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jasscott86

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Hard Inquiries: What if I decline the offer due to interest rate?
I have two new companies - I have been operating under a sole prop. for 2 years - just separated into 2 LLC's. I don't have a good credit history because of lack of credit usage NOT deficiencies. So I started applying for loans for my company which does really well. I have been denied only by 1 bank but I have 20+ credit inquiries. The other inquiries are banks that I turned down because of the high interest rates on standard loans (20%+).

Can I dispute credit inquiries from companies who I turned down?

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Your hurting yourself in the long run.

The rates offered are generally going to be the same from most companies, They are using the same basic info to give you a rate. Chances of finding better rates declines with each time you apply.  Shopping for credit like that hurts you in the long run. There is no way i know of to get those inquiries off your credit report, If anyone knows please inform us all.  

Credit scores are broken down in brackets, almost all lenders offer very simular rates to anyone in a certain bracket.  For the best rates you need a score over 750. the next bracket breaks around 720.  Below 695 and your paying the highest rates and fees.  

Once you've been denied you shouldn't apply for any credit for at least 6 months.  Once all these hard inquiries cycle through and get cross reported your probably going to see a signifcant drop in your scores. I'd be surprised if any of these inquiries fall off. keep us updated if they do. 

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