topic Re: How do I stop a second inquiry? in General Credit Topics

How do I stop a second inquiry?

PCR20 — Sat, 12 May 2007 22:52:29 GMT

I applied for two new credit cards because I wanted to earn points while I spend money moving my family from California to Texas. The way I see it, if I'm going to spend 20K why not get some points while I do it. I can pay the balances off before the next statement.

I checked my Transunion and Experian scores and saw they were both over 770, so I figured there would be no problems.

I was shocked to hear that both cards were denied because of derogatory information on my Equifax CR. When I checked Equifax, they have an account that doesn't belong there and I am in the process of having it removed. At this time I was told that over 50% of all credit reports have some sort of error, and most of the errors are on Equifax. Not good.

My question.

Is there a way to re-apply for the same credit cards without having them do a full inquiry?
I don't want to add two more inquires as I know they have an adverse effect on my scores.

Thanks,

Re: How do I stop a second inquiry?

Tuscani — Sat, 12 May 2007 23:14:37 GMT

TCarson wrote:
I applied for two new credit cards because I wanted to earn points while I spend money moving my family from California to Texas. The way I see it, if I'm going to spend 20K why not get some points while I do it. I can pay the balances off before the next statement.

I checked my Transunion and Experian scores and saw they were both over 770, so I figured there would be no problems.

I was shocked to hear that both cards were denied because of derogatory information on my Equifax CR. When I checked Equifax, they have an account that doesn't belong there and I am in the process of having it removed. At this time I was told that over 50% of all credit reports have some sort of error, and most of the errors are on Equifax. Not good.

My question.

Is there a way to re-apply for the same credit cards without having them do a full inquiry?
I don't want to add two more inquires as I know they have an adverse effect on my scores.

Thanks,

You could ask them to reconsider and fax an updated report if Eq deletes. But generally they will want to pull themselves. Don't fret, Inqs are a very small percent of your score and their affects quickly dissapate.

Re: How do I stop a second inquiry?

Anonymous — Sat, 12 May 2007 23:17:07 GMT

Technically, no. But I'm sure someone will post here with a method to try or to remove the inqs you already got

I'm just curious why it costs 20k to move. I moved 12,000 miles for half that amount (OK, it was only one person and not a family, but it was a relocation over a large body of ocean, and I used top-notch moving companies). Is there a less expensive way to do it? Plus, beware that cashback rewards cards sometimes have limits on the amount of cash you can get back.

Re: How do I stop a second inquiry?

PCR20 — Sun, 13 May 2007 01:19:44 GMT

Thanks for the replies.

As for why so much to move... between buying a better trailer for the hauling our horse that far (and needing a better one anyway - the roads in east Texas "ain't like the roads out there in Cali" ) fixing up the house to sell here, buying the simple things for Texas v California lifestyle changes... I think 20K is going to come out to be a very, very conservative estimate.

Looking around this web site and trying out the "Reveal your FICO future" feature brings up my 2nd question.
Is this thing anywhere near correct? I can't see how it is anywhere near the ballpark.

My example, using the incorrect Equifax score of 686, says if I pay my bills for three months (all three of them including mortgage) my score will go from 686 to 804-846 !
This is not by even paying anything off.

I don't see that this would be the case.

Message Edited by TCarson on 05-12-2007 06:19 PM