Friday, March 09, 2007

Paid off all my loans and my score went down. The inquiries must be hurting my scores

Live Human
to me / show details / Mar 2
Mr. Majors, good morning. I ran across your information related to credit reporting and wondered if you'd take a moment to answer my question.First, I only have (1) open credit card, paid off my last home loan, paid off my home equity loan and have never made a late payment on anything when I did carry credit cards. I keep an eye on my credit report and a ke exceptional pride in living non-plastic and noted my credit score was 700 just 2 months ago. I have not opened any accounts and recently was merely querying lenders for my new home financing however, now my credit report isaround 660?? I checked my report and found no erroneous accounts listed or opened, all my data reflecting on time, full payment of previous accounts so I am at a loss as to why my score is gone down??? I do have (3) inquiriesfrom mortgage lenders (quick home loans, countrywide, etc..) but had no idea inquiries could affect my score. My question is, how long will these inquiries affect my score and how I canget it back to where it was or higher without opening new accounts?
Reply
Live Human
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Bo Majors
to Live Human / show details / Mar 2
The inquiries are not hurting your score at all soemthing else is wrong I would wonder if you have enough credit as it sounds you have eliminated everything. The usual suspect is 80% owed against total limit borrow on your report somewhere. Thats About All I can guess without seeing your report myself

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