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SueJ

Can You Remove Hard Inquiries?

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Hi all! Totally new here, but so glad I found this site! My husband and I recently purchased our first new car, even with poor credit. In the process the people had to contact several banks to find one that would approve us. Now, I have 19 hard inquiries all for the same try at getting a car loan. Is there anything I can do? I am sure this looks really bad on my report.

 

Thanks!

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Welcome!

 

If you signed for vehicle financing, then they are legitimate inquiries.

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For scoring purposes, they count as one.

 

Even from a manual review it will be clear you were car-shopping, and was just a result of your existing credit situation.

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If you have poor credit, inquiries are your last priority. Lots of people here can help you with the other things that actually matter. Welcome. The first step is the first post. Keep going.

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For scoring purposes, they count as one.

 

Even from a manual review it will be clear you were car-shopping, and was just a result of your existing credit situation.

Unless Chase is looking for a reason to give your CLs with them a haircut...then they claim excessive inquiries, and you have to call and mouse them out. But they'll behave after that. :)

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I am well aware that this is not my biggest issue, but it is my most recent. Thank you all for your replies. Truly appreciated. I have been working on cleaning up my credit since January. I removed items through on line disputes. I just recently found this site which is super helpful! Wish I had found it sooner. I just got a secured credit card and waiting for it to report. Also thinking about getting a secured personal loan as I have late payments. Planning on getting my addresses removed next and then tackling some old stuff.

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I am well aware that this is not my biggest issue, but it is my most recent. Thank you all for your replies. Truly appreciated. I have been working on cleaning up my credit since January. I removed items through on line disputes. I just recently found this site which is super helpful! Wish I had found it sooner. I just got a secured credit card and waiting for it to report. Also thinking about getting a secured personal loan as I have late payments. Planning on getting my addresses removed next and then tackling some old stuff.

 

The auto loan is completely sufficient for an installment loan on your reports.

No need to get a secured loan - it won't help your credit much, if at all.

Revolving credit lines (credit cards) help your profile and FICO scores much more.

 

Your secured credit card is a great start.

If you have no other open credit cards, look into getting two more secured cards (for a total of 3).

Here are some resources on secured cards:

What are your guy's 3 favorite secured cards and why?

The Master Secured Credit Cards Thread

Good luck! :grin:

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Great! Thank you! Just learning and can use all the advice I can get! I will work on that next. I just called all three cra's since I can get the reports for free! Just found on the boards that mailed copies are better than the online versions. Going to have my hubby do the same.

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Since I am new, can someone explain why three cards works best? I tried to search boards but did not find the answer. Thanks in advance!

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Why three is suggested is because it has been proven to have the larger impact on FICO scoring.

Edited by ubercat

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Since I am new, can someone explain why three cards works best? I tried to search boards but did not find the answer. Thanks in advance!

 

Utilization is very important in FICO scoring.

 

You can game the system to optimize your scores with 3 or more credit cards.

You pay all your cards to $0 each month BEFORE the statement cuts

Except for exactly one card, that you let report $2 each month.

The statement balance on each card is (usually) what is reported to the CRAs each month.

With clean reports, this can add an additional 10-20 FICO points -- compared with all the cards reporting $0.

 

3 cards is the fewest number of cards that will work for this trick.

- Utilization < 1% (e.g. $2 on one card, $0 on all other cards)

- Fewer than 50% of cards reporting a balance (e.g. 1 out of 3 cards)

Edited by tweak

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That's two dollars on one credit card. Anything under two dollars and the credit issuer will just eat it and report 0.

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i just applied for another secured card. So with the one card I have now, should it be a zero balance or $2?

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$0.

 

The only time to leave $2 on one card is if:

- you have 3 or more open cards

- you do not have any charge offs reporting a balance.

 

Otherwise let them all report $0.

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Tweak is killing it! I've said it once. I'll say it again.

 

You're batting at the fences, sir!

 

Salud! :clapping:

Edited by ubercat

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Thanks, uber.

 

I'm still learning, and reading and taking notes. Everything I know I owe to others here on creditboards.

 

I thought I fully understood the $2 trick -- until I got schooled recently.

 

I'm still not clear on how FICO scores AU cards in regard to 3 open cards and the $2 trick.

I think you need three individual (not AU) cards - but I'm not positive of this.

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Hi all! Totally new here, but so glad I found this site! My husband and I recently purchased our first new car, even with poor credit. In the process the people had to contact several banks to find one that would approve us. Now, I have 19 hard inquiries all for the same try at getting a car loan. Is there anything I can do? I am sure this looks really bad on my report.

 

Thanks!

 

Treat a car like a house. Always go get pre-approved at a bank or CU. Never go to the dealer to get approved. That gives them the upper hand all the way around. The only thing the dealer should know about your financials is the name of the bank on your pre-approved check. That way you control the pulls on your reports and the deal you get. Sure they all count as one for scoring reasons but it takes some of the hassle out of applying for other credit over the next 25 months.

 

You should take a look at getting a secured card at a CU. You don't need to put a lot of money on a secured card, $300 will do the same as $1000 as long as you watch utilization.

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Hi Sue,

 

I had the same issue as you have and while it's certainly true these inquiries are legit and should stay for the two years I had some success with basically good willing the finance companies. I got the addresses of all the companies that inquiries were sent to and wrote them letters explaining how the inquiries were an unexpected result of my car purchase and would they please consider removing. Granted most of them either sent letters decling or just ignored me, but a few actually did remove them. Well Fargo stands out in my memory as one that did remove because they sent me a letter to sign that just said I gave them permission to remove the inquiry. I hope this helps and good luck to you.

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Hi all! Totally new here, but so glad I found this site! My husband and I recently purchased our first new car, even with poor credit. In the process the people had to contact several banks to find one that would approve us. Now, I have 19 hard inquiries all for the same try at getting a car loan. Is there anything I can do? I am sure this looks really bad on my report.

 

Thanks!

 

Treat a car like a house. Always go get pre-approved at a bank or CU. Never go to the dealer to get approved. That gives them the upper hand all the way around. The only thing the dealer should know about your financials is the name of the bank on your pre-approved check. That way you control the pulls on your reports and the deal you get. Sure they all count as one for scoring reasons but it takes some of the hassle out of applying for other credit over the next 25 months.

 

You should take a look at getting a secured card at a CU. You don't need to put a lot of money on a secured card, $300 will do the same as $1000 as long as you watch utilization.

 

 

This can difficult to impossible if your credit is bad. I don't disagree, but depending on where you are at in the credit repair process you may need the dealer to get you an approval for a rate less than the max.

 

I just bought a used car for 11.49% for example (ouch, but I will refinance in the next year or so). The best pre-approval I got on my own was 16%. I'll take the 12 inqs over a rate like 16%.

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