topic Re: Removing hard inquires also a credit question in General Credit Topics

Removing hard inquires also a credit question

Anonymous — Fri, 01 Feb 2013 01:50:19 GMT

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?

Re: Removing hard inquires

Anonymous — Fri, 01 Feb 2013 01:39:04 GMT

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.

Re: Removing hard inquires

Anonymous — Fri, 01 Feb 2013 01:44:20 GMT

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)

Re: Removing hard inquires also a credit question

Anonymous — Fri, 01 Feb 2013 02:43:41 GMT

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.

Re: Removing hard inquires also a credit question

Anonymous — Fri, 01 Feb 2013 02:47:05 GMT

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

Re: Removing hard inquires also a credit question

Anonymous — Fri, 01 Feb 2013 03:03:15 GMT

@Anonymous 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.

Re: Removing hard inquires also a credit question

Anonymous — Fri, 01 Feb 2013 03:54:12 GMT

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.

Re: Removing hard inquires also a credit question

tooleman694 — Fri, 01 Feb 2013 12:47:32 GMT

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

Re: Removing hard inquires also a credit question

Anonymous — Fri, 01 Feb 2013 17:01:13 GMT

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.

Re: Removing hard inquires also a credit question

clipperskipper — Fri, 01 Feb 2013 20:02:52 GMT

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

Re: Removing hard inquires also a credit question

RobertEG — Sat, 02 Feb 2013 10:08:11 GMT

Credit inquiries are disputable, but only under the CRA dispute process, which permits a consumer to dispute the accuracy of any information of record in their credit file. The direct dispute process applies only to furnishers of information, not inquiries for furnished information, and thus specifically exempts disputes related to inquniries.

The issue of coding of disputes as hard or soft is not per se disputable, as the FCRA does not regulate the coding of inquiries.

The issue under the FCRA is whether or not the inquiree had permissible purpose under one or more provisions of section 604.

Thus, to dispute the accuracy of an inquiry, one must challenge whether or not the inquiree had a permissible purpose. Unless one has the specific code used to identity the asserted permissible purpose provided by the inquiree, it is a bit difficult to challenge its accuracy.

The CRAs will usually rely, unless provided evidence of clear lack of permissible purpose, on the statement provided to them, and can thus verify without contacting the inquiree. The FCRA requirement to forward a copy of a dispute to the furnisher of information does not apply, as a credit inquiry is not the reporting of information to a consumer's file, it is just the opposite. Thus, the exemption of inquiries from the direct dispute process.

Re: Removing hard inquires also a credit question

mmmlive1999 — Sun, 03 Feb 2013 07:10:23 GMT

I fought to get a HP removed last month. I had it removed a week after it showed up, but the kicker is that I lost 5pts initially and only gained 2 back after it was removed!

Total waste of time....