I know that hard inquiries stay on reports for two years, but how long before they kind of fade into the background and not really affect you getting approved or not? I have to admit that I went on an applying rampage last August and September, and then applied for a few things in Jan and February. I believe my Experian has only four inquiries but TU and EQ have at least 10 each. I'm being good now, but just wondered if they're going to get me declined for the full two years that they appear. Thanks.
When I did the eLoan score, one of my positive factors was, Has not applied for credit in the past 6 months. So I think the 6 month mark and you'll be okay.
And does anybody know if insurance inquiries count as inquiries when your credit report is being evaluated for extension of credit? Thanks,
No, I'm wrong. Insurance companies do promotional inquiries, but they can also check your credit before issuing you a policy. I don't think the CRA's differentiate by type of business when recording inquiries "initiated by you."
I've had an insurance inquiry counted against me when I applied for credit. It sucked, because the company never even told me they would pull my credit report (it was Geico). This happened a few years ago. I was turned down for the credit because I had too many inquiries. I had only 2 and one was the Geico inquiry.
I think there is a huge difference betweens affecting your scores and what impact they have for potential creditors. I think anything under 6 months hurts your overall scores, 12 months hurts a bit and so on. But credtiors will deny you based on inquiries. I was denied for credit because I had 2, yes count them 2 inquiries in 24 months
Speaking of inquiries..... I did my taxes yesterday with H&R Block and noticed today they pulled a report.....is that normal? I sure didn't authorize it! Anyone else have that happen?
Fair Isaac directly has confirmed that inquiries do impact the score for 12 months. They would not comment on the decline in impact over that 12 mos. A very knowledgable mortgage broker I know has stated that in 90 days or so you regain most of the points lost. I trust him. His advice is to have a time of the year when you apply, do several applications within that month or 2 if you need to, then lay off for the rest of the year and do it again about the same time the next year... Remember, some large companies have tailored scores for their own use, so Amex hates inquiries, whereas other companies won't be as sensitive to inquiries as they may be to other issues. when applying, you can always search this board and normally find great tips about specific companies and cards.
Did you do a RAL?? If you do, it's in the tiny fine print they they run a credit check, b/c this is a refund anticipation loan.
