Credit, one of my fun subjects. First, inquiries do not lower your score, if you are purchasing a home, home loan or a car. Of course you will have some inquiries, you are applying for a loan. A red flag, or potential lower score is too many inquiries. Reason, if you need that many, you are not shopping, but getting turned down. During my Automobile sales career I pulled everyone's credit, and studied their worthiness for a loan. Saw everything from a 850 score, to 23 derogs, for 23 accounts.
Do not use a credit repair service, as they are really close to a scam. You can do the same, if not better yourself. First, obtain your credit report from the big 3. If you are ever denied credit, they must give them to you for free. Experian, Equifax and Transunion. You should see what and where your problems areas are. All of the derogs will have the business addresses listed. Begin a letter writing campaign, the same thing the credit repair agencies do, you can do yourself with less damage. A little known fact, if you do sign up with one of these, it is reported, on your credit report. No loan agency will touch you if you are in credit repair. You are better off having a bk with discharge papers than that. Ask them if enough time has passed, to have them remove it. If not a letter, call them. I had much better luck over the phone than with letters. If they say yes, have them send you a copy of the letter. When you write to individual credit bureaus, include this. They may say they will, but it is up to you to verify. Make sure you start a file, save all correspondence. You will notice many of the bureaus have different problems. Just work on the problems, at that account. I have seen 80-100 point differences between agencies. Most loan companies use all three, but average and median.
Another step is to attach a letter of explanation. Death in the family, loss of income. If the derogs cannot be removed, they can be explained. Everyone has a crisis at one time or another. Partying until falling down, and going on a spending spree will not suffice. Medical emergencies would include hospital bills. Keep this up until you have exhausted all means. Judgements and tax liens stay there until cleared. Some derogs roll off in 5 years, bk's normally in 7. Repos can stay long if never cleared up. It is a lot of work, and sometimes very frustrating dealing with the agencies. I was able to clear up my entire credit report, by myself, using this approach. Credit score is power, and money. An example, I wanted a swing set from Home Depot for my kids. They had an offer, sign up for a credit card, get 10% off of purchase. So to save over $100. I signed up, and was instantly approved for $3,000. I got the swing set, took the receipt and paid cash, 1 minute later. I could also close it today, but with 6-12 months interest free, I may keep it around. Examples like this are everywhere, especially when applying for a loan. You can negotiate from a powerful position, with great credit, save a lot of points/interest. With lame credit, you take what you can get, and may pay additional loan origination fees.
That is it for credit repair, next step or lesson, building it after repair. Comeback and ask after you complete step one. If around I will give you some easy and inexpensive ways to build your creidt back up. Good luck as I have been there and done that twice. Neither was gambling related.
Best Wishes...OF:howdy: