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It's been a huge credit building year for me. I graduated from college with my masters degree last summer. In order to begin building credit I open several credit cards and took a few necessary loans. I'm stating this because it makes me feel a little bit less ashamed to open by saying that I had piled up 6 credit inquiries.
Two of the credit inquiries were from a local credit union that I took two loans from-one an unsecured personal loan, one an auto loan. The requested on dates for the inquiries were August 22nd, 2013 and April 30th, 2014.
when I ordered a copy of my TransUnion credit report today, I noticed two things:
1) my credit union had performed an account review soft pull on December 15th
2) the report appeared to only show 5 inquiries. On closer inspection, the two inquiries from my credit union were modified to the following:
Credit Union
Address
Inquiry Type: Individual
Requested On: 08/22/14, 04/30/14
Does this mean that I now have 5 hard inquiries? More specifically, do two requested inquiry dates separated by commas but listed as one individual item only count as one hard pull on the report?
With two seperate requested date, it is counted as 2 hard inquiries. They usually combine inq requested by one bank/financial institution into a single section like that.
And 6 inq are not that bad. Tons of people have much more inq due to some app sprees. You have good scores so it does not matter much.
It's 2 HP's.
@Aarvard wrote:With two seperate requested date, it is counted as 2 hard inquiries. They usually combine inq requested by one bank/financial institution into a single section like that.
And 6 inq are not that bad. Tons of people have much more inq due to some app sprees. You have good scores so it does not matter much.
I appreciate your response. You says that 6 inquiries is not too much? There's a statistic I have ready multiple times in the last few months that has stuck with me. I found the actual stat, directly from the MyFico information booklet provided on this website, so I could provide it verbatim:
"Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports"
I am now "in the garden" trying to drop off the inquiries, but I have actual proof of where they have hurt me. I requested a credit limit increase from Discover, and "regretfully" authorized a hard pull to obtain the increase. I got a small increase, but no what I requested. The letter which I received in the mail concerning the increase stated that I had not been approved for the full, requested amount because of insufficient experience at the current credit limit and because I had too many hard inquiries on my report.
I am looking to apply for a mortgage, but my herizon is focused on when all six have been removed a few years from now. I wouldn't dare apply for one now. Thoughts?
Well if you are gonna buy a house, it's another story. You may want to consult the Mortgage Loan forum, and if I were you, I would let at least half of the inquiries fell off before applying for the mortgage.