Too Many Inquiries On Credit
Hello,
Does anyone know how long it takes for inquiries into your credit to no longer be damaging?
Last October I was shopping around to refinance my house, and filled out every stupid application I saw on the internet. I never knew it was so hard on your credit. Anyway, around March I tried to get a small equity loan to buy a tax deed property that was a really good deal. The reason I was turned down according to them, (by several companies) was that there were too many inquiries on my credit report. I'm just wondering if I dare try again to buy any property or if it's too soon. I have a great debt-income ratio, but only 80%LTV on the property I currently own. My credit score is currently 585 because I had a bankrupty in 1999 due to a long period of being unemployed and under-employed. Since then i've paid everything on time and i've got several good lines of credit including my mortgage, a small personal loan, and three credit cards (which all have low balances). It's driving me crazy to see good properties that I cant pounce on. PLEASE HELP!!! 
Hey kaschlegel,
From my experience, most inquiries from lets say utility companies, cell phone, home phone, etc stay on your report for one year and I think the inquiries from banks, mortgage companies, creit cards, etc stay on for two years.
The best advice is try to relax & not apply for anything for about a year (I know it's hard) but everytime you or someone else pulls your credit, it knocks your score down 3 points.
Hope this helps.
Hello,
Thanks for the reply.
It knocks down my credit even if I check it?
I thought I could pull it without it hurting, and I have been ALOT to try to fix incorrect things and check my progress.
Are you sure about that?
Thanks,
Kim
Well, when you request a free copy of your report from the bureaus because you have been denied credit, that doesn't count against you but I think when you go to those sites that advertise for you to get a copy of your report, I think that counts as an inquiry as well, that's what someone just recently told me, but I will do further research.
I also heard that the bureaus consider any & all auto loans or mortgage loans that are done with a 2 week period as just one inquiry, they expect you to shop around for the best rate, so they count them as one inquiry but all of the inquiries will still show up on your report though.
[addsig]
Thanks alot!
Kim
my understanding is that if you pull your own credit directly from a bureau, (not through a lender) this is called a "consumer inquiry"... to verify things, and check for accuracy - your score is NOT dinged.
But asking a mortgage co. to pull your credit report so that you can check over it, will of-course ding you as it will show that the mortgage co. made an inquiry.
Read on their websites, or email them
****Must Reach Senior Investor status before posting URL's*** or ****Must Reach Senior Investor status before posting URL's*** and they will tell you - if YOU the CONSUMER request your own report, no points are taken off your FICO score.
Thats the way i understand it.
(This is not meant as a legal opinion or legal advice. No warranty is expressed or implied.)
BuySellRent:
Where did you get this information?
Quote: everytime you or someone else pulls your credit, it knocks your score down 3 points.
I tend to disagree with that statement, and was wondering if I am wrong.
Thanks
BuySellRent is half right, half wrong. Whenever you pull your own credit directly from the 3 credit bureaus you do not get dinged. Whenever someone pulls your credit on your behalf, you get dinged about 3pts an inquiry.
check out this article. It'll help.
http://www.thecreativeinvestor.com/modules.php?name=News&file=article&sid=334
Ronnie
[addsig]