Numerous Credit Report Inquiries

Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 12:21 am
Post subject: What can be done about numerous inquiries of credit reports?

Victor
Date: 7/31/2000 10:21 am CDT

I needed a new car. I visited 3 dealers. the first two each ran a credit report but I didn't buy. The third also ran a credit report and offered a great deal. However, they had to locate financing. They tried 3 different banks before approval was obtained. Because each bank ran a credit report, it took 6 inquiries to get this car. All six were ran in 06/2000.

Now I needed insurance. I obtained 2 quotes from 2 companies. The 2nd company originally made no offer because of a bad spot on driving record. I researched and realize I gave wrong dates and ask the company to re-consider. They did and made a great offer. However, than a credit report each time. It took 3 inquiries to get insurance. All were in 06/2000 or 07/2000.

Next I needed credit cards. I applied for 2 different cards. First card was approved but 2nd denied. I then realized I applied for the wrong card. I called the 2nd card and asked to be re-considered for a different card. They said OK and approved. However, they ran a second credit report. It took 3 inquries to get credit cards. All were in 07/2000.

Finally I needed a gas card. I picked the right one. It only took one inquiry and I was approved. This inquiry was in 07/2000.

Oh wait! I wanted one of those cards that gives frequent big limit increases. I applied in 07/2000 and was declined. So I called and ask to be considered for their secured card. They said OK and approved. but guess what..they ran another inquiry.

To sum it up I have 15 inquiries on my CR from June and July 2000. I had no idea that all those banks ran a report. Neither did I know that each time I asked to be re-considered a new CR was ran!

Is there anyway to get some of these inquiries off my CR? Can I asked the companies that re-considered my application to remove one the requests? Will the CRA be willing to remove any for any reason? What is considered too many inquiries?

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Author: archive
Joined: 23 Jul 2004
Posts: 5007
Posted: Thu Jan 13, 2005 12:22 am

dave
Date: 7/31/2000 12:53 am CDT

you probably can't get the inquiries off your report but all of the inquiries within two weeks for auto financing should count as one for calculation of a credit score.

inquiries are not a significant factor in determining a score and have little effect after six months. according to fair, isaacs (the company that came up with the scoring model used by most financial institutions), inquiries represent 10% of your credit score. payment history, debt to credit limit ratio and debt to income ratio are much more important factors, along with time on the job, at residence and length of credit history.

also your inquiries will be spread among the three bureaus so it won't really look that bad. most companies will only pull one report per application.

if you are denied credit due to inquiries, you may be able to get the lender to reconsider when you explain the situation as you've done here.

hope this helps. i wouldn't stress about it.

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Author: NightStar
Board Monitor
Joined: 07 Nov 2003
Posts: 2634
Location: Illinois
Posted: Sat Jan 22, 2005 9:40 pm

Correction on inquiries counting as 1 for 2 week period of time, this is a rule that only applies to mortgage inquiries, auto loans instead will count each individual inquiry just that the credit score will not be affected for 30 days. Mortgage inquiries do this also.

Best Regards,
Pammila Phillis
Board Monitor
U.S. Citizens for Fair Credit Card Terms, Inc.
http://www.cardratings.com
501-663-0314 PH
501-663-0033 FX

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