That beautiful house on the corner with the wrap-around porch hit the market today! You know you need to make a move before someone else closes on your dream home.
But are you sure your credit score will get you a mortgage loan you can afford? Do not panic, the average credit score in the United States is 711. But there are ways to bring your score up in no time!
One way to raise your score a few points is to get rid of any negative marks on your credit report. Keep reading to learn about how to remove credit inquiries from your credit report to boost your score today!
What Is the Difference Between a Hard and Soft Inquiry?
A soft credit inquiry happens when you or someone you authorize (like a potential employer) checks your credit report. It can also happen when a company such as a credit card issuer or mortgage lender checks your credit to preapprove you for an offer. These do not affect your credit score like hard inquiries.
According to Experian, a hard inquiry, or a “hard pull,” occurs when you apply for a new line of credit, such as a credit card or loan. It means that a creditor has requested to look at your credit file to determine how much risk you pose as a borrower. Hard inquiries show up on your credit report and can affect your credit score.
What Kinds of Inquiries Qualify for Removal?
There are a couple of reasons for removing a hard credit inquiry from your report before the 24-month period expires. If any of these apply, you can request that the credit bureau remove the inquiry.
Sometimes, you will go to apply for a personal loan or other funding and you will find that the lender hit your credit more than once. You may request any extra hard inquiries made by the same lender about the same loan request.
Also, if you see a hard inquiry that you did not know about or approve, those qualify for removal from your credit report as well. You must authorize a lender to check your credit because it affects your score for a period.
How to Remove Hard Credit Inquiries from Your Credit Report
The first step is to call up the credit bureau showing the hard inquiry you want to remove and let them know you intend to request the removal. This is a crucial step if the dispute ends up in court.
Next, send a formal hard credit inquiry removal request letter by certified mail to the credit bureau. Make sure to include a copy of your credit report indicating which inquiries need removal.
Then, the company will respond either by removing the inquiry or denying your request. If they deny your removal request, you can appeal in court.
What Your Credit Report Says About You
Your credit report says a ton about you to potential employers and/or lenders. They can see if you pay your bills on time and how well you manage your finances.
Some people may find that they still are not happy with their scores after removing any hard inquiries. The good news is that there are other ways to keep improving your score over time!
Read our blogpost “Here’s an Easy Way to Boost Your Credit Score” for more creative ways on how to improve your credit score.