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 The 2nd company originally made no offer because of a bad spot on driving record.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 differnt 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?
RE: What to do about numerous don't worry about all the inqueries. the credit scoring model only considered in the previous 6 months. Yes, your credit score will be lower for 6 months, but that is all. The purpose for the model is to prevent people from getting too much credit all at once. They figure that after 6 months, any credit you got will show a balance on your credit report, and the credit limit. So don't worry about it. Best thing is to keep your balances low, and don't worry.
RE: What to do about numerous I mistyped that. The only inquires considered by the credit scoring model are inquires within the last 180 days.
RE: What to do about numerous I hope you have no plans in the next 6 months to 1 year for applying for anything beyond a department store/gas card cause according to UNfair Isaac, anything over 2 it too many. Lest you forget about those previous posters bemoaning the fact that without one stitch of bad credit and due SOLEY to inquiries they brought their credit scores down MASSIVELY. While the purpose of the model may originally have been set up to prevent people from getting too much credit all at once, it has never taken into consideration or been updated to factor in that every Tom, Dick and Harry is insisting on doing a credit check on you; tell me how much credit your gonna get from your utility companies, if you plan on buying a cell phone, if your looking to rent an apartment, etc. etc. but the scoring model could care less and will penalize you all the same.
RE: What to do about numerous Your inquiries will spread on three CRA.I have 14 inquiries last six monthes. But there are only four on transunion.
RE: What to do about numerous Excellent point. I have 5 total inquiries, but only 3 on Experian and 3 on Trans Union.
RE: What to do about numerous Right, as the each pull your credit from different credit reporting agencies. Hopefully it would be nice if there were just a few on each. However some lenders pull a merged report and would then see all your inquires. I do know that if they are for a home loan or car loan if the inquires are made in a two week time frame or so they are only counted as one, most lenders may shop around for the best deal, with each company pulling your credit. Same with car financing.
RE: What to do about numerous Yes it would be nice if perhaps some day they would change that ! Obviously the utiliy companies,phone, and any landlord is not offering credit lines. They need to modify this to reflect just loans and credit lines ect. I agree Steve, perhaps they will listen some day ?????
