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I have decided to take on my credit issue this year, my first step is monitoring my credit report. I can't afford the 3 in 1 monitors so right now I am using Experian's Credit Expert. Anyhow my first question is ihave about 8 credit inquiries that will "fall" off my report this year (2 year statue rule) anyhow I have no plans of having anyone check my credit this year so as these fall off will this affect my credit score? Thanks
Hi Ashley,
Negative inquires from the credit companies hurt the credit scores. Like you said the hard inquiries will be removed from your credit report this year, your credit worthiness will boost up. And your future lenders will see no risk in extending new credit, if your scores are decent enough.
Polly
Thanks for the reply! Right now my score is 576 up from 555 last fall. I don't have any intention of taking on any unsecured credit this year so the only activity should be my mortgage, car payment and the four cards that were consolidated (two of which I hope to pay off with the tax refund in about a month) So if this all plays out this year like I plan about how many points should my score go up, will I top out over 600 by 12/31/07. Just your best guestimate, I know there are a lot of mitigating factors when it comes to credit scores.
If you continue making payments on your accounts on time, your credit rating will boost up and crossing 600 is quite possible.
Thank you JD for your response, that is my plan. I am on my 2nd month of 2007 now of re-establishing my credit. I hope that next year that I can get my credit score high enough that I can get a low avaiable balance VISA just for increasing my score but that is next year. Thanks again