I believe they keep a record as long as you have one, but generally only really look at the past 7-10 years for their analysis.

Every lenders different. From my own experiance and what I have read ... American Express and Bank of America keep a long memory of history going back more than twenty years. Note, they may still approve a person but they know the person's past with them.

I've heard that the seven to ten year thing isn't really the way it works with the specific companies. Do they keep the records indefinitely or do they eventually delete them?

Credit card companies have very long memories. If you wronged them and the credit reporting has dropped off after seven to ten years (baddies) the lenders still legally have their records and they run way more than twenty years. People who file BK's often find the lenders digging in their records farther back than twenty years and rejecting the applicant. One's past does not actually disappear even though the credit bureaus have deleted negative information. It is like the old saying: "never burn your bridges."

Wow, I didn't think that credit card companies looked this far back into your credit history. This is interesting. I also see nothing wrong with a parent helping build your credit.

I am a loan underwriter with one of the top banks in the country. I do auto loans and not mortgages or credit cards, so I cannot tell you how even my own bank looks at credit cards for approval. What I can tell you is that everything in your credit report matters depending on the situation. If you have a lot of credit card inquiries recently, I will look to your utilization. If your utilization is high or increasing, there is a good chance of a decline or not so favorable approval. I would be happy to answer any question you may have about what I do except that I cannot tell you which bank I work for.

Joeyman is 100% correct, and I do believe that PhynanciallySavvy was a little rude. You could have made your point without acting that way. What Joeyman was stating about credit inquiries staying on your credit report for up to 2 years in absolutely correct, though lenders do only look at the last 6 months. And for the record I believe you were referring to me when you said "your mom helped you build credit", and while she did help me I was the one who worked hard to make the payments on time.

Joey, stop giving unfounded and INCORRECT advice !!

Finance Globe is about helping each other to gain the best credit & financial knowledge, if you believe I am stating wrong information please do not hesitate to explain why.

Joey, stop giving unfounded and INCORRECT advice !! I worked as the Operations Officer of a bank and oversaw the Lending Department (Auto, Mortgages & Personal LOC's). What you said in your post is COMPLETELY FALSE.

After performing a Google search (to confirm your assertion), I found that hard pulls are required to stay on your credit report for one year, and typically stay for two years (obviously most common). -- Just as I assured in my past post. Do you disagree?


The reason why I stated creditors typically look at the last six months is because I was personally denied for having too many inquiries in the last six months, when I first started building credit in 2008. I have also read numerous posts here at Finance Globe of the same denial from our members. Also, working at one bank doesn't mean all the banks operate the same; I try and represent the majority of banks when giving advice? Do you disagree?

On top of that, you only have good credit because your mom hooked you up when you turned 18, which was a measly 3 or 4 years ago. But just to be clear, that doesn't make you a financier or a credit whiz - by ANY standards!

You need to review the post you're referring to because that clearly was not me. I built all my credit on my own and my "mom" never helped me in anyway. In fact, during those years my single mom had financial hardship.

Typically creditors look back at the last six months of inquiries, however, credit bureaus will keep the last two years on your report. Each inquiry can lower your credit score by 1-30 points... You may be better off obtaining credit from your main bank, especially if it's a credit union.

Joey, stop giving unfounded and INCORRECT advice !! I worked as the Operations Officer of a bank and oversaw the Lending Department (Auto, Mortgages & Personal LOC's). What you said in your post is COMPLETELY FALSE.

-P.S.

Jodie,

Truly, it isn't as much the score - no matter what branding model (FICO, Vantage, standard CB score) - that matters anymore. Since the 2009 CC Bill, lenders look for ANY collection/negative/delinquent/charge-off account that shows within the last 4-5 years... Because when they get your CR, that's the first thing they see... The NEGATIVE stuff - even if it's resurfacing in the late stages of the statute of limitations. If you have any collections/delinquent accounts - including a measly doctor's bill for $150 or a 6 year old account that went bad, lenders will most likely decline your application.*****

However, it's worth noting that as crappy as it will be having those hard inquiries for the next 24 months - with no new lines of credit to show for it, hopefully some of the old/bad will fall off your reports in the meantime. One word of caution though: don't try to fix an old (bad) debt by paying the lingering balance. This will NOT help you whatsoever... It will just take away money that could have been better applied to current existing LOC's. If it's old and a charged-off account, let it be.

In the mean time, just be patient... I promise - I was in your shoes three years ago... But now my score is in the 760+ range and I have over $27K of revolving credit. Plus, if you stop inquiring and submitting credit apps, this will also boost your score - gradually. If you're trying to go up, just take care of your current financial obligations and pay at least the minimum on time -- and stop applying for credit for at least the next 12 months. Keep us posted!*****

-P.S.

Got my denial letter for one that used Equifax showed a 556 credit score whereas the myfico score shows 669. So my Equifax score is much lower than what the myfico score shows as well. At least I know where I stand with this experience. I will be cancelling my myfico account as it is completely off from the true scores that the creditors see. Thanks for all the replies and help everyone!!!

Myfico uses a TransUnion Classic 98 model, which is way outdated by todays standards. I have found a 26 up to a 46 point difference with Myfico scores, verus, the 04 Classic TU model, now as far as Equifax, my scores with Myfico and Equifax have always been dead on, because they use the FICO enhanced version instead of an Equifax version of their Pinnacle score.

I got the final denial letters and they stated a credit score of 554 on TU. The FICO score online shows it to be 627 so I guess the score I see online is outdated or not the same scoring model than what the merchants pulled on me. Oh well......now I'm embarrassed I even applied. I wouldn't have even tried if I had realized my score was so bad. I bet my Equifax is much worse than I think too because I am going off of the official FICO scores on myfico.com.