Is it true that when your credit is checked and they deny you...

[galleryseek]

your credit score goes down a fraction? is this true? heard this from a few people.

[Theo]

yes
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[Theo]

come on irc
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[Napolean]

Originally Posted by Soul_Rebel

yes
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well that sucks

[galleryseek]

"Try to limit the number of hard inquiries placed on your report - lenders often consider a high number of inquiries as a sign of financial difficulty."

[Napolean]

so when telemarketers call you non stop asking you to apply for a credit card, and you tell them over and over you dont have credit period.. and wont get accepted..

and then they tell you it wouldnt hurt to try.. their lying?

[WarChild]

I _THINK_ you take a hit of something like 10 points everytime your credit is checked. It doesn't matter if it's a denial or approval. I don't know for sure.

[KyleHoppes]

Shut Up Stupid!

[Napolean]

Originally Posted by WarChild

I _THINK_ you take a hit of something like 10 points everytime your credit is checked. It doesn't matter if it's a denial or approval. I don't know for sure.

nice, new ammo to tell telemarketers no

[BlueWire]

Doesnt matter if they accept or deny you. You get 2 checks of your credit per year. Anything after that brings down your score

[~Ray]

they look at it as being denied several times or it would have only been 1 check.. also, they look at it as trying to run up more credit.

[selena]

Originally Posted by BlueWire

Doesnt matter if they accept or deny you. You get 2 checks of your credit per year. Anything after that brings down your score

I think the one acception to that is if you are shopping for mortgages. You have like a two week window to comparison shop and it will only count as 1 hit.

Or that is what I was told last spring when I bought my house. I hope it's true, because I checked at about 15 places. ;)

[sextoyking]

Hard Inq's initiated by you re: credit app, cli, etc stay on your reports for 2 years.

AR's (account reviews - which are done every month or 2 by most cc issuers, Citi, Amex, etc, etc) stay on also, but don't count against your Shown Inq's to other potential lenders.

Even know Hards stay on 2 yrs. Most companies don't much care about those ones that are already 9-12 months old or older.

If you need to go on a line - app spree for new lines, etc and your fico (not faco) scores are good, do a couple of Citi apps or Amex apps on the same day. Usually you will only get 1 inq. for more then 1 app from certain companies.

thanks

todd

[sextoyking]

Originally Posted by selena

I think the one acception to that is if you are shopping for mortgages. You have like a two week window to comparison shop and it will only count as 1 hit.

Or that is what I was told last spring when I bought my house. I hope it's true, because I checked at about 15 places. ;)

Pretty true, if you go out 1 day and shop for an auto and 5 diff. places all pull hard's (inq's), they shouldn't all show up as 5 inq's. But alot of times they do, so then you dispute them and they usually get taken off, BUT don't ever dispute the INQ. that is from the company you got approved for LOL

[3M TA3]

when they check your credit and you are denied your score is lowered. if someone says you are pre-approved, it means you fit their demographic but doesn't mean you are going to pass their credit check.

same with buying a car. if you go to buy a car and fill out the credit appication alot of dealerships will run it through one of te big three then the F&I guy will know what source to use to get you approved. then once they have you approved it will stick for 30 days or so. if you don't leave with their car, then they will run your creidt through dozzens of lenders knowing you will get declined. this will lower your score and damage your credit so if you try to go to another dealership they will see dozzens of declined loans and a lower credit score...who would lend you $$ if dozzens of people declined you? easy question. the bank that had you approved before. dirty old trick the car dealers play just to get you as a customer.

I personally don't buy from dealers, and if I do i go through a management company, and it saves me money.

[sextoyking]

Originally Posted by BlueMoon

when they check your credit and you are denied your score is lowered. if someone says you are pre-approved, it means you fit their demographic but doesn't mean you are going to pass their credit check.

same with buying a car. if you go to buy a car and fill out the credit appication alot of dealerships will run it through one of te big three then the F&I guy will know what source to use to get you approved. then once they have you approved it will stick for 30 days or so. if you don't leave with their car, then they will run your creidt through dozzens of lenders knowing you will get declined. this will lower your score and damage your credit so if you try to go to another dealership they will see dozzens of declined loans and a lower credit score...who would lend you $$ if dozzens of people declined you? easy question. the bank that had you approved before. dirty old trick the car dealers play just to get you as a customer.

I personally don't buy from dealers, and if I do i go through a management company, and it saves me money.

Not so true at all. Multiple Inq's don't ruin or Hurt your credit so to speak. They can and do lower your Fico Scores (see: www.myfico.com) but it doesn't mean you have bad credit. You have been shopping around and haven't found the deal you like yet, etc, etc.

You can get multiple inq's done for car loans, mortages, etc off your report ver easily. But never Disputer the Inq. that you actually got the loan from or for.

[3M TA3]

Originally Posted by sextoyking

Not so true at all. Multiple Inq's don't ruin or Hurt your credit so to speak. They can and do lower your Fico Scores (see: www.myfico.com) but it doesn't mean you have bad credit. You have been shopping around and haven't found the deal you like yet, etc, etc.

You can get multiple inq's done for car loans, mortages, etc off your report ver easily. But never Disputer the Inq. that you actually got the loan from or for.

true, you can get them off. but it does lower your score similar to your debt to income ratio. if you have great credit it doesn't matter, but if you have so/so credit it can drastically effect it if you aren't carefull with it.

[sextoyking]

Originally Posted by BlueMoon

true, you can get them off. but it does lower your score similar to your debt to income ratio. if you have great credit it doesn't matter, but if you have so/so credit it can drastically effect it if you aren't carefull with it.

Blue Moon,

True on that... Even with fico's (scores from all 3 cpa's) in the 700's +, if you do too many inq's in a short amount of time you can see your scores some points. There is so much competition out there now for "prime cc's and loans" choose the place you want to do biz with upfront and check out there good promo's, bt's, point / awards, etc.

I love Citi and Amex. Amex always has the good Luv button online. I have around 12 Amex cards - 3 personal and 9 for our diff. corps. With Amex if you take care of them, they take care of you.

[GigoloMason]

Originally Posted by WarChild

I _THINK_ you take a hit of something like 10 points everytime your credit is checked. It doesn't matter if it's a denial or approval. I don't know for sure.

If you get approved it credits back.

[3M TA3]

Originally Posted by sextoyking

Blue Moon,

True on that... Even with fico's (scores from all 3 cpa's) in the 700's +, if you do too many inq's in a short amount of time you can see your scores some points. There is so much competition out there now for "prime cc's and loans" choose the place you want to do biz with upfront and check out there good promo's, bt's, point / awards, etc.

I love Citi and Amex. Amex always has the good Luv button online. I have around 12 Amex cards - 3 personal and 9 for our diff. corps. With Amex if you take care of them, they take care of you.

cool, Amex is a great company. how do they rank on J.D.Power?

one of my clients is an automobile management company and 90% of their mainstream clients has been hit hard by the credit checks. they find ways to get people in highline cars with so/so credit.

then again, i personally think that anyone who buys a brand new car is taking a big hit when I can get porsche 911s on a 1 year lease for around $1,000 a month.

[tony286]

My fico goes up and down every month , even when I do nothing. Its high enough to get whatever credit I need. so I dont worry about it .

[Wiggles]

hmm never knew that, good thing i don't get it checked or denied often

[sextoyking]

Originally Posted by tony404

My fico goes up and down every month , even when I do nothing. Its high enough to get whatever credit I need. so I dont worry about it .

Yep Tony, that's true with most ppl. Alot of factors go into your fico scores, Age of accounts, New - Open accounts - high balances, etc. Always try and keep your balances / versus limited below 50%, I pif most all cards used every cycle, so that doesn't hurt me too much.

I am thinking about writing a "credit for dummies" book this coming winter. There are so many ppl that don't even check or know there credit, what are fico scores (not fako) and what is the best way to keep my credit good, and if I have bad credit - can I get those things removed (yes you can and you don't need to pay any person / company to do it for you)

[beemk]

Originally Posted by Napolean

nice, new ammo to tell telemarketers no

hanging up on them works better

[BigCashCrew Dude]

yes, and it sucks if you don't have good credit

[sextoyking]

Originally Posted by BlueMoon

cool, Amex is a great company. how do they rank on J.D.Power?

one of my clients is an automobile management company and 90% of their mainstream clients has been hit hard by the credit checks. they find ways to get people in highline cars with so/so credit.

then again, i personally think that anyone who buys a brand new car is taking a big hit when I can get porsche 911s on a 1 year lease for around $1,000 a month.

Hi,

I haven't checked JD Power ratings in quite awhile, but Amex does pretty darn good in my opinion. Alot of ppl do bitch about 1 thing with Amex if you have multiple card. Some ppl once in a awhile get hit with there "FR" which is finanacial review.

It mostly happens when you have a Charge Card (green,plat,gold,etc) with no pre-set credit limit and you also have '1' or more of there Credit cards, I.E. Blue, Blue Cash, Hilton, Starwood, etc.

I have both charge and credit line ones and have never been hit with a FR, some people have. If they hit you, you need to fax personal financial info, etc.

Now as far as car loans, leases, etc. they use Fico scores too but also use what is called Auto Enhanced Fico / Scores. Pretty close to real fico's mostly, but they also score how you have been with just auto / car loans, credit, etc.

[Major (Tom)]

just having it checked will lower it slightly but it bounces back fast

[sextoyking]

Originally Posted by DukeSkywalker

just having it checked will lower it slightly but it bounces back fast

Well if you are checking your own credit reports or scores, I doesn't hurt you 1 bit. If you give Permission for a lender to check your reports (usually 1 report) they check, yes it can hurt.

I subscribe to:

http://privacysource.bankofamerica.com/

129.00 or something per yr. and you can check your 3 reports, scores, every day of the week if you want. It notifies me if new info is placed on the reports, i.e. new inq's, accounts, etc.

Well worth it ppl, trust me.. Now it shows you your scores, these are called FACO scores. The only true scores are FICO scores, www.myfico.com, faco's are always a few points higher then normal fico's but close enough to show you how your reports look..

99.9% of creditors look at your FICO scores..

[selena]

Originally Posted by sextoyking

I am thinking about writing a "credit for dummies" book this coming winter. There are so many ppl that don't even check or know there credit, what are fico scores (not fako) and what is the best way to keep my credit good, and if I have bad credit - can I get those things removed (yes you can and you don't need to pay any person / company to do it for you)

This is a great idea. There was so much I had no clue about during the mortgage process. Actually, there is still so much I have no clue about. ;)