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Your experience removing hard inquiries


Killbadcredit
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Hello, I can be just honest and admit I made mistakes with my credit.

 

Im trying to apply for a home and my score is 602.

 

I have 70 inquiries, varying from 2 years to more recent.

 

I also have 1 ch 13 BK that can fall off in 4 months.

 

So what happens if I dispute inquiries directly with credit, and not dispute with credit bearu.

 

Be honest, I don’t want to cause harm the  good.

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inquiries only impact FICO for 12 months so you are wasting your brain cells to worry about any older than that.

 

only those within 6 months have any meaningful impact and that is very low.

 

there are certainly other reasons than the BK and these inquiries that your scores are so low. Moreover, is the 602 a FICO score or a fake score? What else is keeping your score so low?

 

 

 

 

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Thanks guys, we’ll the home lender gave me these score 602.

 

I also have have some credit cards totaling 3K, that I’m going pay down. 
 

So BK, 3K in cards, and the inquiries holding me down.

 

I also have 2 cars loans one for 21K and one for 25K, are.

 

By the way all my credit cards and open accounts are in good standing.

Edited by Killbadcredit
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1 hour ago, Killbadcredit said:

Thanks guys, we’ll the home lender gave me these score 602.

 

I also have have some credit cards totaling 3K, that I’m going pay down. 
 

So BK, 3K in cards, and the inquiries holding me down.

 

If your lender fed you a line of hogwash that inquiries were weighing you down, It may behoove you to wait until they start falling off or find a lender who cares more about your ability to pay your loan using real-world metrics (job time, $$ in bank). FHA loans can be underwritten at 580, by the way, with a strong job and (I believe) 3 months worth of payments in your savings account (and your 3.5% down). Conventional loan scores are normally 640 and over.

 

Inquiries are pretty close to being the most useless metric in FICO scoring. Multiple auto loan inquiries bunched together are scored as 1. Disputing them is a waste of time unless you were legitimately a victim of identity theft (which a police report would be necessary to do anything about them).

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Hey guys thanks I sure appreciate your response.


Toast, yes your right. I won’t take it to mind.
 

Hegemony, It says my accounts are too new and using too much utilization.

 

I only have 2 late payments showing.

 

and of course bankruptcy.

 

By the way I called my bankruptcy court in San Antonio, to get them to send me a letter regarding BK.

 

They said they would need $31 to investigate, so I can’t use that.

 

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5 hours ago, Killbadcredit said:

Hey guys thanks I sure appreciate your response.


Toast, yes your right. I won’t take it to mind.
 

Hegemony, It says my accounts are too new and using too much utilization.

 

I only have 2 late payments showing.

 

and of course bankruptcy.

 

By the way I called my bankruptcy court in San Antonio, to get them to send me a letter regarding BK.

 

They said they would need $31 to investigate, so I can’t use that.

 

Have you requested paper copies of your credit reports? BTW, not online copies of your reports. It should say month and year when your bankruptcy should fall off your reports.

Edited by StarkRaven$
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19 hours ago, Killbadcredit said:

Thanks guys, we’ll the home lender gave me these score 602.

 

I also have have some credit cards totaling 3K, that I’m going pay down. 
 

So BK, 3K in cards, and the inquiries holding me down.

 

I also have 2 cars loans one for 21K and one for 25K, are.

 

By the way all my credit cards and open accounts are in good standing.

Card balances may or may not be a factor...if every card has a balance, then yes, those matter.  If you have a bunch of maxed out toy cards, then yes, those matter.  If you have a $3K balance on one card but have multiple cards with no balance and even something nominal like $30K in available, then no, not a big factor.

 

The car loan balances don't tell us anything.  A $21K balance on a $22K loan is significant.  A $21K balance on an $80K loan is not a big deal, relatively speaking. 

 

In discussions about mortgage, though, you ALSO need to be looking at overall DTI ratios.  The car notes COULD be impacting those in a negative fashion...

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2 hours ago, Killbadcredit said:

Stark@ The BK is due to fall off sometime May.

 

Centex, well one late payment was my total fault.

 

The other was an error from the company and I disputed it. The company refused to fix it.

just curious, did you try a GW with the lates? and if it was not your fault, I'd be raising holy hell with the data furnisher (and not go the FCRA dispute route).

 

you may be abgle to get the BK off early. Once it is gone your score will probably look a like better and you'll end up in a different segment (A/K/A "bucket").

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@Hegemony

 

 

To answer your question, yes goodwill letter was mailed. It was Fingerhut and they keep insisting I was never late and no late payment exist.

I’ve tried calling them and also by mail, no luck. So I don’t know what else to try?

 

The late payment that was not my fault, I reported them to BBB with no luck. The company was a personal loan. They really messed up my credit for there irresponsible reporting.

 

Re: Bankrupt it’s due to fall off in May. I’ve had luck getting them off sooner.

 

Just for fun, I called the BK court house and pitched the idea of not my bankrupt line. The operator told me they won’t responding back to my letter if I don’t send a $31 fee. But of course it’s my bankruptcy so that idea won’t work. LOL

I am in San Antonio by the way.

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13 hours ago, hegemony said:

 and if it was not your fault, I'd be raising holy hell with the data furnisher (and not go the FCRA dispute route).

Here’s is exactly what happened; my wife made a payment online.

 

She made a 1 time double payment to cover two months. The company took that 1 time double payment and applied it directly to the balance.

 

So it didn’t cover that month that it should have been applied to.

 

So when next month rolled around she was automatically late. I’ve tried hard and they refuse but I still feel like disputing. I reported them to BBB, but not to CFPB.

 

Where else can I get those scum bags?

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On 10/11/2020 at 12:18 AM, Killbadcredit said:

Here’s is exactly what happened; my wife made a payment online.

 

She made a 1 time double payment to cover two months. The company took that 1 time double payment and applied it directly to the balance.

 

So it didn’t cover that month that it should have been applied to.

 

So when next month rolled around she was automatically late. I’ve tried hard and they refuse but I still feel like disputing. I reported them to BBB, but not to CFPB.

 

Where else can I get those scum bags?

Umm...double payment usually result in funds going to principle, not the next payment.  This is not the creditor's error.  It also is a painful reminder of why one should check the accounts monthly even if only to review an electronic statement. 

 

If an account does not expressly state that a double payment wipes out the next month, then the next month's payment is due.  It IS about that simple...

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2 hours ago, centex said:

Umm...double payment usually result in funds going to principle, not the next payment.  This is not the creditor's error.  It also is a painful reminder of why one should check the accounts monthly even if only to review an electronic statement. 

 

If an account does not expressly state that a double payment wipes out the next month, then the next month's payment is due.  It IS about that simple...

Exactly this. 
Every time I make an additional payment or overpayment it gets automatically applied to the principal unless I request the payment to be applied to the next scheduled payment. 

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Unfortunately, extra payments often result in the opposite of what the payor intended. 

 

One mortgage servicer we had did the opposite (applied an overpayment to future scheduled payments instead of reducing the principal).  Definitely frustrating.

 

I know this doesn't help now, but maybe it will in the future: 

 

It's best to read what your account agreement/note says about how "overpayments" are handled, and it doesn't hurt to follow up with a phone call to verify before attempting your first extra payment (and then, of course, observe that the payment was handled correctly by closely watching your account the first time or two).

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On 10/10/2020 at 12:19 PM, hegemony said:

 and if it was not your fault, I'd be raising holy hell with the data furnisher (and not go the FCRA dispute route).

Here’s is exactly what happened; my wife made a payment online.

 

She made a 1 time double payment to cover two months. The company took that 1 time double payment and applied it directly to the balance.

 

So it didn’t cover that month that it should have been applied to.

 

So when next month rolled around she was automatically late. I’ve tried hard and they refuse but I still feel like disputing. I reported them to BBB, but not to CFPB.

 

Where else can I get those scum bags?

———————————————————-

 

Thanks, guess better read terms next time. 
 

So I’m ask for a remover, from your experience how far back can a creditor go back and remove late payment?

 

Im thankful for you all the responses 

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1 hour ago, Killbadcredit said:

So I’m ask for a remover, from your experience how far back can a creditor go back and remove late payment?

 

Im thankful for you all the responses 

In theory, they can go back to the beginning of the account and make changes to the reporting.  Whether they will depends on how motivated they are to work with the customer...

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2 hours ago, Killbadcredit said:

Here’s is exactly what happened; my wife made a payment online.

 

She made a 1 time double payment to cover two months. The company took that 1 time double payment and applied it directly to the balance.

 

So it didn’t cover that month that it should have been applied to.

 

So when next month rolled around she was automatically late. I’ve tried hard and they refuse but I still feel like disputing. I reported them to BBB, but not to CFPB.

 

Where else can I get those scum bags?

———————————————————-

 

Thanks, guess better read terms next time. 
 

So I’m ask for a remover, from your experience how far back can a creditor go back and remove late payment?

 

Im thankful for you all the responses 

This is not the lender being a scum bag. They are required to do so unless instructed otherwise.

 

Applying extra payments to the principal, and not successive monthly payments is required by law. This is because at one time loans were written such that the only way a loan could be paid off was to pay all the  future payments. This overcharged the consumer as they were effectively paying interest on debt that no longer existed. It's always in the consumer's interest to apply all payments to the current interest and the remainder to the principal. This results in the consumer paying less interest during the life of the loan.

 

So when you make a double payment because you are traveling, you must specify that it is payment for two months otherwise the lender is required to apply it to the current month and you remain responsible for another payment the next month.

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