Credit Inquiries on a Credit Report - How Long Do They Remain?

Credit reports are bit of a catch-22, aren't they? Plus, the mysterious Big Three credit agencies, i.e., Experian, Transworld, and Equifax, have their on endemic mathematical algorithm that NASA scientists can't figure out. What do I mean when I say they're a catch-22? Well, in order to have a good credit report score, you need to obviously have credit. But, if you have too much credit as in too many tradelines open, they actually penalize you for that. Yes, you need good credit to get credit too but it's a balance. Taking out too much credit too quickly is a big red flag too as something in their calculation of the credit score is triggered and the net result is that you lose valuable credit score points.

What's the trick? Only apply for the credit that you need. Avoid the lure of numerous credit cards. You should have two credit cards maximum, one ideally. That's what I do and it has a large maximum credit amount ($18,000). It's more than enough. Plus I get points for every purchase, which can be used to redeem prizes and airline tickets. Avoid having multiple consumer credit lines extended. Buy whatever you need to that you would normally use to buy with credit like tires, furniture, and other consumer products. While nobody knows how long tradelines can stay on your credit report, it doesn't matter as much as if you don't pay your tradeline debts on time.

That said, open tradelines drag down your credit score. The more credit you use as stated earlier in this article, the worse your score. I once had a client while working as a loan agent who had over 25 tradelines open. Her score was in the low 600s and she was lucky to have that. She paid her debts on time, but she had a lot of extended lines of credit.

Needless to say, credit report companies are secretive about how they compile their reports. They will give only generalized analysis on why your score is low. But a couple of things I can tell for a certainty: not paying tradelines on time, foreclosures, bankruptcies, and multiple, extended tradelines drag your credit down.

So, just long do credit inquiries stay on credit reports? It's not set in stone but it is generally believed two years. It is also advisable that if you've been refused credit due to this, it is advisable to wait for approximately six more months before applying for another loan. One of the reasons why I highly recommend limiting having only one credit card that you use is because of the fact that for every loan application, even every credit card application, it is reported to the three credit bureaus.

In conclusion, I strongly recommend based on experience that you do not apply for multiple loans at one time nor should you have many tradelines or credit lines open.

The Big Three are funny and frustrating but they are a monopoly and like Big Oil exercise their power to their hearts content. They force everyone to follow their guidelines but that said, they do reward the careful user of credit. Just remember, it is not a good idea to apply for too much consumer credit at one time either separately or singly. By doing so, your credit worthiness is likely to be looked at unfavorably by the credit report companies.

If you'd like a free online credit report? You can get one by visiting http://www.freecreditreportinfo.info a popular credit report site that provides free tips and resources including information on credit scores, credit reports, credit repair and resolving credit disputes legitimately.

Thane Rutledge is a successful Webmaster of Free Credit Report Info. He provides more credit tips, advice, and answers to questions like just how long do credit inquiries stay on a credit report? at his website http://www.freecreditreportinfo.info/

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