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2019 Idaho Real Estate Blog

Credit Inquiries -- Tips To Improve Your Scores Main Boise Home Loans
How can you improve your credit scores with regard to credit inquiries? Read on!

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Dear BuildIdaho.com reader:

In my last post, we discussed Credit Inquiries and the differences between soft and hard inquiries. Today, let’s dive into how you can improve your credit score with regard to inquiries:

1) Hard Inquiries Will Affect Your Score For One Year. With that being said, you need to be on the lookout for inquiries on your credit report that you did not sign for. If you notice inquiries on your credit that are not legitimate, you should immediately write a letter to the creditor and the credit bureaus letting them know you DID NOT authorize the inquiry.

2) Shopping For a Mortgage or Car Loan Won't Hurt You. The credit bureaus give you a window of 14 days in which to shop for a new car or mortgage. During that 14-day period, multiple inquiries into your credit will only be counted as one inquiry. Just be sure that all inquiries during your shopping time are made within 14 days.

3) Avoid Third-Party Credit Card Inquiries. The credit scoring system more heavily penalizes inquiries from department stores. Try to avoid discount offers of these types if you are trying to improve your scores.

It is good practice to check your credit reports and scores prior to shopping for loans and other types of credit. This way, you know whether or not you are credit worthy to be shopping prior to beginning shopping...saving you time.

If you are interested in talking more about this post or a specific credit scoring issue you have or know about, feel free to call me at (208) 880-0316, or email me at eric@ericsloans.com. You can also visit my website at http://www.ericsloans.com.

Regards,


Eric Leigh, Mortgage Consultant
2965 E. Tarpon Drive, Ste. 150
Meridian, ID 83642
(208) 880-0316
http://www.ericsloans.com
eric@ericsloans.com
 
Posted by Eric Leigh at 8/28/2009 1:49:00 PM
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