect the score more.

<blockquote>Originally posted by kb9tbq

So I know the scoring is immediately affect by 1 year; also recently think it was swede that pointed out one thing which I had overlooked prior; in the FCRA or somewhere recently seen it says that only credit related inquiries are to affect you in the 1st year.

</blockquote>

Unless inquiries are employment related, they are not supposed to stay on your reports for 2 year. Any other related inquiries has a life expectancy of 1 year according to Congress.

§ 609. Disclosures to consumers [15 U.S.C. § 1681g]

(a) Information on file; sources; report recipients. Every consumer reporting agency shall, upon request, and subject to 610(a)(1) [§ 1681h], clearly and accurately disclose to the consumer:

(1) All information in the consumer's file at the time of the request, except that nothing in this paragraph shall be construed to require a consumer reporting agency to disclose to a consumer any information concerning credit scores or any other risk scores or predictors relating to the consumer.

(2) The sources of the information; except that the sources of information acquired solely for use in preparing an investigative consumer report and actually used for no other purpose need not be disclosed: Provided, That in the event an action is brought under this title, such sources shall be available to the plaintiff under appropriate discovery procedures in the court in which the action is brought.

(3)(A) Identification of each person (including each end-user identified under section 607(e)(1) [§ 1681e]) that procured a consumer report

(i) for employment purposes, during the 2-year period preceding the date on which the request is made; or

(ii) for any other purpose, during the 1-year period preceding the date on which the request is made.