DoingHomework wrote:Not having a bad day at all...
Inquiries stay on for 2 years. Yes, they have less score impact after a few months or a year as you say. But they will still be there for 2 years and will have some impact.
Honestly, I do pity the OP for having been duped by an old trick (see my other post). But the only harm is a lower score for a couple of years. It's not the end of the world. That would be a problem for some people but the OP has 10 times the credit available compared to what is needed (stated 10% utilization). That means there should be no need to apply for any more for 2 years. Two years is not that long.
They don't have any effect whatever on your score after 1 year. None. Zip zilch nada. Yes they are still visible but FICO states they do not affect the score after one year. Period. Not just a little bit, not a few points, not "some impact", that's not correct, after a year, they have NO impact on your score.
In practical terms, lenders seem to care little about inquiries older than a year, unless there is an extreme amount of them. 6 for an auto loan isn't extreme (though granted it sucks).
I think he's being given information here that really isn't the truth, and he doesn't have to not apply for anything for at least 2 years. I applied for a Fidelity and BofA card within 3 months of my auto loan hits and was approved for both. Currently those hits are on my reports but have ZERO impact on my score as that was September of last year.
I just think things should be stated correctly.