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New Contributor
Posts: 157
Registered: ‎01-09-2013
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Removing hard inquires also a credit question

[ Edited ]

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?

Lender Pull EQ 745 EX 734 TU 722
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Removing hard inquires

You can't dispute a hard inquiry unless you weren't the responsible authorizer. If you were, even if it didn't result in new credit it still is a valid inquiry that remain on your report for two years. However, inquiries only impact your score for about a year and they only account for 10% of your score.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
Posts: 157
Registered: ‎01-09-2013
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Re: Removing hard inquires

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)

Lender Pull EQ 745 EX 734 TU 722
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Registered: ‎12-19-2012
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Re: Removing hard inquires also a credit question

How old are they? If they are a year old it might not be beneficial to you to try and get them removed as at that point they don't affect your score as much.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
New Contributor
Posts: 157
Registered: ‎01-09-2013
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Re: Removing hard inquires also a credit question

one is 6 months old, the other is over 2 years old.

Lender Pull EQ 745 EX 734 TU 722
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Registered: ‎06-09-2010
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Re: Removing hard inquires also a credit question


BCullum wrote:

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. 

Good Luck
May all your dreams and wishes become a reality!
Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Removing hard inquires also a credit question

If one of the inquiries is over two years old, it should have fell off the credit reports by now. After you close and if it is still there, you need to dispute it. The other one that is 6 months old, could be worked on. But as another posted stated, you will be looking at 8-10 pts gained. So you will need to decide if the time and the energy are worth it you.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Valued Contributor
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Registered: ‎08-25-2011
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Re: Removing hard inquires also a credit question

I had about 6 inq on my TU report, all pretty new and one day they all vanished. My Fico didnt change one bit.

Valued Contributor
Posts: 3,406
Registered: ‎12-19-2012
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Re: Removing hard inquires also a credit question

I have several inquiries that didn't cost me not even 1 pt in credit score, so I know when those particular ones fall of, I won't get a score increase.
Cards: Orchard Bank ($1100) | Cap1 Cash Rewards ($2500) | Chase Freedom ($1000) | Best Buy ($2500) | Discover It ($1000) | Barclay Rewards ($2500) | Current scores: EX FAKO: 684, CK TU: 649, FICO EQ: 680, FICO TU: 698, FICO EX: 658 Happy Homeowner Since 2/6/13! :smileyhappy: Last App: 4/5/13 Gardening until July 2014
Contributor
Posts: 88
Registered: ‎02-21-2009
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Re: Removing hard inquires also a credit question

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

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