Posted by Tim (CT) on March 05, 2002 at 14:16:24:
Posted by Tim (CT) on March 05, 2002 at 14:16:24:
Lots of inquires on my credit report!! - Posted by Tim (CT)
Posted by Tim (CT) on March 05, 2002 at 12:11:26:
I recently looked into refinancing my own home and had someone take a look at my credit report. I was amazed to see all of the credit inquires on there. Obviously, every credit inquiry on there knocks down my fico score. Is there anyway to get rid of these? Do I just have to wait and let time knock them off my report or does time even do that? Do they stay with me forever?
My biggest problem is that when I purchased my multi-unit property back in June, 2001 the company I went through did multiple inquires on me. I’m talking 5 or 6 times!! I don’t know why they did that. Probably because they lost the first 4 or 5 so they decided just to get another report. Hence, knocking me down a little bit more. Can I remove the multiple inquires from the same company? It doesn’t seem right that I have to get penalized for them being disorganized.
Btw, the gentleman I was using to refinance (one, I respect very much within his profession) told me that my score (and my wifes for that matter) was probably knocked down about 30 or 40 points because of all of the inquires. That’s a tough nut to swallow!! That puts me at about a 730 but it puts her at about 630. She’s right on the bubble. Far too close for me.
Any thoughts would be appreciated.
Re: Lots of inquires on my credit report!! - Posted by JohnBoy
Posted by JohnBoy on March 05, 2002 at 13:56:29:
Inquiries stay on your credit for 2 years and then fall off.
Another factor that hurts with inquiries affecting your score is based on the number of inquiries within a short period of time, like within a 90 day period.
As for the multiple inquiries from the same lender you should dispute those through the credit bureau’s stating these were all for the same loan and all duplicates should be removed and send you a copy of the updated report after their investigation. Send your dispute by certified mail return receipt requested. If the lender doesn’t respond to the dispute within 30 days the credit bureau will delete it.
As for your score being affected, I wouldn’t worry about it much if you still have a 730 score. That’s GOLD!
Getting any multiple inquiries off your wife’s report should help to improve her score.
I know how you feel! I had my score drop by 13 points in one day by having only one additional inquiry!
At that time I had over 60 inquiries on my credit report! They DO affect your score a lot! My credit was perfect without a single late pay showing and back them my score was only 620! The scoring system is criminal in my opinion!
Also, make sure you monitor your credit file regularly. Now when ever you have multiple inquiries pertaining to obtaining a mortgage or auto loan within a short period of time they are only suppose to all count as ONE inquiry as far as affecting your credit score! I think it’s within a 60 day period. My understanding is the law was changed to protect the consumer from having their scores affected by multiple inquiries pertaining to the same thing they applied for credit on and not end up discriminating against them for being able to shop around for better mortgage rates and auto loan rates. Car dealers have a habit of shot gunning your credit app. out to 10 different lenders at once where each one ends up pulling your credit resulting in numerous inquiries! So now these are all only suppose to count as ONE inquiry as far as affecting your credit score goes if they are all within a 60 day period!
Unfortunately you still need to monitor your credit file when you know there will be multiple inquiries within a 60 day period pertaining to obtaining credit for a mortgage or auto loan. That way if you see your score being dropped more than once between all those inquiries you can dispute it right away with the credit bureaus and try to get it corrected. This can also be a real PITA since it is time consuming! About the only thing you can do about it is not to allow yourself to get all frustrated over it and just stay on top of it.
Also, if you obtain copies of your own credit file that shouldn’t count against you as an inquiry.
Also, there are creditors that subscribe to the credit bureaus and obtain limited information about you. These show up providing the names of the companies that obtained this information but those are not counted as inquiries. So make sure you monitor who has pulled any inquiries to make sure they are valid inquiries that you had authorized. Dispute any that you know you did not apply for credit through.
Re: Lots of inquires on my credit report!! - Posted by KC Questions
Posted by KC Questions on March 05, 2002 at 13:53:53:
Try planetloan.com I have found that site to be extremely helpful.
Re: Lots of inquires on my credit report!! - Posted by tim (CT)
Posted by tim (CT) on March 05, 2002 at 14:00:48:
Thank you very much for your informational response. I didn’t think the multiple inquiries from the same company for the same loan were valid. I’ll get the letters out to the bureau right away. Thanks again.