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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 364
4810 Magic Points
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Mon May 19, 2008 6:42 am
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Scott,
Isn't it also true that after 1 year of the hard inquirys 2 year lifespan, The inquirys effect on your score lessens?
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fireyone
Joined: 26 Feb 2008
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Posts: 4285
127 Magic Points
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Mon May 19, 2008 11:53 am
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| I would like to have the answer to this also. |
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CMBV22
Joined: 08 May 2008
CMBV22's page
Posts: 364
4810 Magic Points
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Tue May 20, 2008 5:07 am
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I did some more research and found out that it seems to be true that Hard Inquirys loose their negative effect on your CR after 6 months to one year. Also, If you are shopping for a new car, home loan etc. The CRAs will consolidate those hard inquirys if you take a loan withtin 30 to 45 days *Different sources gave different time frames*
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Free sample letters,
info on paying off payday loans,
and quick credit repair tips.
Pesonalized credit repair advice in the forum:
www.homecreditrepair.net
http://homecreditrepair.hqforums.net/ |
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anthony
Joined: 31 Jul 2006
anthony's page
Posts: 516
13571 Magic Points
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Tue May 20, 2008 7:31 am
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Hard inquiries are made whenever we apply for a new credit and it remains on the credit report for 2 years. This inquiry is bad as it indicates your credit hungriness. However, if you do not want to wait for two years you can order all the three credit reports and find the addresses of the credit inquirers from the report. Now you send letters to these addresses asking them to remove the inquiry. Since FCRA allows only authorized inquiries to appear on the credit report, you can always ask the creditor whether he has proper authorization to pull up your credit file. If it is unauthorized you can threaten them that you may complain to the State Banking Commission if they don't remove the inquiry. In most cases the creditors remove the inquiry from the credit report.
I am not sure whether or not the effect of any hard inquiry lessens after one year until and unless it is removed from your credit report.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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jess
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Subject: authorized hard inquiries - just found this thread
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Thu Jun 17, 2010 9:16 pm
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| I'm interested to know if anyone has had success asking creditors to remove authorized hard inquiries from their accounts. my husband had a median score of 705 before we started shopping to buy a home - after 12 months of searching and 3 letters of pre-approval (they expire after two months) we are no longer eligible for the same loan amount because his median score has dropped to 690. all inquiries were made by the same bank - bank of america - in order to furnish a letter of pre-qualification so that we could enter bids on properties. is this a scenario where the creditor, bank of america, might remove the hard inquiries from my husband's report? |
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Aaron
Joined: 08 Feb 2010
Aaron's page
Posts: 2675
48566 Magic Points
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Subject: hard inquiries
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Fri Jun 18, 2010 10:00 am
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Hi jess,
Authorized hard inquiries cannot be removed before the 2 years. Whenever, you apply for a loan, or a new credit card the creditor/lender will pull your credit report,and this is authorized hard inquiry. The hard inquiries will fall off only after the 2 years.
However, another thing that you should keep in mind is that all inquiries made for mortgage lending, and auto loans generally within 14 days are held as a single inquiry by the credit scoring system. So, if the bank made the inquiries within 14 days, you can try disputing the several ones on the credit report.
Thanks,
Aaron
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Victory
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Subject: cgXfkcKkFgAioFaoe
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Sat Nov 05, 2011 4:47 am
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| Knowldege wants to be free, just like these articles! |
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