Does anyone know how many points new inquiries drop your fico score? Also if you get them deleted would there be a big jump in your score? i have about 7 hards and i am disputing via fax today.
New to Post Can you all tell me how to get the inquiries deleted from my credit file? I have recent BK discharged 10/03 and I am on a massive assault to increase my scores. Need scores to rise quickly because want to purchase mortgage. Called the big 3 last week and spoke to them to get inquiry into derog info. If this answer has been posted before forgive me, I am new to site. Thanks, smartkis tu-566 ex-568 eq-493
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Don't want to discourage you, anything can happen, but I can tell what I've learned in the two years since my BK. To adress your original question, if you have a recent BK (and 10/03 sounds recent for filing or discharge), your inquiries are not your most important score dropper. It will take many months to clean up and in that time, your inquiries will become less important. Seems to be six months to one year that they're counted against you. To put it bluntly, the best mortgage you could find right now would be a sub-prime. That means very high interest and unfavorable terms. Perhaps you're willing to pay that price, then refinance in a few years, but for me it was not acceptable. If you want a conventional or FHA mortgage, there are a few rules you should keep in mind. Generally, they want to see scores above 600 - I can't give you a number, mortgage brokers can. For now, it's a goal - over 600. In addition, they want 2 years since your discharge. My 2 year date comes up in February and I'm going to apply in Jan, anticipating closing after the 2yr date. Here's what you can focus on now - getting and maintaining credit. If you have any accounts you kept through your BK, don't be late w/them - ever! Just one 30 day late looks horrible after a BK. You need a *perfect* track record post BK. If you have no credit, get whatever card you can. There are discussions about decent secured cards, and Cap1 does unsecured cards post BK. In fact, I got an offer from them post BK, which I found incredible since I included them in my BK. It has been 2.5 years since I filed, you can see my scores, and I still feel the scarlet letter. Luckily, secured loans are more willing to overlook the BK, but you have to work with them. I'm paying 12% to Chase for my car loan, not the best rate, but I'm hoping to build on that relationship to get a credit card. Hoping is the key word so far...
