I bought a new truck in June and a rehab house in October. In October, I received a copy of my credit report stating from all 3 agencies that my score was lowered because of too many inquiries. I have a rental house financed at 8% and paying PMI and I want to refinance it—how long will it take my scores to advance back into better credit range? I know a lower credit rating will keep me from getting the best rates, and I had great credit prior to the avalanche of inquiries! Thanks so much, Quickstudy
Do you recognize all of the inquiries as authorized?
If not, you can dispute them with the CRA’s as “unauthorized”, with persistance they are fairly easy to remove and often don’t require evidence they were unauthorized.
What is the “better range” for your scores you are seeking? What are your scores now? Perhaps they’d suffice.
I haven’t analyzed all of the inquiries, but suspect most are valid, especially the vehicular inquiries. My broker, though, has fallen from grace, having hornswaggled me at the last minute into a higher interest rate than I was offered by others. It was too late to change brokers so it was lose the house (HUD) or go with it. He attempted to push me into other refi’s, which I now recognize as not in my best interests. My credit score was in the 740’s prior to this.
If you have scores in the 700s and are paying 8% AND PMI, you’re really getting taken. The last cash-out refi that I did was for 80% (no PMI) and at 6-1/4%.
Finds a new lender!
Keith
This is a property I bought in 1996 when interest rates were high and my scores were low. With my good credit, you’re exactly right, I now want to refinance.
I wouldn’t suggest anyone do anything fraudulent, but if you don’t recognize them dispute them 
My credit score was in the 740's prior to this.
What are they now? How much is owed on the property and how much would it appraise for?
Anything else affecting your scores negatively? High utilization on revolving cards? Erroneous name spellings, SSNs, & addresses on your credit report?
When you dispute unauthorized inquiries, is it the same as a regular dispute for an account? Or how would someone go about doing a dispute on inquiries?
Thanks.
Request your credit report like you are doing a normal dispute, instead of disputing a particular trade line you’d be disputing a particular inquiry (or numerous inquiries).
Thankyou, thats what I thought but not sure.
I’m sort of in the same situation and my credit report is showing as too many inquiries. Assuming all these are legit, does anyone know how long it would take for your FICO to go back up?
I guess financing car, bike, home, along with shopping around for lenders all in the within a few months time would do that.
Everything I’ve read indicates these inquiries stay on your report for 2 years.
I’m about to jack up a local auto dealer. They asked for permission to do a credit check on me to obtain my credit score. Next thing I know, I’ve got 9 different inquiries from that same instance!
As long as they’re recorded as ‘automobile’, they only count as 1 inquiry (so long as they’re within 14 days), but still I don’t like seeing all that junk on my report, especially since I only authorized the dealer to get my SCORE.
If your mid score is over 620 then there are still opportunities for you to get great interest rates and avoid the pmi. Loan size, income, and assets will be a factor but if everything is within lender guidelines you should at least be in the mid 6%s on a 30yr fixed.