topic Re: When can I expect points to return from hard inquries? in Rebuilding Your Credit

When can I expect points to return from hard inquries?

MrCrabs — Fri, 04 Jul 2014 01:00:31 GMT

I currently had a score of 571, but the main thing holding me back is no revolving credit so I got a cap 1 secured, fingerhut(freshstart currently), and should have a $300 US Bank harley card coming in a week or two. But I also applied for gettington(denied), walmart(denied), Victoria Secret(Denied), and a month or so back a Barclaycard(denied) So my score is now 558 I am hoping once my cap1 starts reporting it will overshadow points lost as not having any credit card at all seems to be hurting me a lot right now and the score simulator suggested my score to go from 571 to 621 once I get a card. Anyway I know it takes two years to fall off, but how long roughly does it take to stop hurting my score as bad and regain the points lost?

Re: When can I expect points to return from hard inquries?

gdale6 — Fri, 04 Jul 2014 01:13:14 GMT

Typically 6 months to 1 year, at 1 year there is 0 effect on Fico.

Re: When can I expect points to return from hard inquries?

mynamemightbetim — Fri, 04 Jul 2014 01:24:26 GMT

You probably shouldn't have gone on an app'ing spree lol. But! Why not try to write to the companies that denied you?

Re: When can I expect points to return from hard inquries?

MrCrabs — Fri, 04 Jul 2014 01:39:49 GMT

lol yeah I am kicking myself for it now haha, forgot also I app'd for Amazon store card, and American Eagle outfitters too(both denied). I don't plan on app'ing for anything for at least 6 months probably longer. I was just trying to fix the two negatives things going against me which is two few accounts and no revolving history.

Re: When can I expect points to return from hard inquries?

MrCrabs — Fri, 04 Jul 2014 01:41:05 GMT

Do you mean I should write them to try and remove the inquries or for recon?

Re: When can I expect points to return from hard inquries?

gdale6 — Fri, 04 Jul 2014 01:46:18 GMT

@MrCrabs wrote:
Do you mean I should write them to try and remove the inquries or for recon?

It would be recon not removing the inquiries. You can recon typically within 30 days of the app.

Re: When can I expect points to return from hard inquries?

mynamemightbetim — Fri, 04 Jul 2014 01:51:30 GMT

recon may work on one or two! see how it goes and take it from there. but I would call if you wanna ask that.

Re: When can I expect points to return from hard inquries?

MrCrabs — Fri, 04 Jul 2014 01:57:23 GMT

Well I did try to recon a few over the phone immediately after getting the 7-10 days response, one(Sears I think) said they can't tell me why, and a few others said because I have no revolving account history, and that seems to be my biggest hang-up. I explained to one lady I can't have credit card history if I can't ever get a card and she understood, but said she couldn't do anything about and to try a secured card(which I already have).

Re: When can I expect points to return from hard inquries?

gdale6 — Fri, 04 Jul 2014 02:00:30 GMT

@MrCrabs wrote:
Well I did try to recon a few over the phone immediately after getting the 7-10 days response, one(Sears I think) said they can't tell me why, and a few others said because I have no revolving account history, and that seems to be my biggest hang-up. I explained to one lady I can't have credit card history if I can't ever get a card and she understood, but said she couldn't do anything about and to try a secured card(which I already have).

Ok, you have 3 new accounts now, use them and just sit back 6 months and let them report positive history then you will be in a better position for applying.

Re: When can I expect points to return from hard inquries?

MrCrabs — Fri, 04 Jul 2014 02:00:55 GMT

oh and I remember talking to one guy and asked if they can take into account that i have perfect history with my car which should demonstrate being responsible with loans/credit and he said no because it's not a credit card.

Re: When can I expect points to return from hard inquries?

MrCrabs — Fri, 04 Jul 2014 02:03:58 GMT

Okay, Yeah I guess that's all I can do for now, I don't plan on app'ing for anything for a while, I've done enough damage to my score already.