Credit repair

Once credit drops from being checked is the drop permanent?

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c_ross_76

Joined: 22 Jul 2008
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Posts: 2

135 Magic Points

Subject: Once credit drops from being checked is the drop permanent?

Tue Jul 22, 2008 3:35 am

Hey guys. I have a quick question here. When my credit is checked I know my score drops but is this drop permanent? I've heard that after a year these inquires are erased and the points are added back to your score but, I'm wondering if that's true. Thanks in advance.

sdchargers_63

Joined: 13 Aug 2007
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Posts: 891

2654 Magic Points

Subject: credit

Tue Jul 22, 2008 9:54 am

You're right..your Credit Score DOES drop, a bit, when someone checks it. But, it DOES go up, again, as time goes on. However......the more you have Credit Inquiries ('Hard' Inquiries....lenders, car dealerships, etc.) the score will drop more. Hope this onformation helps.

JPolito830

Joined: 21 Jul 2008
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Posts: 28
Location: Richmond, VA

948 Magic Points

Tue Jul 22, 2008 2:48 pm

How often should you be checking credit then...like once a year?
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c_ross_76

Joined: 22 Jul 2008
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Posts: 2

135 Magic Points

Tue Jul 22, 2008 7:16 pm

IC IC. So once my score goes down after it is checked is there any certain thing that I need to do to get it back up or do I just get those points back after certain amount of time? I've heard that just by having loans out and such I will get those points back even if I have not started paying on them (student loans, etc.) Is that right?

Morningstar

Joined: 17 Apr 2007
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Posts: 609

40 Magic Points

Wed Jul 23, 2008 5:26 am

Takes about a year.
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Marc Williams

Joined: 09 Jul 2008
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313 Magic Points

Subject: Drop, is temporarely

Wed Jul 23, 2008 3:44 pm

Hi,

Your credit score drops when you have your credit pulled and get denied for credit. These hard inquiries will stay on your credit report for 2 years. After that your score goes back up!!
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Marc Williams
FR Credit Repair

goodnatured

Joined: 03 Nov 2007
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Posts: 3133

5260 Magic Points

Wed Jul 23, 2008 9:17 pm

Wow, that is a long time to have that on your credit report, is there anyway to remove these, I mean if they are going to deny you the credit it is like a double wammy on you. Your score falls and you don't get the credit anyway, that is not fair.

Does anyone have a letter that one could use to remove the hard inquiries off your report? If so, please share??????
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Goodnatured,

Trying to become and stay debt free, thank you for all your help and support!

erb1953

Joined: 31 Dec 2007
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Posts: 631

8 Magic Points

Thu Jul 24, 2008 2:53 am

I am not sure but maybe there is a letter in the sample letter available in the sample letter section of this site, has anyone checked there? Might be a good place to start, if not, it might be a good project for someone to do. Is anybody up to the task?

Mary

Joined: 06 Jul 2006
Mary's page
Posts: 318

8569 Magic Points

Thu Jul 24, 2008 10:35 am

Hi c_ross
Marc is right, whenever a creditor checks your credit report, it gets listed there as a hard inquiry and it remains in the credit report for 2 years. However, as far as I know, these hard inquiries may lower your credit score to as much as 10 points.
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carol

Joined: 27 Jun 2006
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Posts: 372

10224 Magic Points

Thu Jul 24, 2008 10:58 am

But hard inquiries can be removed from the credit report only if it is unauthorized. I searched through creditmagic and found a sample letter for removal of hard inquiry. The link is http://www.creditmagic.org/letters/credit-inquiry.html . Hope this will help you.
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andrew000

Joined: 16 Jun 2008
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Posts: 8

246 Magic Points

Thu Jul 24, 2008 1:11 pm

I agree. Get as much people as you can to your website, You can do this in various ways, but the way I've seen work the best for me.

Apply for Credit Card

FRCreditRepair
Guest

Subject: Seems you have all the help you need!

Thu Jul 24, 2008 2:10 pm

Hi,

Perfect, it seems you have all the help you need. Use the sample letter that the other user posted and get your hard inquiries removed. When getting into Credit Repair (that is what we are talking about) it is always a good idea to read the Fair Credit Reporting Act (FCRA)

If you any more questions let me know! Very Happy

Marc Williams

Joined: 09 Jul 2008
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Posts: 6

313 Magic Points

Subject: Seems you have all the help you need!

Thu Jul 24, 2008 2:12 pm

sdchargers_63

Joined: 13 Aug 2007
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Posts: 891

2654 Magic Points

Subject: credit

Sun Jul 27, 2008 9:40 am

Did I misunderstand or did the above post say you can get Hard Inquiries off ONLY if they are unauthorized? (I think?) if you inquire about your OWN credit, no points are taken off. Correct if I'm wrong, please.

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 891

2654 Magic Points

Subject: credit

Sun Jul 27, 2008 9:44 am

I haven't looked at my credit lately. I'm tring to 'research' the different letters, on this forum to get ideas how I can 'proceed' with different items, on my credit.

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