10-27-2004, 03:35 PM
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vip member
Join Date: Jan 2003
Posts: 17,798
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Quote:
Originally posted by psyko514
detoxed, i'm not going to tell you any different than i already have. if you think your credit score goes up everytime your limit goes up, and not vice versa, you're wrong.
i worked with credit files on a daily basis up until 2 months ago. my closest friend worked several years at equifax and now works for visa. if the whole credit granting/scoring process changed in the last two months, he'd have told me.
if you doubt my abilities or qualifications, feel free to discuss the issue with your creditors, equifax and your financial advisor.
datinggold, checking your own credit file doesn't reduce the score. creditors checking it reduces the score, however it's negligible (generally 2-4 points per inquiry).
not only does each inquiry from a creditor lowers your score, the inquiry stays on your file for two years. if you've got tons of inquiries, especially relatively close together (for example, 6 in 1 month), you'll get labelled as a credit seeker. creditors will want to know why you keep applying for credit. questions as to the legitimacy of your claims on job, rent, repayment abilities, etc will come into play.
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How can it be vice versa? My credit limits dont automatically raise along with my score. I request a raise it they do it, THEN MY CREDIT SCORE JUMPS. |
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