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01-31-2013 04:50 PM - edited 01-31-2013 05:50 PM
After all this mortgage what have you is over with I want to turn some of my focus back on repairing my credit a little bit. I have 6 hard inquires listed on my reports ATM, can I just do a few online disputes to have these removed if they are not associated with an open account? Currently my scores are all 730+ how much could having a few of these removed effect my scores?
While im at it instead of making a seperate thread, how much will my credit be affected after the mortgage is approved and I aquire all that new debt?
01-31-2013 05:39 PM
01-31-2013 05:44 PM
I have two on my report that I am not responsible for, I should of clarified this fact in my original post. One from appfolio... which is apparently a rental credit check I had been in my current rental for 3 years when this popped up. And another from Wellsfargo for a credit application (never applied for anything from WF been banking at chase for 15 years)
01-31-2013 06:43 PM
01-31-2013 07:03 PM
one is 6 months old, the other is over 2 years old.
You are probably talking about 2-8 points. The two year old is not impacting your scores at all. The 6 month one only impacts for another 6 months, by time you fight it 2-3 months will pass, just let it age.
Having a mortgage added to your reports many times increases your credit scores. YMMV depending on other factors, but the overall outcome, mortgaes reporting increase your scores.
01-31-2013 07:54 PM
02-01-2013 09:01 AM
02-01-2013 12:02 PM
Unfortunately it's impossible, as I've been down this path numerous times. Hard inquiries grouped into a 30 day period, such as shopping for a mortgage, get grouped together as one hard hit. From my experience, each hard hit is worth about 5 points. The problem lies when there are multiple inquiries, spread out over a one year period, that begin to add up. I currently have ten hard hits, spread over 12 months, and I know two more are coming prior to closing on the two properties I am refinancing. It's a vicious circle, as one lender required an explanation to all of the credit inquiries. They stay on your credit report for two years.
01-07-2013 pull EX-794 TU-805 EQ-798