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rock | Is there anyway to Clear Inquiries from your Credit score? |
I have attempted to get a loan for a used car and a couple of used car lots, I have my credit score and there are over 20 bank inquiries that show up and drop my score, Is there any way i can remove them or does it just take time? |
 |
 
deborahlynch007
|
Perhaps. If all of these inquiries were authorized by you, in other words, you either went to 20 different car lots and filled out loan apps, or gave the dealer the authorization to do so until you qualified with any bank...the answer is probably NO. However, if you are very young and this was done, you have "moral suasion" on your side....most young people aren't aware of the legal implications of what they are signing and most likely could get these "little black marks" removed, and the answer is YES! But, if these bank inquiries were done over a period of time, and you actually requested credit and signed apps allowing the business to check your credit, then the answer would probably be NO! You should never allow anyone to check your credit (i.e., sign an application authorizing someone to do this), unless you are pretty sure that the item you are trying to purchase is what you really want, and you are getting the best terms. Next time, try dealing directly with your bank and get pre-approved by them for an auto loan...they will tell you up front what they would be willing to lend you for a car....it is usually the best bet without going to loan sharks! A lot of car dealers (especially used car dealers) utilize lending institutions that do not offer nearly as good of an interest rate as your bank will, and they almost always cause you to over extend yourself.
Better still, subscribe to a service so that you can check your own credit on a regular basis, free of charge, and without getting any "dings" on your credit history. They are usually very inexpensive, and you can monitor your own credit record and notice immediately if someone is trying to use your name, or if some unscrupulous business is trying to submit your name to check your credit without getting your authorization.
Good luck...and NEVER let anyone lower your credit score by doing this without you giving your signature on a form! Obviously, you won't be doing this very often, RIGHT!!!??? |
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OC1999
|
If these are valid inquiries they can not be removed. However, if these were done in a short period of time the damage to your score is actually not that great.
The scoring systems count multiple inquiries done within 2 weeks as only 1. So if all of these 20 were done within 2 weeks of each other they only counted as one. Now, your score did drop, but as to how much there is no exact number. Usually this is in the 3-5 point range. If it dropped significantly more than that there is probably something else causing it.
These inquiries will remain on your report for 2 years. However, after the first year they have no effect on your score. With the biggest effect the first 6 months. |
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ii7-V7
|
No, it just takes time. But if they were all for a car loan then it won't have a great deal of effect on your credit...maybe 10 points? If it was for three of four different things in a short period of time it would have a much greater effect. |
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mcgcreditrepair
 |
Yes check out our web site www.Acreditsolution.net |
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GashlycrumbTiny
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As they're not mistakes, I think you'll just have to wait on them. I think the only things you can have removed from your credit rating are things which are actually wrong or you've resolved. An inquiry, though it may lower your score, isn't actually a mistake, just somebody looking at your record (which is their right to do.)
Try a secured loan or a small loan from a good bank or credit union to help your score.
It helped mine! I went from no info at all to having a great score in not much time. I have a few inquiries, but whatever. They'll have less weight if you have other stuff to balance them out. |
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Sarah
 |
Yes it does take time.
Years to be exact but you can negotiate a resolution,they will offer you to pay off the outstanding amount.Then reject it,then they will start negotiating how much you will owe you will be surprised how little you have to pay if you negotiate. |
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Sky S
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To find out specifically what you must do to raise your score, you can order your score report from all three national credit bureaus. In addition to your score<!--you'll get your credit report, an indication of how your score ranks nationally and an explanation of how you can boost your standing.
http://badcredits.awardspace.com/creditscore.htm
In order to improve your credit score, it's important to know where you stand currently. Despite all the media attention given to free credit reports-->you still have to pay to find out your credit score, the three-digit number ranging from 300 to 850 that is the key to your borrowing costs. |
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JD
 |
In the u.k when a credit application is submitted to a bank or other,such as car lot, this is recorded, it shouldnt lower your actual score as this is based on personal circumstaqnces such as income, credit repayment history,income, the usual stuff, however you do find that lenders in seeing a high level of applications wuill automatically decline as they have the opinion that you may be desperate hence the high number of applications, and they also have a tendancy to think why did the other lenders decline, did they see something we didnt.
In the u.k you have Prime lenders ( a1 credit risk customers) and sub-Prime,(people who have a poorer credit report, I would suggest you look at a sub prime lender, but be aware they charge more interest as you are considered a higher risk, daft i know that if your score is lower than they would like and you may have had credit problems in the past, they will still accept you but make your life harder by charging you more, lets face it, in them charging you more, means their OWN RISK is hightened!!
In the u.k all adverse credit information stays on file for 5 years and is then automatically removed.
Hope this helps.
Kind regards
Rich |
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SandraD
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It takes about 2 years to leave your report. |
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Dr. Deth
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obviously you have credit problems or they wouldn't have had to check with 20 banks to get a car loan approved - nope- can't get them removed - damage to score already done |
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