Over the course of about three months I went on a desperate auto loan shopping spree. I was trying incredibly hard to get approved under my own name with only a year worth of credit history because I have no willing/able co-signer.
I've recieved about 20 inquiries and my credit score dropped over 50 points from the original 730 I had, bringing me from excellent credit to between fair and poor.
Now I know that people usually say that you should stay away from "credit repair" agencies. However, I feel cheated to have these inquires draining on my credit report for the next two years when I've been responsible with my credit cards as I don't have a single late payment and I usually pay off half my debt or more every 2 weeks.
Please advise.
2007-09-16 16:12:58 · 7 answers · asked by Anonymous in Business & Finance ➔ Credit
As to your first question, no you can not remove inquiries if they are valid. There is nothing that says you can't dispute it, but they will probably not be removed. In your case a credit score is not given a lot of weight. This is because you have what is considred a "thin" credit history. So even though you had a 730 you found it was still hard to get approved.
When were these inquires done. The credit scores allow inquiries in a 14 day period to be treated as only one. So if you have 10 in a 14 day period, and then 5 in the next 14 days they will only be treated as 2 inquiries.
Now the good news. The inquiries will remain on your report for 2 years. However, they are only used in scoring for the first year. Also, most of the negative effect is in the first 6 months.
Just continue to do what you are doing with paying every bill on time and keeping your CC balances low. As time goes on you should find it easier to get approved for auto loans.
2007-09-16 19:42:29 · answer #1 · answered by OC1999 7 · 2⤊ 0⤋
So sorry but no you cannot get inquiries removed from your credit report. They are there for a reason, thus this is why they can't be removed!! Creditors look at your inquiries to determine a lot of different things. I look at the number of inquiries to determine how "desperate" a borrower is, and also to do some detective work because some borrowers don't tell lenders about new loans because they haven't reported on credit yet. However, you can look at inquires and ask if they got a new loan or at least get an explanation for them.
Live and learn, limit inquires to 4 per YEAR. And do remember inquires can stay on your credit for up to 2 years.
2007-09-16 17:09:02 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The fact is that you did make all those applications resulting in that many inquiries. After the first couple turn downs, you should have known your credit wasn't enough. They do give a reason when they turn you down.
I suppose you could pay one of those repair companies a couple hundred bucks to play their slight of hand and hope the actually get some of those inquiries removed, but you'd be better off just establishing a longer on time payment history. It won't take 2 years to get back most of those points.
2007-09-16 16:20:47 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
These are not hard inquiries and do not impact his FICO score. Only inquiries due to credit applications ding your score for a few points. Inquiries age off in 2 years, but after 12 months, they no longer impact your FICO score.
2016-05-21 06:31:37 · answer #4 · answered by ? 3 · 0⤊ 0⤋
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2014-05-15 12:42:15 · answer #5 · answered by Anonymous · 1⤊ 0⤋
yes you can remove them online with equifax...but need to send letters with experian,transunion
2007-09-16 16:41:08 · answer #6 · answered by Anonymous · 1⤊ 1⤋
Try http://goo.gl/DsqP3y
2016-07-20 10:21:35 · answer #7 · answered by Brande 5 · 0⤊ 0⤋