What falls off reports in six months?

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samhradh
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What falls off reports in six months?

Postby samhradh » Thu Mar 10, 2016 7:57 am

Hey everyone. Long time, no post!

I'm advising a friend building up her credit. We talked about apping for the Citi Simplicity due to its long 0% APR on balance transfers. She's already done the Chase Slate and it's paid off so she needs a second BT option to avoid interest.

Anyway, she's hesitant to apply since Citi has a reputation for being less generous with their approvals and CL. I told her just to go for it since the inquiry falls off her report in six months.

Then we were reading her credit report and she called me out on my error. Apparently inquiries stay on for two years.

So my question is: I know something falls off in six months. But I can't remember what. Any ideas?
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).


Elijahmex
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Re: What falls off reports in six months?

Postby Elijahmex » Thu Mar 10, 2016 8:19 am

Image

takeshi
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Re: What falls off reports in six months?

Postby takeshi » Thu Mar 10, 2016 9:08 am

samhradh wrote:Anyway, she's hesitant to apply since Citi has a reputation for being less generous with their approvals and CL. I told her just to go for it since the inquiry falls off her report in six months.

Then we were reading her credit report and she called me out on my error. Apparently inquiries stay on for two years.

So my question is: I know something falls off in six months. But I can't remember what. Any ideas?

Nothing falls off at 6 months. An inquiry may lose some of its impact at 6 months. However, inquiries are a small factor. If your friends sees a major impact from one inquiry then she has bigger issues with her credit profile that she needs to address.

Don't rely solely on the card or creditor for limit. That's just part of the equation. One's credit profile and income will determine the limits that one qualifies for. Again, if she has issued with her credit then she needs to identify them and work an addressing them.

If she's looking to BT what's her revolving utilization? Don't count on a new card for a BT if revolving utilization is high. It is possible to get approved with high revolving utilization but limits may be low and APR's may be high.

Tubpbs
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Re: What falls off reports in six months?

Postby Tubpbs » Thu Mar 10, 2016 4:20 pm

Along with what Takeshi said, I believe a "new account" loses some of the negative sting after it is 6 months old. But, again, the most important thing he said is that the inquiry shouldn't affect her that much unless she has other issues or is completely new to credit.
Amex - BCP, Platinum, Business Gold
BoA - BankAmericard Cash Rewards
Chase - Freedom, CSP, RC, Ink Plus
Citi - DC, Prestige
Discover - It

samhradh
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Re: What falls off reports in six months?

Postby samhradh » Sun Mar 13, 2016 8:00 pm

Thanks, everyone. Not sure what I got the six months from, then.
Citi Forward ($10.1K), AmEx Blue Cash Everyday ($30K), Chase Freedom ($12.4K), Discover it ($5.5K), Barclaycard Arrival ($12.5K), L.L. Bean Visa ($5K). FICO 806 (TU), 812 (EQ), 806 (EX).

ingramjuan
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Re: What falls off reports in six months?

Postby ingramjuan » Fri Mar 18, 2016 11:46 pm

samhradh wrote:Apparently inquiries stay on for two years. So my question is: I know something falls off in six months. But I can't remember what. Any ideas?


Nothing falls off in six months that I know of? If I am not mistaken the hit to your score will be lower after six to nine months.
CARDS:
Capital One Platinum (2001) |Capital One QuickSilver World (2002) | Amex Gold Delta (2013) | Best Buy Visa (2013) |Discover It (2015) | Amex Platinum (2015)

Gardening Since: June, 2015

Next Cards:
Personal: Chase Freedom Unlimited
Business: Amex Plum
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