what will increase a credit score more..pay down credit cards or remove all of inquiries?
I have about 30 or so inquiries on each credit bureau and have maxed out my credit cards. I am needing to increase my score to buy a house and not sure which would have a bigger impact. Removing inquiries or paying credit cards down to below 30%
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com
March, 21st 2010 at 3:19 am
pay down the debt. Removing the inquiries is a futile waste of time.
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March, 21st 2010 at 3:43 am
The inquiries can not be removed… they are on there for the next 2 years.
Paying off your credit cards is the key factor to raising your score because you are freeing up usable credit again.
If you are maxed out on all cards then you have no available credit left and your score will reflect that.
Pay off the cards and wait 90 days and then get your score again. It will look a lot better.
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March, 21st 2010 at 4:14 am
Pay off the credit cards, this will benefit your credit the most.
Hard inquires will remain on your credit report for 2 years, it is very hard to dispute the inquiry.
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March, 21st 2010 at 4:22 am
You can’t remove inquiries. Pay off your cards.
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March, 21st 2010 at 5:05 am
Removing inquiries is not futile or a waste of time, inquiries cost you about 2 points each in their first year and then they aren’t counted in the tabulation of your score after that. But, if your going for something like a mortgage, you should definitely get those off because they’re going to look at them as an attempt to gain too much credit. How far apart are these inquiries, were you looking for like car insurance or something within the span of a week? If all of the inquiries are closely dated to each other the credit bureaus lump them together and count them as one inquiry so it doesn’t impact your score too much. But again, if your going for a mortgage you want to get them off.
Definitely pay off the credit card to decrease your utilization rate (amount of available credit) for the rise in score that you seek. Simultaneously while your doing that send in a dispute to the credit reporting agencies asking them to remove any disputes over two years old, they will comply.
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Cleaning up my credit and its working!!!
March, 21st 2010 at 5:14 am
You cannot remove inquiries. They have to age off. Usually this takes a couple years.
Pay down your debt. By having your entire credit limit utilized, you are killing your score every month.
Also, hope you are not thinking you can get your score to shoot up in time for the 8k tax credit. Unless you pay ALL the credit cards down to 30% utilization or off completely, it will take another 18 mos of not maxing out or carrying high balances before your score would vastly improve. Some lenders will do a rapid rescore if you pay off the debt significantly or completely.
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March, 21st 2010 at 5:45 am
You can use this credit monitoring service to pre-estimate future scores for different scenarios of such payments – credit-report-score.10001mb.com
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