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Best way to remove inquiries

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What is the best way to remove inquiries, and also can i remove inquiries with accounts attached??  Please Help!!!!

 

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2 hours ago, j7n1o7 said:

As someone stated on my inquiries post earlier this week, only the ones in the last 6 months affect your scores. 

just to clarify, those within 6 months hurt the most for FICO. FICO does include them for 12 months so there is some pain from months 6 to 12. :wave:

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I want to scale my business and do credit line increase and open better accounts but i have like 25 inquires from opening accounts some denials some approvals

 

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18 hours ago, Wade3 said:

I want to scale my business and do credit line increase and open better accounts but i have like 25 inquires from opening accounts some denials some approvals

 

Your new accounts will be an obstacle for future approvals, with the inquiries there or without them.  

 

Is your report completely free of late payments or other derogatories?  What are your current FICOs?

 

 

Edited by cv91915

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4 hours ago, cv91915 said:

Your new accounts will be an obstacle for future approvals, with the inquiries there or without them.  

 

Is your report completely free of late payments or other derogatories?  What are your current FICOs?

 

 

This. There are many factors that are vastly more important than inquiries. 

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On 9/17/2020 at 12:08 PM, Wade3 said:

I want to scale my business and do credit line increase and open better accounts but i have like 25 inquires from opening accounts some denials some approvals

 

I agree that you should wait. Even without the inquiries you still have new accounts. After one year they don't affect your FICO, although creditors will still see them for another year.

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On 9/18/2020 at 12:47 PM, Big Bear said:

This. There are many factors that are vastly more important than inquiries. 

i have 750's across the board

 

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On 9/18/2020 at 12:47 PM, Big Bear said:

This. There are many factors that are vastly more important than inquiries. 

750's across the board and NO neg items or lates

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You seem reasonably knowledgeable, @Wade3, so I'll presume those are FICO scores (preferably FICO 8, if you're looking for personal non-secured revolving lines).  VantageScores, while serving as an interesting reference point and reason for occasional s&g's, are useless in assessing how you look to most all prospective creditors.

 

So, just to capsulize the feedback here, from a  practical standpoint, you don't need to worry about inquiries.  It's not that they're entirely inconsequential, but if a credit request is denied it's almost ALWAYS the case that other credit factors were instrumental in the decision; credit inquiries, by themselves, don't impede credit requests.

 

Now, here's the part that gets confusing:  say a credit grantor decides to decline a credit request because they're "uncomfortable" with your utilization, number of new recent accounts, increase in recent balances, etc ... or, perhaps that your typical credit activity suggests that you apply for a lot of sign up bonuses, but show little card use.  And, let's say you have 6 recent inquiries in the last year. 

 

The grantor can cite the specific factor that was most notable in their gut call to decline the app in your adverse action notice ... and then they can reliably look for a good number of people to call and try to wrangle a decision change, citing why that factor isn't as bad as it may appear.  Or, they can cite the number of recent inquiries, which isn't open for debate.  It's very apparent from anecdotes here and elsewhere that this latter action happens with decent frequency.  People then claim they were denied for too many inquiries.  (Look through the posts here and you'll likely come a classic example where someone details being denied for recent inquiries, only to note that on the CRA that was pulled they only have 1 inquiry!)

 

So, bottom line, your credit score suggests that most credit grantors should view you as a relatively low-risk credit prospect.  If you are denied, nonetheless, it'll be because the grantor was uncomfortable with any number of aspects in your credit profile ... but the recent inquiries, themselves, aren't to blame.

 

 

 

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< just a side note, that the longer-term CB vets may appreciate ... >

 

Oddly, this topic induced me to check out my dormant account at smartcredit.com.  It was very gratifying to see that my profile lists an address at which I haven't lived in 9 years!!  :yahoo:

 

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On 9/20/2020 at 3:28 PM, hegemony said:

just curious, where did you obtain these scores?

I pay for the Experian package.

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On 9/20/2020 at 3:30 PM, hdporter said:

You seem reasonably knowledgeable, @Wade3, so I'll presume those are FICO scores (preferably FICO 8, if you're looking for personal non-secured revolving lines).  VantageScores, while serving as an interesting reference point and reason for occasional s&g's, are useless in assessing how you look to most all prospective creditors.

 

So, just to capsulize the feedback here, from a  practical standpoint, you don't need to worry about inquiries.  It's not that they're entirely inconsequential, but if a credit request is denied it's almost ALWAYS the case that other credit factors were instrumental in the decision; credit inquiries, by themselves, don't impede credit requests.

 

Now, here's the part that gets confusing:  say a credit grantor decides to decline a credit request because they're "uncomfortable" with your utilization, number of new recent accounts, increase in recent balances, etc ... or, perhaps that your typical credit activity suggests that you apply for a lot of sign up bonuses, but show little card use.  And, let's say you have 6 recent inquiries in the last year. 

 

The grantor can cite the specific factor that was most notable in their gut call to decline the app in your adverse action notice ... and then they can reliably look for a good number of people to call and try to wrangle a decision change, citing why that factor isn't as bad as it may appear.  Or, they can cite the number of recent inquiries, which isn't open for debate.  It's very apparent from anecdotes here and elsewhere that this latter action happens with decent frequency.  People then claim they were denied for too many inquiries.  (Look through the posts here and you'll likely come a classic example where someone details being denied for recent inquiries, only to note that on the CRA that was pulled they only have 1 inquiry!)

 

So, bottom line, your credit score suggests that most credit grantors should view you as a relatively low-risk credit prospect.  If you are denied, nonetheless, it'll be because the grantor was uncomfortable with any number of aspects in your credit profile ... but the recent inquiries, themselves, aren't to blame.

 

 

 

thanks, if anything, what can be done??

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3 hours ago, Wade3 said:

thanks, if anything, what can be done??

 

The point is, nothing really need be done about the reported inquiries.  (And, as far as the number of recent new accounts; understand that it's best to apply only for accounts that have tangible value and that you're inclined to show active use -- at least for the first 6 mo. the account is in place.)

 

The new accounts added during the last 12 - 24 mo far predominate as a factor that makes you less appealing to prospective creditors.  It signals you as someone who may be engaged in a "bust out" strategy (i.e. someone who may, after opening several new accounts, run up unsustainable balances and ditch).  Or, it flags you as someone who may be inclined to open an account, but not actively use it.  Either potential scenario is undesirable for an issuers (particularly if there's a SUB).

 

I'm not saying that you won't be approved for new accounts.  However, if you're declined, this is the most likely culprit (even if they send you a letter, identifying the number of reported inquiries as a reason -- think of that as a "red herring", if you will ... as I explain before, a creditor says that because it makes dealing with any objections easier to field.

 

Edited by hdporter

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