Mortgage inquiry dropping off a month early cause a score boost

A year ago

Fri May 19, 2023 5:21 pm

GApeachy

Seasoned Rebel

GApeachy has passed the 12 month threshold!
No scorable inquiries on file!

Level13 Last INQMonday, August 7, 2023 Gardening For1 year, 1 month, 22 hours, and 5 minutes Next Level in29 days, 1 hour, and 55 minutes on October 7th INQ 1yr onWednesday, August 7, 2024 INQ 1yr reached1 month, 22 hours, and 5 minutes ago INQ 2yr onThursday, August 7, 2025 INQ 2yr in10 months, 30 days, 1 hour, and 55 minutes Goal24 months Goal DateThursday, August 7, 2025 Goal In10 months, 30 days, 1 hour, and 55 minutes

Credible wrote: ↑Sun Jan 08, 2023 12:52 pm I applied for a mortgage January 6th 2021. The inquiry was scheduled to fall off all my reports February 6th 2023. CK tells me It fell off my EQ and TU reports January 6th and my scores went up 6 and 5 points respectively. This proves two things: hard inquiries affect one's VantageScore credit scores the entire time they are reported, and they can be removed early. Each report had a different score change because I opened 2 Citi cards March of last year; each required an Equifax hard pull.

I'll have an inquiry drop this June. Does that mean I'll gain 5-6 pts for a HELOC? Synovus (here in S.E. Ga) pulled EQ and I assume it's scored the same as a mortgage....correct or no? On MyEquifax the HELOC is listed under Mortgage accts.

A year ago

Fri May 19, 2023 6:50 pm

Credible

Seasoned Rebel

Credible has been gardening for over 2 years.
Credible has achieved the Garden Goal !!

Level29 Last INQMonday, March 28, 2022 Gardening For2 years, 5 months, 10 days, 22 hours, and 5 minutes Next Level in20 days, 1 hour, and 55 minutes on September 28th INQ 1yr onTuesday, March 28, 2023 INQ 1yr reached1 year, 5 months, 10 days, 22 hours, and 5 minutes ago INQ 2yr onThursday, March 28, 2024 INQ 2yr reached5 months, 10 days, 22 hours, and 5 minutes ago Goal24 months Goal DateThursday, March 28, 2024 Goal Achieved5 months, 10 days, 22 hours, and 5 minutes ago

GApeachy wrote: ↑Fri May 19, 2023 5:21 pm
Credible wrote: ↑Sun Jan 08, 2023 12:52 pm I applied for a mortgage January 6th 2021. The inquiry was scheduled to fall off all my reports February 6th 2023. CK tells me It fell off my EQ and TU reports January 6th and my scores went up 6 and 5 points respectively. This proves two things: hard inquiries affect one's VantageScore credit scores the entire time they are reported, and they can be removed early. Each report had a different score change because I opened 2 Citi cards March of last year; each required an Equifax hard pull.
I'll have an inquiry drop this June. Does that mean I'll gain 5-6 pts for a HELOC? Synovus (here in S.E. Ga) pulled EQ and I assume it's scored the same as a mortgage....correct or no? On MyEquifax the HELOC is listed under Mortgage accts.

The size of score gain is likely profile specific. I don't know if a HELOC has the same approval criteria as a mortgage loan; I would assume it is the banker who decides that, but I know nothing about said loan type.