Credit Inquries

[Logan]

From MYFICO.com

Inquiries remain on your credit report for two years, although FICO® scores only consider inquiries from the last 12 months. FICO scores do a good job of distinguishing between a search for many new credit accounts and rate shopping for one new account.

[iswmle]

Meh? I thought they only consider from last 6 months. =/

[Logan]

Meh? I thought they only consider from last 6 months. =/

While the information on this board is great, I do see people making factually incorrect statements (probably me too). I have read many times that inquiries stay with you for 2 years. That is true but according to FICO they only affect your credit score for 1 year.
My point is get your credit reestablished ASAP out of BK so when you're at the 3 to 4 year mark the inquiries have dropped off and your reestablished credit will be working for you. This is what I did and my mid FICO is at 716 and my 4 year discharge is in 3 weeks.
Logan

If you don't want to use credit cards and/or don't want to reestablish credit please disregard and move to another thread.

[Scooter10]

While the information on this board is great, I do see people making factually incorrect statements (probably me too). I have read many times that inquiries stay with you for 2 years. That is true but according to FICO they only affect your credit score for 1 year.
My point is get your credit reestablished ASAP out of BK so when you're at the 3 to 4 year mark the inquiries have dropped off and your reestablished credit will be working for you. This is what I did and my mid FICO is at 716 and my 4 year discharge is in 3 weeks.
Logan

If you don't want to use credit cards and/or don't want to reestablish credit please disregard and move to another thread.

Great Point Logan! I agree get started on rebuilding your credit the day you discharge. Credit is one of those things you can not fix overnight and just takes time. The longer you wait to start re-establishing the longer it will take to get your score up. Yes, you might be scared of getting a credit card after your BK, but credit is a part of life. What if one day you want to buy a home, your employeer checks it before making offer....you the the idea. Bottom line is credit takes time to re-establish so get started early.

[patches]

What about Account Reviews after discharge? Is that allowed? I don't believe they get shared with anyone requesting a report - is that correct?

[TBA]

Account reviews are considered soft inquiries - if done correctly. And other "lenders" cannot see them, but you can. They should not impact your credit score.

However, if the account review is being done by someone who you included in your bk, i think they lose their permissible purpose, and you can dispute the inquiry, and even get paid? This statement requires a bit more research though, or experience from someone who has done this before.

Sorry, its late and i cant sleep~

[iswmle]

My point is get your credit reestablished ASAP out of BK so when you're at the 3 to 4 year mark the inquiries have dropped off and your reestablished credit will be working for you. This is what I did and my mid FICO is at 716 and my 4 year discharge is in 3 weeks.
Logan

If one is wanting to have credit post BK I agree with this. I waited several months before applying for credit again and it was to my detriment. When I realized I needed new credit it was a bit more difficult for me to accomplish. As one underwriter explained to me "Your BK is almost a year old, but you have less than 6 months worth of new credit history." I believe I became a little frantic in trying to acquire new credit, and now have a whopping 14 inquiries from this year which I need to age.