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Author: aoeuid One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 311070  
Subject: Re: Bankrupt or try to 'gut it out'? Date: 11/2/2012 9:46 PM
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Credit Inquiries – (Grade D – 7 inquiries)

Inquiries for credit, also known as hard inquiries, are placed on your credit report whenever you apply for credit. These results are the inquiries for credit over the last 2 years. It is important to note that soft inquiries do not impact your credit score and are not counted in this metric.

This is what stood out to me in this report. Why do you have 7 hard credit inquiries?

**My guess would be from balance transfers. One CC promo rate is about to expire . . . we get a offer for a new card with a zero percent promo, we roll the old balance that was about to expire on its promo, to the new card. Other than getting new cards, I have no idea what the 'hard inquiries' are about. I'll google it.**

CreditKarma.com actually lists me as a "C" on hard inquiries. But I just moved across the country, bought a house, took out a mortgage (I applied through 2 lenders), shopped home and auto insurance with 4 or 5 insurance companies and switched my utilities. I would have an excuse for 7 inquiries. What's yours?

%%The only thing I can think of, is what is listed above. Wait. We had some new Andersen Windows put it last year. We did the 2nd mortgage last year.%%

You also have 24 open accounts. Not that I would suggest you close any of them; but I have to wonder why so many? The number seems a little high. Do you have several store cards?

**To do balance transfers. I have several Chases (about 7). Several Citis (possibly 4). A few Capt 1, 2 BOA, 2 Discovers, . . . I do not have very many store cards and the ones that I do have, have a ZERO balance on them.**

Otherwise your credit profile looks fairly good. In fact, you're probably just short of what it would take to get the best mortgage rates. Of course as I said before, it's probably going to be your debt to income ratio that lenders may balk at when it comes to a mortgage refi. But you won't know until you ask.

**OK. I'll start asking when I get a break in my schedule. Aren't rates started to trend up just a bit?**

Thanks again Joel.

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