If you’ve been hit hard by hard inquiries, you might not feel it right away – if fact, you probably won’t feel it until it’s time for you to borrow. Although multiple hard inquiries are an occasional fact of life, the reality of finance is this: lower score, higher rates.
Even if you find a company that advertises low premiums, you may no longer be eligible if you have a mile long history of credit inquiry with other companies first.
To help you, here are the real facts about hard inquiries:
- Any more than 1-3 inquiries in 6 months can drastically lower your credit score
- Any hard inquiries of a similar nature (such as vehicle loans or mortgages) processed in a 45 day period are protected, and count as a
- single credit inquiry
- Any hard inquiries that appear on your bureau can be removed if you did not give your express permission or, alternatively, if the company which processed your credit check cannot expressly prove that you gave permission
- Any hard inquiries you make will remain active on your bureau for 2 years unless otherwise removed
- Any credit inquiry you make in regards to your own credit will not reflect on your bureau because these inquiries are not considered hard inquiries
Unfortunately, if the company you are dealing with isn’t a reputable one you may find yourself out of both luck and options when it comes to improving credit, especially if you have been saddled with unwelcome or even illegal inquiries on your credit bureau.
That said if you plan on improving credit most if not all inquiries can be removed from your bureau if you’re willing to put in the time and effort to get them taken off or choose to deal with Inquiry Busters, who will take care of the hard work for you. In most cases, even bad or poorly organized companies will remove unwanted inquiries to avoid conflict, which will allow you to begin improving credit immediately, but only as long as you’re willing to go the distance when it comes to the follow-up.