· A credit inquiry removal letter can be a relatively easy and effective way to improve your credit score. While credit inquiries are typically the least significant scoring factor on your credit report, accounting for approximately five points for each inquiry, they can add up quickly if.
Credit reporting agencies classify inquiries as either soft or hard, and both are recorded on your credit report. But, only hard inquiries can affect your score.
For the most part, hard credit inquiries will have only a small impact on your credit score, typically no more than a few points per inquiry. That said, as the number of hard inquiries on your credit report increase so, too, does the impact to your credit score.
· Limit Hard Inquires to No More Than 2 During a 2 Year Period. As a general rule, you should keep hard inquiries under 2 during any given two year period. hard inquiries fall off your credit report after two years. This basically tells lenders that you aren’t actively looking for a bunch of credit.
· Hard inquiries will appear on your credit report for up to two years from the date of the inquiry, however they will only have a negative impact on your credit score for one year. The number of hard inquiries on your credit report accounts for approximately 10 percent of your total credit score.
· Hard inquiries remain on your Experian credit report for approximately two years but only impact your FICO ® Score powered by Experian for 12 months. Soft inquiries occur when someone checks your credit for reasons other you proactively applying for a loan or submitting a rental application, like when you check your own credit.
Bankruptcy public records stay on your Equifax credit report from seven to 10 years, depending on the type of bankruptcy. Other negative accounts, such as repossessions, can also stay on your report for up to seven years from the date of the first missed payment that led to the negative status.
· A late payment stays on your credit report for seven years. Here’s where it really hurts: Even after you pay the past-due bill, it remains on your report for seven years starting from the original date of delinquency.