How Inquiries look on credit report?

Whoops, I had a fourth question that I meant to ask as well: is it possible to dispute an inquiry? I have a company who hit me with *3* inquiries within two days, which if I have heard correctly, would be 15 points off my credit score, which would explain why I almost had a heart attack when I saw my credit score. :oops:

Thanks again!!

~Mary

Mary,

Let me answer to your queries one by one. Not all the credit inquiries are taken into account while counting your score. If you apply for a mortgage, other secured loans or any type of credit and allow your creditor to pull your credit report, then these inquiries are definitely going to be counted.

I also read somewhere in web that 5 points are taken off for each inquiry, however FICO model considers all the inquiries done in a 45 day period as a single inquiry. So it is advisable to do your mortgage shopping very fast, so that it does not damage your score much.

You can definitely dispute credit inquiries and if creditors remove the entry, your score will go up. Hope I have covered all your queries ;)

Hi again Stanley,

Once again, you answered all my questions perfectly!! You have been just great. Thank you!!!

~Mary :)

You're most welcome Mary :D

Again reminding you send your letters through CMRRR and if you decide to dispute with credit bureaus, you can talk to them also. It is proven to be very fruitful in some cases. Best of luck :D

Thanks for the tips, and I will keep you guys and gals informed of what happens in the future!!

~Mary :)

I have a question about banks and companies running a credit check. I have an auto loan at a local bank, and recently I contacted them about refinancing it so I could purchase a truck for my husband. The loan officer told me he would have to look at my account and call me back. When he called back, he denied my request, then the next day I received a letter. The letter said "We regret that we are unable to approve your application for loan to purchse truck." Then it proceeded to tell me due to information obtained from the consumer reporting agency listed. First off I did not apply for a loan, I wanted to refinance a loan. Secondly, I NEVER gave the loan officer permission to check my credit. I've been with this bank since I was young, started off with savings account and went on. My question is what are the rules for banks for running credit checks?

Your loan company can run a credit check before they consider credit to you. This is fair, however they should have notified about their actions in writing. Call the bank and explain that you want to refinance a loan. Maybe, they will review your file once again.

Its my understanding that inquiries for a car and mortgage loan is 14 days. This means you can have 10 or more inquires for a car loan within a 14 day period and they count as one, but CCs count everytime you apply.

You need to understand about inquiries first here are the tips below, hope that helps.

[color=red]Duplicate Content removed as per forum rules. Please visit the link for more information - Mike[/color]

http://www.myfico.com/CreditEducation/CreditInquiries.aspx

Hello People,

I am trying edit my profile but i can't see the button!! probably staring me in the face lol

thanks guys

Link/Solicitation to a website that purports to remove inquiries has been removed per TOS. -DC