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help with hard inquires

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Anonymous
Not applicable

help with hard inquires

Hello,

 

I have some hard inquires on my credit reports that I don't recognize.  What is the best way to go about disputing these or asking the bureaus to verify these/prove that they are valid (or delete)?  I have been reading about 609 letters and a non-profit agency (CCCSSF) suggested that I fax my dispute to the 3 bureaus, but I wanted to ask this community before I take any action since these are hard inquiries and not disputing a debt or other negative information.

 

Otherwise my credit reports are fine, perfect payment history on everything, long credit history, the ONLY real negatives affecting me are high utilization on revolving debt (am using avalanche method to pay this off now) and the hard inquiries.

 

Thanks!

 

Message 1 of 5
4 REPLIES 4
Jnbmom
Credit Mentor

Re: help with hard inquires


@Anonymous wrote:

Hello,

 

I have some hard inquires on my credit reports that I don't recognize.  What is the best way to go about disputing these or asking the bureaus to verify these/prove that they are valid (or delete)?  I have been reading about 609 letters and a non-profit agency (CCCSSF) suggested that I fax my dispute to the 3 bureaus, but I wanted to ask this community before I take any action since these are hard inquiries and not disputing a debt or other negative information.

 

Otherwise my credit reports are fine, perfect payment history on everything, long credit history, the ONLY real negatives affecting me are high utilization on revolving debt (am using avalanche method to pay this off now) and the hard inquiries.

 

Thanks!

 


Are these fraudulent inquires? So you don't recognize them at all, did you apply for anything? If you dispute and state you don't know what they are, you will most likely get a fraud alerts on your reports and this can be quite hard to get removed, but if you really didn't apply for anything then maybe you are a victim of fraud.

EXP 780 EQ 791TU 795
Message 2 of 5
Anonymous
Not applicable

Re: help with hard inquires

I did a bit more digging into each and I think I have pieced it all together now.  I have 4 inquiries showing currently, only month/year displayed below.

 

[bank 1] 10 2019 --> applied and got denied for a CC
[bank 2] 02 2019 --> re-fi on a new lending club loan
YOUCHECKCRDT 12 2018 --> moved, appears to be due to rental application...
[bank 3] 10 2018 --> checked my credit report carefully and is apparently from CLI on a Home Depot card (that I didn't even need, sigh)
 
So given the above, it seems like they are legitimate after all.  I presume there is nothing that can be done except wait . . .
 
I know they stay on for 2 years, but do hard pulls over 1yr hurt my score?  Or only hard pulls within the last 1yr affect my score?
 
Thanks in advance!
 
 
Message 3 of 5
FireMedic1
Community Leader
Mega Contributor

Re: help with hard inquires

FICO only scores HP's for 1 yr and then they dont count and fall off. But creditors can see them for 2 yrs.


Message 4 of 5
sarge12
Senior Contributor

Re: help with hard inquires


@Anonymous wrote:

I did a bit more digging into each and I think I have pieced it all together now.  I have 4 inquiries showing currently, only month/year displayed below.

 

[bank 1] 10 2019 --> applied and got denied for a CC
[bank 2] 02 2019 --> re-fi on a new lending club loan
YOUCHECKCRDT 12 2018 --> moved, appears to be due to rental application...
[bank 3] 10 2018 --> checked my credit report carefully and is apparently from CLI on a Home Depot card (that I didn't even need, sigh)
 
So given the above, it seems like they are legitimate after all.  I presume there is nothing that can be done except wait . . .
 
I know they stay on for 2 years, but do hard pulls over 1yr hurt my score?  Or only hard pulls within the last 1yr affect my score?
 
Thanks in advance!
 
 

The short answer for hard pulls hurting your score after a year is no...all points lost due to pull will be regained. The underlying account that might have been added might drop the score due to AAoA, and AoYA. Also it will still show on a report, and could result in a denial for cards that have 5/24 requirements...looking at you chase. It could also be considered in any lenders decisions if there are a lot of inquiries. It is only the actual credit score that is not harmed beyond 12 months. It falls of the report entirely after 24 months. In the long run though, the added credit limit on a new account can help to maintain low utilization. Adding more accounts will also result in higher AAoA when you open new accounts in the future since the new account will be averaged with more of the aged accounts. I have 19 cards, and most are 10k or higher. A new account does not drop my AAoA much at all, but does still affect the AoYA. Many blogs and credit advice has the conventional advice to only apply if you truly need the card. I beg to differ with that conventional wisdom if, and only if, you have the self discipline to use the cards in the right way. If you have 3 cards report a balance to the CRA, it will drop a score significantly if you only have 4 cards. If you have 20 cards, 3 of them reporting a balance will not drop the score much if any. It is why I do not need to do the AZEO. Having a lot of cards makes all the criteria in the fico score easier to maintain...well except for that fico resiliency index. That score seems to not like a lot of cards period. It is yet to be seen how fico 10 and 10T will be affected.

TU fico08=812 07/16/23
EX fico08=809 07/16/23
EQ fico09=812 07/16/23
EX fico09=821 07/16/23
EQ fico bankcard08=832 07/16/23
TU Fico Bankcard 08=840 07/16/23
EQ NG1 fico=802 04/17/21
EQ Resilience index score=58 03/09/21
Unknown score from EX=784 used by Cap1 07/10/20
Message 5 of 5
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