Inquiries
Having excessive inquiries within a 6 month time frame will hurt your scores and your lendability. Credit lenders don’t like to see potential clients seeking credit from other sources. If you’re applying for a new account, limit your credit expose prior to applying.
Auto dealerships can run your credit through multiple systems to find a good interest rate. It is easier to explain auto loan inquiries to a lender, but they still don’t like to see it. Once you have your auto loan finalized, be sure to remove the inquiries.
Excessive Inquiries
Removing recent inquiries is important to keep your scores high and your report clear. Lenders set different expectations on how many inquiries are considered “excessive”. For some it’s up to 3 inquiries within six months, and for others it’s up to six inquiries within six months. Either way, don’t limit your possibilities with inquiries.
How to remove inquiries
Check all three credit bureaus. Creditors generally only pull one or two bureaus, so you may have a different amount of inquiries on each bureau.
Write a letter to the credit bureau, listing the inquiries you want removed.
The bureaus legally have 30-45 days to respond to all disputes, and will respond saying when the inquiries have been removed.
A fraud alert may be placed on your credit file which is a very common practice, and meant for your protection. You can easily remove a fraud alert by calling each bureau and telling them you want the fraud alert lifted.
Business Credit
When applying for business credit, it is especially important to remove the inquiries because they are in reference to business accounts and should not be on your personal credit report.
Denials
If you’ve been denied by the bureaus to remove inquiries, or simply don’t have the time to go through the dispute hassle, you can contract a professional credit repair company to dispute and remove the inquiries for you.
This report is provided free for your education by Fund&Grow®. Fund&Grow's business card stacking membership is an award winning lending program that obtains up to $250,000 or more in unsecured, business credit cards and shows you how to access these high-limit cards as cash lines of credit, eliminating the cash advance fees. Each business card provides an introductory interest rate of 0% for an average of 12 - 18 months, all major banks and most regional banks offer these 0% teaser rate cards.
Do you want to learn how to become a savvy credit user and learn how to leverage zero interest credit for investing & business expenses?
Comentarios