Inquiries

[Kaylovee1028]

Is it worth it to try to get inquiries removed before the two year timeframe if you have a lot. And what, if any, method has anyone used to successfully remove inquiries. Most of them are either from loans or car dealership which I gave my information and they sent it to all these lenders which I didn't know they would pull my credit. Please help, thanks

[FireMedic1]

Welcome @Kaylovee1028 

Inq's are not counted/scored after 1 year with FICO. They do stay on your report for 2 yrs. No you cant get inq's removed. 

[Kaylovee1028]

Wow I didn't know that. I did figure inquiries weren't that important after some time but wasn't sure. Thanks !

[bigseegar]

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@Kaylovee1028 wrote:

Is it worth it to try to get inquiries removed before the two year timeframe if you have a lot. And what, if any, method has anyone used to successfully remove inquiries. Most of them are either from loans or car dealership which I gave my information and they sent it to all these lenders which I didn't know they would pull my credit. Please help, thanks

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INQ's can only legallly be removed if they were not legit and authorized. When you requested vehicle financing you agreed to those pulls even if you didn't know how many lenders the dealer would submit them to, so no they can not be removed. But as said FICO scoring wise they don't hurt nearly as much after 12 months. However lenders may or may not consider them during loan approval, ie credit cards and such.

[calisig]

One more thing: it is my understanding that inquiries within seven days of each other, on the same credit report, are all counted as one inquiry for credit score purposes. Also, it seems like after three months, inquiries don't seem to affect my score much. With this in mind, even if you could remove the inquiries, it probably wouldn't make much difference.

[coldfusion]

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@calisig wrote:

One more thing: it is my understanding that inquiries within seven days of each other, on the same credit report, are all counted as one inquiry for credit score purposes. Also, it seems like after three months, inquiries don't seem to affect my score much. With this in mind, even if you could remove the inquiries, it probably wouldn't make much difference.

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The window to consolidate inquiries due to applying for an auto loan, or student loan, or a mortgage  can range from 14 to 45 days depending upon the specific scoring model.  Also, a properly coded hard inquiry associated with an application for an auto loan, a student loan, or a mortgage isn't supposed to be factored into FICO scoring for 30 days after the inquiry. 

The driving force behind both of these policies is to try to avoid emperically punishing someone who is legitimately shopping around for the best rates when pursuing these types of loans. 

[gdale6]

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@calisig wrote:

One more thing: it is my understanding that inquiries within seven days of each other, on the same credit report, are all counted as one inquiry for credit score purposes. Also, it seems like after three months, inquiries don't seem to affect my score much. With this in mind, even if you could remove the inquiries, it probably wouldn't make much difference.

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For auto and home loan inquries that are properly coded count as one for Fico score purposes if made within 14 days of the first.

[calisig]

Mortgage, Auto and Student loan applications:

FICO IGNORES all the inquiries for 30 days - meaning your score shouldn't go down for 30 days. AFTER 30 days, your score will take the inquiry hit, BUT all inquiries related to those loans made within 45 days are treated as a SINGLE inquiry.

VantageScore treats all inquiries within 14 days as one ...

I can't remember where I came up with 7 days. I think it was a less knowledgeable loan salesman told me that when I recently refinanced, and even though I knew it was wrong, for some reason it stuck - LOL! But either way, the point is still the same for the OP: multiple loan HPs count as one if done within a short period of time. Thanks for causing me to clarify, so now I know exactly how it works. Cheers!

[FinStar]

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@calisig wrote:

Mortgage, Auto and Student loan applications:

FICO IGNORES all the inquiries for 30 days - meaning your score shouldn't go down for 30 days. AFTER 30 days, your score will take the inquiry hit, BUT all inquiries related to those loans made within 45 days are treated as a SINGLE inquiry.

VantageScore treats all inquiries within 14 days as one ...

I can't remember where I came up with 7 days. I think it was a less knowledgeable loan salesman told me that when I recently refinanced, and even though I knew it was wrong, for some reason it stuck - LOL! But either way, the point is still the same for the OP: multiple loan HPs count as one if done within a short period of time. Thanks for causing me to clarify, so now I know exactly how it works. Cheers!

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Right and purely for scoring purposes, yes.

Lenders will still evaluate/treat each individual inquiry separately by their own algos.

[SouthJamaica]

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@Kaylovee1028 wrote:

Is it worth it to try to get inquiries removed before the two year timeframe if you have a lot. And what, if any, method has anyone used to successfully remove inquiries. Most of them are either from loans or car dealership which I gave my information and they sent it to all these lenders which I didn't know they would pull my credit. Please help, thanks

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1.  No, because you can't.

2. Also they aren't counted in scoring after the first year.

3. Also the car dealer loans are bundled so they don't all count.