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inquirieseveryday

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[Background included] College Student, paying correctly? Possible to remove inquiries?
College student still not sure how credit works, but after my first FICO score that I saw on my Discover statement, it showed that I had ~ 750 credit score.

This was after I used a score I had already been rejected from Wells Fargo CC two times (waited a years' interval total after my first rejection), but the second banker I went to was not to prolific at her job at all and it was a small Wells Fargo branch. I applied--denied.

I went to a bigger branch within the next week, no inquiries or anything, and got approved for a secured CC (just so I know I would be safely approved with my own $300 security deposit) with Wells Fargo, which had a credit limit of $300 for the entire time before I 'graduated' and received my security deposit back and it got bumped up to $600 CL. This was a College Student Rewards Card.

Around the same time, I saw the Discover IT College card, and thought I'd apply for it--having only a credit history of less than a year. I called the backdoor number for Discover after my online application, and got approved for the $1500 CL with Discover. First statement showed a FICO score of 750ish and remained around there for a while.

(NOTE: signed up for CreditKarma to see credit report and score without touching my credit score. I am also aware that I get a free annual credit report annually.)

I now am also aware that opening a new line of credit so close to each other would make the overall age of credit history become an average. I also found out that Discover had to do a hard inquiry/pull to get approve me of the card--which I dislike very much.

After several months (~7 months) of only one credit line history, I saw that the score gradually went down to 710s until this recent month where it moved the FICO score moved up around to 730s. I still don't fully understand how to handle credit to keep it up and get it rolling better.

I started my first line of credit (WF Secured CC) when I was 19, because at 18 I was denied for it.

This is what I do now, and I am seeing if this is correct:
- Never go above 30% utilization (ever... even if it is above 90% and it's the first week of a cycle and then I pay it all off.)

- Leave an ending balance for each cycle (ex. Cycle ends March 15th ... $100 of $600 limit was used) --> Pay off that ending cycle balance in full in one payment (i.e. the OUTSTANDING balance is now $150, but I pay $100 for March's ending balance statement in full before the next cycle... but I still have $40 in this current cycle's outstanding balance) --> Leave that balance or use more but never exceed ~30% of credit limit.
(Is that right?)

I used to pay off everything right away or a couple days after purchased was posted. Then keep on doing that, and leave a $0 balance.

Which is the right way? Also, is there anyway to remove the hard inquiry from Discover (I don't want that to affect my credit for 6.5 more years.)

Also, for the soft inquiries that Wells Fargo had (that will last two years from less than a year ago) is still on there. Would it be possible to remove that or would that be impossible?
- Also I would like to raise my Wells Fargo credit limit and I would like to do that internally, without negatively affecting my credit scores. Would that be possible? They do have to ask if any inquiries/pulls (either hard or soft) will be needed to see if my limit can be raised, correct? How would I go about this and be approved from $600 to let's say, at least a $1000. I've shown promising payments throughout all 16 months (total from both line of credits almost a year with WF, though) of on time payments (16/16), and in full too, if I did it correctly? What is a sure-fire way, without hard pulls, to almost guarantee that it will succeed be raised by asking internally?
- Is there any special trick I have to say?

But right now I am taking maximum load of courses at my University, Summer Sessions, as well, a paid summer internship (hopefully), private scholarships that cover my whole tuition and fees and much, MUCH more (my family has an EFC of 0030 contribution estimated according to FAFSA, but we did not receive federal aid--my academics and extracurricular activities was awarded to me), and I do-self employed work when I have time that deals with computer tech., mostly pro-bono, and then I may interview for on-campus jobs, if I do not get into any of the paid internships that was asked of me (decent money, hours, and wage for internship, too).

So that's my story, but the "inquiries" I have simplified are:

- Am I paying the right way for my two credit cards (WF - 12->13 months cycle, partial of it was secured CC; DISCOVER - 4-5 cycle months)
- Am I able to remove soft/hard inquiries in any way?
- I am an undergraduate, working hard, still living with parents (no expenses for rent of utilities as of yet--they are too kind. But I do have two older siblings same situation-ish). Is that bad for consideration for a WF credit limit raise, and is that bad for a for removing inquiries/pulls if that is even possible? (Is there backdoor numbers that get me directly to a creditor/lender or higher ups to raise my chances?)

Sorry for the wall of text. I had a lot of questions, and am still focusing on my career, so I had to compile the questions and ask them all at once.

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Top Contributor
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Sometimes

I've successfully had hard inquiries removed by mailing a letter to the company that made the inquiry.  Basically, you inform them that they did not have permission to pull your credit report, and they have 30 days to prove otherwise or remove it.  You need to send the letter by certified mail or they will just ignore it.

Of course, if you actually have an account with that company, it's kind of hard to claim they didn't have permission to pull your credit.

The best way to increase your score is to stop applying for credit, keep your reported credit balances < 10% of the limit, and continue to pay on time.

If you want to request a credit limit increase, call the lender and ask them to do a soft pull vs hard pull.  Soft pulls have no impact to your credit score.

Top Contributor
7353 Contributions
3808 People Helped

Inquiries do not have a major impact on your credit score and any credit application is likely to generate a hard inquiry because they want to see your credit history before granting credit.  And inquiries vanish in two years.

It is best to keep your credit card usage at or below 10% for an excellent credit score.  Also, try to pay the balance shown on each statement in full every month.  When you carry over any part of the balance, you pay interest on that, which kind of negates the savings you may have received on that purchase.

One factor that may come into play before you can get a credit line increase is how much income you currently have.  They don't want you to possibly get in over your head.  All you can do is ask and the worst they can do is deny the increase right now.  But, that will be temporary.

Please take the time (short bursts, because your college studies are important) to read the articles provided on this site so you can better understand how credit works.  This site does provide valuable education in that aspect (which is why CK was created) that is not taught elsewhere.  I learned a l,ot and I am a whole lot older than you are.

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