Inquiry ?

[a0034d]

What the difference b/w a hard & soft inquiry?

TIA

[Anonymous]

A hard inquiry occurs whenever you apply for credit.  A soft Inquiry occurs when you apply for Insurance or when your creditors you have accounts with check on your scores.

Hard inquiries can affect your score.  Soft inquiries do not affect your score.

[Anonymous]

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1111mel wrote:

A hard inquiry occurs whenever you apply for credit.  A soft Inquiry occurs when you apply for Insurance or when your creditors you have accounts with check on your scores.

Hard inquiries can affect your score.  Soft inquiries do not affect your score.

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Insurance companies do hard inquiries, as well.  As do cell phone companies.

Should also add that whenever you pull your own report, that is also a soft inquiry.

All inquiries stay on your report for two years.  Hard inquiries affect your score for one year.  Soft inquiries don't affect your score at all.

[Anonymous]

I have an issue with "Too many Inquiries" appearing on my credit report.  I have noticed that since I disputed 7 items in my TU report, the figure has improved to just the last 2years.  Do I have to make disputes with EX and EQ just to have the number of inquiries adjusted? 

These inquiries were made due to shopping around for a low interest rate, which I could not get.  I have less than 2 yrs left to pay.

Message Edited by workmywayup on 03-28-2008 01:00 PM

[Anonymous]

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workmywayup wrote:

I have an issue with "Too many Inquiries" appearing on my credit report.  I have noticed that since I disputed 7 items in my TU report, the figure has improved to just the last 2years.  Do I have to make disputes with EX and EQ just to have the number of inquiries adjusted? 

These inquiries were made due to shopping around for a low interest rate, which I could not get.  I have less than 2 yrs left to pay.

Message Edited by workmywayup on 03-28-2008 01:00 PM

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Disputing legitimate inquiries is a bad idea.  Lots of bad things can happen, especially if some of them are associated with existing tradelines.

Mortgage and auto inquiries resulting from shopping around are deduplicated from the scoring formula as long as they are within the deduplication window, which is either 14 days, 30 days, or 45 days depending on the type of inquiry and the FICO formula used.  You will still see them all on your reports, but FICO will only count them as one as long as they are within the time frame for deduplication.

[a0034d]

I have 6 inquires f/ 2006. Should those still be showing on my report?

[MidnightVoice]

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a0034d wrote:

I have 6 inquires f/ 2006. Should those still be showing on my report?

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They stay on your report for 2 years, but only count against your score for 1 year

[Anonymous]

The items that I disputed are not the inquiries but collection/chargeoff items, my tenure on my job which is 15years, a balance from an auto loan.  The number of inquiries dropped from 120+ to just 30 in TU.  But I have noticed EQ and EX figures have not readjusted although the inquiries are older than 2years now.  I am planning to send the latest copy of the TU report to EQ and EX.