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New Contributor
happyhome40
Posts: 70
Registered: ‎10-02-2009

Is it even worth disputing an inquiry?

I was planning to apply for a personal loan from mcried it union, I sent in the info but I called the next day and told them not to process it because I had changed my mind. I checked my report and saw that they ran my credit anyway. Is it worth disputing with the credit bureaus? Will they remove them? If it is worth it, should I do an o

Ine dispute or call the bureaus individually?

 

 

Thanks in advance,

Monica

Regular Contributor
Tommy5746
Posts: 440
Registered: ‎02-08-2012

Re: Is it even worth disputing an inquiry?


happyhome40 wrote:

I was planning to apply for a personal loan from mcried it union, I sent in the info but I called the next day and told them not to process it because I had changed my mind. I checked my report and saw that they ran my credit anyway. Is it worth disputing with the credit bureaus? Will they remove them? If it is worth it, should I do an o

Ine dispute or call the bureaus individually?

 

 

Thanks in advance,

Monica



That depends... have you checked your credit score since the inq was applied? Depending on the type of inq your credit can drop anywhere from 3 to 20 points... obviously, 20 points being a substantial loan aka a mortgage or home equity loan/line... if you have a lot of inq's already then another inq is going to hurt.. so you may want to try and have it removed..

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Valued Contributor
Repo-ed
Posts: 2,953
Registered: ‎02-09-2012

Re: Is it even worth disputing an inquiry?

Not worth the effort.

Moderator
pizzadude
Posts: 8,664
Registered: ‎01-28-2010

Re: Is it even worth disputing an inquiry?

It's not worth your time to dispute it. The FICO® score ding is usually minimal and in this case the creditor had permissible purpose to pull your report.
March2010 FICO® ~ 695 TU, 653 EQ, 697 EX
New Contributor
happyhome40
Posts: 70
Registered: ‎10-02-2009

Re: Is it even worth disputing an inquiry?

The thing is, I didn't receive an alert from score watch nor has my score changed, this was back in June and I just so happened to sign up for credit karma last night because it's free. That's where I saw the inqs. They ran my credit twice, this makes seven inqs. One will fall out in October. I don't plan on applying for anything else credit wise. I got all the cards I needed this year so I'mpretty much in gardening mode. But I am buying a house next year, will those six inquiries affect myapplying for an loan,particularly a FHA loan?

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011

Re: Is it even worth disputing an inquiry?

I'd say if you think its worth it to you go for it! Good luck!



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Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
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Moderator
Revelate
Posts: 8,350
Registered: ‎12-30-2011

Re: Is it even worth disputing an inquiry?


happyhome40 wrote:

The thing is, I didn't receive an alert from score watch nor has my score changed, this was back in June and I just so happened to sign up for credit karma last night because it's free. That's where I saw the inqs. They ran my credit twice, this makes seven inqs. One will fall out in October. I don't plan on applying for anything else credit wise. I got all the cards I needed this year so I'mpretty much in gardening mode. But I am buying a house next year, will those six inquiries affect myapplying for an loan,particularly a FHA loan?


Won't matter FHA as long as you're above the minimum credit score.

 

There's little to nothing you can do about it except waste your time on this, and if you're talking buying next summer it's pretty much a non-issue anyway.

 

That said, Scorewatch tracks EQ, TU would be the score to be concerned about if the inquiries show up on TU, but generally speaking if you already had 4-5 on there anyway, ain't no big thing.  I went from 9-10 recently on TU (bunch of auto loan ones that appear to have been miscoded in my case) and my score moved not a bit.  Inquiry damage is vastly overstated here, they're gone in a year, and the more inquiries you have, the less they count statistically.  I pretty much look at inquiries as 0, 1, or more than 1 at this point, though that's not entirely accurate, they are scored on decreasing step function, so odds are in your case you took either no penalty, or it was a small one anyway.

 

 

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 679, EQ 8 708, TU 711, EX 702* (07/14/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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Established Contributor
jordanmedical
Posts: 1,011
Registered: ‎04-08-2012

Re: Is it even worth disputing an inquiry?

I have successfully disputed 4 inquiries using the form letter I found on the rebuilding forum. The thing is you have to dispute them directly with the creditor and not the cra's.
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Starting Score: 492-TU04, 480-EX FICO V2, 467-EQ Beacon 5 (Via Mortgage PreQual March '12)
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Established Contributor
CruzImperial
Posts: 863
Registered: ‎07-04-2012

Re: Is it even worth disputing an inquiry?

I disputed one inquiry with Comcast and they deleted it in couple of weeks :smileyhappy:

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