I looked on the FICO website but couldn't find anything relating to inquiries and how they effect your credit score. I know that it does and everyone here know's that it does but I wanted a link and actual proof I could print out to be prepared for court. Any help would be appreciated! Thanks! Tac
From MyFico.com and the FAQ: Category 1- Payment History 35% of your score Category 2- Amounts Owed to Lenders 30% of your score Category 3- Length of Time Credit Established 15% of your score Category 4- Search for/Acquisition of New Credit 10% of your score Category 5- Types of Credit in Use (Credit Mix) 10% of your score For PROOF, all you would need is the "analysis" protion of your FICO score or the "key factors affecting your score", that would say something like "excessive inquiries", or "inquires in last 6 months" -Peace, Dave
An Inq. hurts especially when there is no corrosponding acct. It makes it appear as tho the puller considered you for credit and then denied your application. Even if it doesn't hurt your score, which I think it does, it would hurt you when the NEXT creditor see's it and assumes that you were denied. Good Luck On Your Case Tac. Let us know.
Butch, That would assume that "shopping for a loan" or better rates is non existant. What if you found a better rate or more stable company. For credit cards, I have not "activated" cards after I applied and got the card several times. Also some cards or loans do NOT report the listing (hidden tradelines), but you will have an inquiry for the application. Many times you will get inquiries and no coresponding account. I can see your logic, but I can not see that entering into the scoring model or algorithm easily. -Peace, Dave
