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[Disclaimer: I am NOT a financial planner, nor am I a lawyer. Nothing in this post should be considered as a recommendation, suggestion, or advice for YOUR specific situation. You should NOT use information in this post to make or not make decisions relating to your credit. Consult your lawyer, accountant, or financial planner before making decisions which impact your credit.]
Remove Credit Inquiry
If you are new to miles and points or don’t apply for many credit card, you can skip this post.
Many folks apply for credit cards to earn miles and points. However, each time you apply for a credit card, the banks look at your credit report (sometimes from more than 1 credit bureau). This is called a “hard inquiry” and stays on your credit report for 2 years. There are 3 main credit bureaus in the US – Equifax, TransUnion & Experian.
According to MyFico, in addition to impacting your credit score, lots of hard inquiries also suggest that you are a riskier borrower to banks. So the banks software may automatically decline you for new cards if they see a lot of inquiries on your credit report. But, as this post explains, you can usually call the reconsideration line and explain how responsibly you manage credit and get approved for new cards.
How To Remove Credit Inquiry
I read about a way called “bumpage” (or “*B” for the paranoid folks who post information on the internet, but then try to hide it with cute codewords!) to remove credit inquiries from your Equifax and TransUnion (but not Experian) credit bureau over a year ago while googling around.
However, the method involved a bit of work and I had hundreds of other posts on my “to-do list”, so I didn’t research it myself.
However, Kendra, a Million Mile Secrets reader, who I met at the Frequent Flyer University performed her own experiments and managed to remove hard credit inquiries from her credit report in just a few months.
Kendra has written the first of a 3-part series on removing credit inquiries on her blog, Points & Pixie Dust, so head on over to her blog to see her experience in removing credit inquiries from her credit reports!
Please do your OWN research and diligence before using “bumpage.” One big risk is that too many “bumps” or soft inquiries could result in a split credit file which means that you have 2 files (instead of 1) with a credit bureau. And it will take some time to contact the credit bureaus to get it fixed.
Another possible risk is that a bank, credit bureau, or overzealous prosecutor could consider bumpage as fraud and pursue legal action against folks. I’m not a lawyer, so nothing I write is legal advice, but I try to share all possible outcomes (however remote).
I haven’t tried bumpage as yet (and don’t know if I will), but it could be helpful to some (be sure to study the risks and do your own diligence before). I’m also not sure if having fewer inquiries will really help get approved for more cards, because the new credit lines will still appear on your credit report despite there being fewer inquiries.
Thanks to Kendra for sharing and writing a series of posts on it!