Hi everyone. Just wanted to ask if you guys have any idea if it's even possible for me to take off some of the credit inquiries on my credit report which weren't approved for.
I know NOW that everytime you apply for a loan it goes to your credit report. And last year I have applied a few times. I know NOW also that credit inquiries which weren't approved for stays in your credit report for 2 years.
Recently I applied for a home loan, so that I could apply for the FHOG boost, but I was not approved for it by bankwest due to "unfortunate incidents and a lot of credit inquiries". I ordered my credit report and after looking at it I have no problems except for the amount of credit inquiries in my file within the last year and a half.
I would really like to know what are my options now if any of you have any ideas. Do I have to wait for 2 years before I can qualify to apply for a home loan again?
Thanks heaps!
You will find all applications for finance, whether approved or not, stay on your credit file for 5 years.
Some banks do worry when you start having too many hits on your file. usually it is just the last 12 months that they are concerned about and often more than 6 enquiries is when they start to worry.Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
The number of credit inquiries – in conjunction with other data – is a good predictor of poor loan performance and banks generally count it as a negative.
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