Posted by Christine Baker on December 10, 1997 at 18:21:30:
In Reply to: Re: 11 inquiries,This is B.S.!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! posted by JohnD on November 26, 1997 at 17:35:35:
John is probably thinking of RMCRs (mortgage credit reports.)
Lenders want to see the inquiries for the last 3 months and the borrower has to explain each inquiry and state whether an account was opened. Of course the lenders need to know whether there are any new loans not listed on the application so they can include the payments in the ratios. Often that results in the decline of the loan.
However, for Credit Scoring, inquiries stay on for 12 months and are included in calculating the Scores.
There is one exception: Fair Isaac realized that many inquiries occur when consumers shop for a car. They subsequently modified the program to count inquiries in a 7 day period as ONE inquiry.
Problem: Assume you start shopping on Friday, and for the next 10 days you have inquiries. Which 7 days will be one inquiry?
Another problem: Assume you take your time, read reviews, do some research, test drives, shop for the most favorable financing. It takes you two months to buy that car. Looks to me like you are smart. But as far as Fair Isaac is concerned, you really are now a bad credit risk. Screwed again!
BTW, you WILL get screwed as long as you let them.
-Christine
: It is my understanding of the mysterious scoring systems that only inquires within the last 3 (or possibly 6) months would reduce your score.
: : What the hell is wrong with this system?
: : I purchased a car a year ago,Went to get
: : a 2nd on my house,they informed me my "score"
: : is to low,Due to not enough credit history and to many
: : inquiries.So i had them fax me a copy of the report,And low and behold,My purchase of the
: : car generated 11 inquiries!!!,some of them
: : twice from the same bank.This Sucks,How am
: : i supposed to build a credit history,if i cant
: : get a loan?Something is wrong here.