I have people disputing this on another chatboard. I I wanted to know if ING would put an inquiry on my credit report and then I got some feedback.... here are their comments: 1) (Pulled Verbatim from a loan company's internal documents): 10% of the score is determined by inquiries. People can RELAX a bit about getting their credit pulled. 85 points can be earned or lost from inquiries. In addition, the credit score model is only looking for inquiries from the past twelve months and it allows 7-10 inquiries for that 12-month period. When a score is hit for inquiries, it is hit 5-15 points each. The credit score models have been programmed to recognize mortgage related pulls, knowing that there can be several in a short period. The model has been altered to allow a 30-day buffer for repulls of mortgage related inquiries. 2) But inquiries alone are not 10% of the score - they factor into that 10% portion. And most likely your score will be affected little, if at all. And unless you're applying for a loan, it's not a huge deal. Perhaps she has a mortgage pending. I was just curious. 3) I wasn't directing it at you. I wanted her to see that it isn't a big deal to have your credit pulled - the myth has been perpetuated far too long.
I opened an ING savings account and there was no inquiry. I've heard numbers tossed around like 7 points for each hit. I've seen my own scores go up about 3 points when they fell off. Yeah, in theory, they "know" the difference. I don't trust their ability to discern. I've also heard that anything in the last 30 days does NOT count against you, i.e., you're shopping rates and that multiple hits from the same vendor in a short period of time will be consolidated. I've even heard that you can call up a CRA and get multiples removed to leave just one. I've also heard the most important time period is previous six months. The only thing I can tell you for sure, from my own experience: 1) I gained 2 to 3 points for each inquiry as it fell off. 2) ING did not pull my CR when I opened a savings account w/them two months ago. .
Inquiries do hurt, not just your score, but ability to be approved. Some card companies would consider 6-7 inquiries too many. Gib
To add to the real experience math, had a very recent inq from Citizen's Bank removed and my fako score jumped up two points - now 646 from 644. This is on EQ I'm not looking at my FICO since it's ten bucks and I'm waiting for other balances to show up before I update my FICO.
