Having 1 hard inquiry is GOOD!!!

A hard inquiry is good--always? Or only in certain credit report scenarios?

I'm very curious about this.

 

Well of course.

1 inq. every 6 months is best.

It shows that you do use your credit. Which means you'll be more likely to take good care of it, which means you'll be more likely to pay on time.

And the company has a much better chance to make some money from one who does use their credit, while at the same time reducing their exposure to risk.

1 every 6 months (or so) is the perfect scenario.

See?



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Interestingly enough, my TU score is my best, and I haven't had any inquiries on TU in over 2 years. I don't know what would happen if I had an inquiry, but I think the only people who pull TU in my area are on my "don't do business with them if you can help it" list.

Maybe I need to refi my house?

 

YMMV

 

Hello,

Iâ??m newbie here. I donâ??t understand lots of terms here so forgive me if I say something stupid.

What does it mean 1 inquiry every 6 months? Is it 1 inquiry per credit reporting agency or 1 inquiry for all three? How does it count if I have 1 inquiry at each credit reporting agency (Experian, Transunion and Equifax)? As 3 inquiries or as just 1?

Reading some posts here they say they got â??Too many inquiresâ? declined letter, because they have 2 or 3 inquiries on their report.

And what will happen if I follow this rule â?? 1 inquiry every 6 months and I got declined for credit. Am I still going to have 11 point increase in my score?

Iâ??m so confused. ((

 

As I see many of you have the goal to remove your hard inquiries as soon as possible.

And in this post I see different approach.

Again this is so confusing to me. Hope someone will explain this to me. Thanks!

 

Due to *b*, I had my last inq fall off of EQ the other day. Score went from 774 to 781 with just that change.

 

Hang in there Jason.

You are exactly where you're supposed to be.

Here's a place where you can find many answers;


CreditNet FAQ!



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I don't believe that ONE is better than ZERO...I'm working on "B" for ZERO!!!

 

Any response please ..

 

Jason2004, okay I take a stab at answering your questions. The FICO score model is not just based on inquiries. It is commonly believed that inquiries have a negative impact on your score and that it becomes less of an impact at the 6 month mark but the inquiry does stay on your CR for 2 years. Not all inquiries are treated the same, mortgage rate shopping is considered one for the FICO model but a cc company pulling your report may see it as too many pulls for credit. Some posters have written that applying for too many credit cards in one sitting can drop your score and that future consideration for credit cards can be denied as it appears that you are shopping for too much credit.

When you apply for a credit card the credit card issuer will usually pull one credit report from one CRA. There are exceptions, MBNA may pull from 2 different ones and Cap 1 has been known to pull all three.

The fewer the pulls per 6 months on each report the better the FICO model likes you.

I hope I answered your questions.

Best regards,
Mirage

 

Re: Re: Having 1 hard inquiry is GOOD!!!

Mirage, thank you so much for your response! I learned so much from your post!

And .., I got it finally. It took me some time, sorry guys )) Depends on which CRA they pull, the number of inquiries count only per specific CRA they pulled â?? not from all three.

Jason