Stop applying inquiries stay on your report for 2 years. After 1 year they wont effect your Fico score as much after a year from what I have read. As far as getting them removed if they are accurate nothing honest you can do about that.
Discover IT $17k / US Bank Ace (VSig) $13.5K / US Bank Cash+ (VSig) $13.5k
The good news is that you're getting this in check a year before your mortage app, which should be plenty of time. As others have mentioned, inquiries remain on your report for two years. FICO does not score them after the first year. In my experience, you are unlikely to be asked about any inquiries that are a year old on your report.
Your score will rebound as the inquiries age and as all the new accounts you just added age. The best thing to do is stop applying for things. If you have trouble controlling the urge to apply for new credit, consider adding a freeze to your credit reports. Of course that doesn't completely stop you from applying for new credit, but some extra steps are involved which might make you think more about whether you really need a new card.
Starting Score: ~500 (12/01/2008)
@NewBreed wrote:
@EaglesFan2006 wrote:
@NewBreed wrote:I think i have about a good 15 INQS this year.... i feel my credit score has sunk so bad....... how can i pick my self up?.... usage of credit? no more inquiries?
I need help... i plan on buying a home in 1 year and i dont want to have a crap credit score....
I have some really good cards in my pocket but i just keep apping.... how could this hurt me how long do they stay on my report for?.... any way i can take em off?
Well, stopping the inquiries is the easiest thing to control. Inquiries remain on for two years and they can't be removed. Since you're a year away from applying for a mortgage, i think the impact of those inquiries will be dulled by then. Did all of those inquiries lead to approvals? That's a factor too I think when it comes to mortgages. Remember too that an approval means a new account, and that reduces your AAoA...which is also a ding.
Your best bet is to take a break from apping and maintain a strong utilization going forward...there's not much you can do about the inquiries and new accounts you already have.
Majority of them led to approvals... however i think i apped with AMEX way to many times.... do they hard pull every time?
so pretty much just dont forge any more inquiries on my report then have a good util ratio?
Then my credit score will be back into the area i want it to be in?
Depends. If you are not a current cardholder, Amex will HP every time you apply (though it may be one inquiry if applications are made on the same day). If you are a current cardholder, Amex usually does not perform a HP if they deny you, only if you are approved.
@NewBreed wrote:
@chris1960 wrote:FYI,
In August 2013, the Federal Deposit Insurance Corporation (FDIC) published a proposal for the long-awaited qualified residential mortgage (QRM) rule. The report included some interesting statistics regarding consumer credit scores. Between 2007 and 2012, very few mortgages were given to borrowers with scores below 620. In their words, loan originations in this range were "virtually nonexistent." So it seems borrowers may need a credit score of at least 620 to buy a home with financing from a lender. Borrowers with larger down payments may not encounter this obstacle.
(Source: FDIC document "Credit Risk Retention," 8/28/13)
Improving Your FICO:
Get rid of debt. Decrease your debt-to-income ratio by eliminating credit card and installment loan debt. Use extra money to get rid of these monthly expenses, or cut back on everyday expenses to save money and pay off debt.
How does this help me?
Your question from the original post was how you can improve your score to help you get a mortgage in the next year. The number of INQs isn't going to be the dealbreaker on a mortgage - everything else in the post above will have a bigger impact. But yes, I agree with the others that you should refrain from further apping.
