topic Re: Inq's in Credit Cards

Inq's

laryn41 — Tue, 24 Jun 2008 19:57:07 GMT

Do you call the company or the credit card ot get the inq taken off?

Re: Inq's

Anonymous — Tue, 24 Jun 2008 19:58:08 GMT

why are you asking? you can dispute an inquiry w/the credit bureau, but why are you disputing it? i've read/heard inquiries are hard to get taken off though

Re: Inq's

Anonymous — Tue, 24 Jun 2008 20:04:25 GMT

Hard inquiries are seldom worth the time and energy to have removed. They're just not that big of a score factor.

Re: Inq's

Anonymous — Tue, 24 Jun 2008 20:11:51 GMT

laryn41 wrote:

Do you call the company or the credit card ot get the inq taken off?

On what grounds are you wanting it removed?

Re: Inq's

oracles — Tue, 24 Jun 2008 20:13:08 GMT

i am thinking of asking citimortgage to remove a hard inq for a heloc i wanted but decided not to do it. I hope they will remove it.

Re: Inq's

laryn41 — Tue, 24 Jun 2008 20:40:57 GMT

I thought that they are a big part of your score factor, plus they stay on for 2 years...

Re: Inq's

Anonymous — Tue, 24 Jun 2008 20:42:02 GMT

Ummm, it sounds like they still had PP for an inquiry. I don't think they will remove it because YOU didn't want the LOC, but good luck anyway.

Re: Inq's

Anonymous — Tue, 24 Jun 2008 20:48:24 GMT

but it only counts in your score for 1st 12 months, but wont' drop off until 24 months

Re: Inq's

llecs — Tue, 24 Jun 2008 20:59:47 GMT

laryn41 wrote:
I thought that they are a big part of your score factor, plus they stay on for 2 years...

Nope. If anything, they are a very tiny factor.

I recently went from 0 to 1 inquiry on TU and didn't see a single change in score. Of my last 10 inquiries on EX, there were no changes at all to the score. The changes people see are often caused by 1 of 3 things:

1) Their score is hovering around 800. Yes, 1 inquiry at that level could cause as much as a 5 point drop. However, any change is usually caused by going from 0 to 1 or 1 to 2 inquiries. And it is not 5 pts per inquiry. It may be 5 for the 1st, 3 for the second, 1 for the third, and 0 for the rest, supposing.

2) Some have claimed to have lost 20 plus points with a single inquiry. However, it is not the inquiry that caused the damage, but rather the new account reporting. I lost 20 pts with my last CC and DW lost 25.

3) Some pull their reports, see a drop, and assume it is the inquiry that caused the damage. They need to consider other factors that could cause a drop like utilization, addition or removal of an acct, lates, etc.

Finally, don't ever dispute an inquiry. The account could completely drop off your CR, for good.

Re: Inq's

Anonymous — Tue, 24 Jun 2008 21:27:29 GMT

I thought they were a factor as well. Not necessarily from a score perspective, but from prospective creditors. When creditors see an abundance of inquires, I read they are leery to extend credit, or getting the reconn is more stringent.

TheNewWorldMan wrote:
Hard inquiries are seldom worth the time and energy to have removed. They're just not that big of a score factor.

Re: Inq's

Anonymous — Tue, 24 Jun 2008 21:39:42 GMT

Yeah, if you have, let's say, more than 6 or so, maybe. But still, we are only talking about a few points, but yes it could look bad, and some have been denied credit based on EXCESSIVE inquiries.

Message Edited by mrscharlie on 06-24-2008 02:39 PM

Re: Inq's

SWISSOATL — Wed, 25 Jun 2008 17:30:32 GMT

well i have 23 total on my EQ was getting denied left in right along with my high util!

i need some off myself!