Removing Credit Inquiries from credit report

17 Replies

I would like to get a couple inquiries removed from my credit report that I legitimately applied for.  I have read that you can send a letter to creditors asking to see the paper you signed for the inquiry and if they don't respond you can get it removed and I am planning to use this method.  My question here is, can I simply ask the branch managers whom I have a relationship with to handle this for me without sending the letter to the corporate office?

Is that something they are allowed to do? How much work would I be asking of them?

Not likely, and why are you concerned about a couple of inquiries?  Maybe a 3-4 point temporary drop?

@Wayne Brooks it's more than just a couple, I have a total of 17 inquiries.  They are about 3-4 points each and they stay on your report for 2 YEARS and they are affecting my score by about 50 points.

I have rehabbed and refinanced 6 properties over the past 2 years. I used "no interest for 18 months" credit cards to fund the rehab so that is 6 inquiries and I refinanced each for another 6 inquiries.  I have also earned ~$7k in travel rewards to take my family on vacations and didn't pay a penny in interest.  I have a good thing going here but I would like to continue to scale my business and at some point all the inquiries will hurt my ability to apply for new cards and/or refi.

*** I am not saying this is a good idea for everyone.  I am responsible with credit and always pay off my balance before there is any interest.  My properties also have 25% equity after refi and cash flow at least $100/door after all expenses ***

I'm sure someone has advice on managing inquiries, I cant be the first person to enjoy a free vacation, courtesy of the credit card company, after a rehab project

Originally posted by @Jeremy S. :

@Wayne Brooks it's more than just a couple, I have a total of 17 inquiries.  They are about 3-4 points each and they stay on your report for 2 YEARS and they are affecting my score by about 50 points.

Just FYI, the credit inquiries will stay on your credit report for two years, but they should only affect your FICO score for one year.  

If your score is really high already I would think you shouldn't worry too much.

If score is at 750 or higher most people can get whatever finance. If you drop into the 600's that is when it becomes much more limiting.

Medium allworldrealtyJoel Owens, All World Realty | [email protected] | 678‑779‑2798 | http://www.AWcommercial.com | Podcast Guest on Show #47

There is no way that inquiries can affect your score to the tune of 50 points. 17 inquiries is a lot, but it wont affect it as much as you think. Comb through the Fico Forums at myfico.com to understand how inquiries really affect your credit score. And there is no way to get an inquiry removed. Ive tried to get a non-authorized inquiry removed to no avail.

Medium logo lf re cire box white bboxRussell Brazil, Russell Brazil - Associate Broker | [email protected] | (301) 893‑4635 | http://www.RussellBrazil.com | MD Agent # 648402, DC Agent # SP98375353, VA Agent # 0225219736, MA Agent # 9052346 | Podcast Guest on Show #192

Originally posted by :

Sounds like a lot of work for little result.  If you send a letter to the people who made the inquiry, you may get them to remove.  I would think asking the people you have the relationship with, may affect the relationship.  Inquiries really only affect you for about 3 months, as it may take up to 3 months for a new account to be reported to the bureaus.  The new credit lines could be lowering your score as you lower the average age of open accounts every time you open a new account.

If you are still interested, pm me as I have a letter that might help.

Mark

Hi,

I'm no credit expert but Here's my 2 cents. Same as the previous posts that inquiries are not as concerning. Usually an inquiry will drop your score temporarily unless it's a bad inquiry. But if this leads to an increase in credit in the long run it should be positive eventually. I've had a few inquiries like when I opened a new account and this drops my credit initially but then after some time the score goes back up as it normalizes and the account opening increases your credit limit.

If you are still concerned, there is most likely no benefit to you going to the branch manager as the credit portion of this is not managed by the branch. So little your friends can do unless they work directly in the credit area. Also, many of these are control directly by the reporting agency. There are companies like Lexington Law (google them) who work on these things for you and can remove them but they are slow at doing this. There are better more personalized companies that can work faster I have one for New Jersey but not sure about where you are. How this helps somewhat.

@Joel Owens My score has dropped to the mid 600's but as @Mark Creason points out, it is likely due to the new accounts hurting my average of credit.  Thank you @Ed D. for the suggestions. I did check out Lexington law but they help with unauthorized inquiries and I actually did authorize all of mine.  It sounds like the general consensus here is that removing them is more work than it's worth but I'm going to have my assistant write a couple letters and I'll report back if I have any success.

Thank you @Russell Brazil for the website recommendation, I'll check that out as well.

Hi,

I agree with others the inquiries stay on your report for 2 yrs and they don't have a high impact on your score.

Something you can try, which I did and had a few removed. I checked my report from the annual credit report site and disputed a few because I had like 4 in one day due to shopping for a car so I explained to the bureaus that for that day it should count as one inquiry and they removed 3 and left one for that day. I don't know if you have multiple inquiries for the same day or close to the same day that you can give it a try.

If you pull your own credit multiple times it can bump off the hard inquiries from 

Equifax and Transunion but not Experian

Originally posted by @Peter Tirado :

Hi,

I agree with others the inquiries stay on your report for 2 yrs and they don't have a high impact on your score.

Something you can try, which I did and had a few removed. I checked my report from the annual credit report site and disputed a few because I had like 4 in one day due to shopping for a car so I explained to the bureaus that for that day it should count as one inquiry and they removed 3 and left one for that day. I don't know if you have multiple inquiries for the same day or close to the same day that you can give it a try.

They were willing to do that because you didn't actually accomplish anything.

The inquiries were *already* being counted as one for FICO scoring purposes. 

http://www.myfico.com/crediteducation/creditchecks...

> Research has indicated that FICO Scores are more predictive when they treat loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, FICO Scores ignore inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for rate-shopping inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry.

There is generally no point in disputing inquiries, employment info, or addresses. Creditors do not expect any of those to be accurate. My personal credit report says I live in Poland. Your credit report can say that you're a crack dealer that lives in Antarctica with 20 credit inquiries, and I can still loan you a million dollars at a very appealing rate. If there's something worth your time, your lender who looks at credit reports all day will let you know.

Medium logo behlChris Mason, Bay Equity Home Loans | [email protected] | 415‑846‑9211 | https://www.bayequityhomeloans.com/chris-mason | CA Lender # 1220177

Richard D: that no longer works.

Jeremy don't worry about them. Like others have said its the new accounts. I have around 18 inquiries on both EX and TU and still maintain a 750+ Fico.
If you have high balances on those cards that is hurting even more. Utilization will cause the biggest drop. Pay them off and up the scores will go.

Originally posted by @Hy Schmiedeskamp :

Richard D: that no longer works.

Jeremy don't worry about them. Like others have said its the new accounts. I have around 18 inquiries on both EX and TU and still maintain a 750+ Fico.
If you have high balances on those cards that is hurting even more. Utilization will cause the biggest drop. Pay them off and up the scores will go.

Classic example of the old saying that "good finances produce good credit, not the other way around."

Medium logo behlChris Mason, Bay Equity Home Loans | [email protected] | 415‑846‑9211 | https://www.bayequityhomeloans.com/chris-mason | CA Lender # 1220177

Originally posted by @Chris Mason :
Originally posted by @Peter Tirado:

Hi,

I agree with others the inquiries stay on your report for 2 yrs and they don't have a high impact on your score.

Something you can try, which I did and had a few removed. I checked my report from the annual credit report site and disputed a few because I had like 4 in one day due to shopping for a car so I explained to the bureaus that for that day it should count as one inquiry and they removed 3 and left one for that day. I don't know if you have multiple inquiries for the same day or close to the same day that you can give it a try.

They were willing to do that because you didn't actually accomplish anything.

The inquiries were *already* being counted as one for FICO scoring purposes. 

http://www.myfico.com/crediteducation/creditchecks...

> Research has indicated that FICO Scores are more predictive when they treat loans that commonly involve rate-shopping, such as mortgage, auto and student loans, in a different way. For these types of loans, FICO Scores ignore inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your scores while you're rate shopping. In addition, FICO Scores look on your credit report for rate-shopping inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry.

There is generally no point in disputing inquiries, employment info, or addresses. Creditors do not expect any of those to be accurate. My personal credit report says I live in Poland. Your credit report can say that you're a crack dealer that lives in Antarctica with 20 credit inquiries, and I can still loan you a million dollars at a very appealing rate. If there's something worth your time, your lender who looks at credit reports all day will let you know.

 Good to know :)

This is for Mark Creason may I message you about the inquiries as well

Folks:

Don't be so quick to dismiss inquiries. Starting in the last year, financial institutions have started getting more serious about them and WILL reject applications from even decent sores (700+) due solely to too many inquiries. I can personally vouch for that. This is true of any organization affiliated with JP Morgan Chase and TD Bank for sure.

Also, remember bigger institutions license the FICO algorithm and are able to put in their own weights to get your credit score. Haven't you ever hot a situation where the score the lender has doesn't match ANY of the NCRAs? Again, I can vouch for this from personal knowledge and experience.

If you have a business, and the business applied for credit but an inquiry was made on your own report, you can and should get it removed. Always.

Jeremy S.

There our a couple of different ways I would go about this. 

I am assuming your 17 inquires are not being reported to every agency. Whatever reporting agency has the fewest, find a bank or card that will pull from that company and use them (this can be researched online what bank pulls what agency in what state)

If it is indeed your debt utilization, there is a thing called the "shopping cart trick" where you can open up cards and it will not pull your credit and that can help with debt utilization. 

Check your spam email or inbox for emails from Chase/Amex about getting a higher CL without a hard pull, or call up the CC and see if there is a promo where you can increase your line of credit without getting a hard pull.

As previously mentioned business cards are a great. Not only for there generous reward structure (i.e. Chase Ink) but also as they do not report to the agency (although there is a business credit score) but these do pull your credit. 

I do know the feeling though, once you fly to Europe in first a couple of times for free you get bit and gots to keep scratching that point itch. I just booked about 4K in free travel for thanksgiving/xmas time frame for my family.