 How do debt collection agencies find you if you move house? |
| My partner owes a small amount of money from about 6 years ago. i met him 2 years ago and he has moved house 3 times since then. We now live together and a debt collection agency has managed to track ... |
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 Will a collection agency bother to sue for $1700? |
| This is an unemployed woman with no assets to speak of, though they probably don't know that yet.... |
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 If I add my name to my husbands auto loan will that help improve my credit? |
| I bought my first truck 1 1/2 years ago (barley because I had no credit) and now I am selling it. I have a buyer ready but I am affraid to sell it because I am worried that it will hurt my credit. W... |
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 I need a cell phone provider that doesn't mind bad credit? |
| my credit is not good but i would like a cell phne with out having to pay a deposit but i dont want prepaid. is there a cell phone company that will offer me a contract with poor ... |
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 Can my credit ruin my Fiances credit when we get married? |
| I have really bad credit right now that I'm taking care of. But in the meantime, I would like to get married in like 2 years, but we are afraid if we do it will ruin my fiances credit.... |
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 Why do they bother? :-(? |
| My credit got very bad a couple of years ago after I went >$10K in CC debt. I have been busting my can to fix it, and it's better but not perfect. (My credit scores are between 603-650, ... |
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 What should I do, I accidentially bounced a check? |
| I wrote a check to my job that I found out today was returned nsf. I accidentially grabbed the wrong check book and thought I had written it out of another account, it was an honest mistake and I ... |
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 Bad Credit-Home Loan? |
| I have a 495 credit score and just had a recent divorce and still living with my husband. I am staying with him to save money however I want to get my own home and its seems not to be possible ... |
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 Lookin to get credit?? |
i have no credit. i'm lookin to get some good credit. i'm really iffy about credit cards well the damn things scare me. Whats the best way to get credit?? thanx
Additional Details<... |
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 I am unable to make my minimum credit card payment. Before signing up for a debt settlement program, should I? |
| talk to the bank about this situation? Do banks lower the balance and work with a customer in trouble, to help resolve this problem?... |
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 DESPERATELY need a loan shark. I know all the stories but MUST do something NOW? |
REALLY IN TROUBLE. Someone please help me.......
Additional Details
Tried all the online bad credit loans and got alot of denials as well as junk offerings. Even had a few call saying ... |
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 19yr old army lad needs loan or finance for car? |
| 19yr old been in army three and half yrs no credit who can he ... |
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D | Can credit checks alone hurt your credit? |
Ok people, this is a bit of a rant so hang in there with me....
I heard from a friend that when your credit is checked for any reason it casues your score to go down. The logic behind that is if your credit needs to be checked on you must be up to no good. That's total crap! Money conscious people buy houses, they buy cars, etc. Why should these inquiries alone hurt your credit?? I think it's just a cash cow, a BS way to take down points and make higher rates for hard working people.
I am not a conspiracy theorist by any means, but this notion really pisses me off. Does anyone have any thoughts or knowledge about this? |
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Jennifer A
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This is how the system is set by creditors and credit reporting agencies for their own advantage. If you want credit from them then you have to play by the rules of the credit game. The "hard" credit enquiries cost about 5 FICO points. The mortgage and auto enquries should be grouped within 14 days to count as shopping for a loan. You cannot take your credit report to prospective creditors and show them so that they do not pull hard enquiry. They have to pull a fresh hard enquiry since this is part of loan application. |
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truth
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Yes! I used to apply for store credit cards just to get the 20% discount or whatever for just applying and it puts up red flags on your credit account. Be careful when buying a car or house too. If they all check your credit it will work against you. find what the house or car you want first then let them check your credit! |
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Michael P
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It's true, but there are two kinds of checks. When someone checks your credit to, say, send you a credit card advertisement in the mail, that has no effect. What matters are the kind of checks that indicate you're applying for a car loan, a line of credit, a credit card, etc.
It's only going to make a difference if you apply for a bunch of stuff all at once, and even then it's not a huge difference. Lenders do get scared when it looks like someone is suddenly in the market for a bunch of credit right away, and I don't think that's totally unreasonable.
Nobody's out to make loans hard for people to get -- quite the opposite, in fact. If they weren't loaning you money they wouldn't be turning a profit. Credit scores and the like are just a way for people loaning money to make sure they're likely to get their money back. |
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Jackie
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It's true, but it's only true for "authorized" credit checks. I.E. - You go to Victoria's Secret and apply for a credit card. This shows the lenders that you are "actively" seeking credit. Therefore, they need to take into account not only the credit you already have, but that you are trying to obtain more.
I think the whole credit system is screwed. It pisses me off to no end. My husband and I had a premature baby in 2006. He spent 3 months in the hospital. Our insurance covers 90-10, but we have an out-of-pocket maximum of $5,000 a year. Well, he met the 5 grand and we began paying $250 a month on it. Sorry, I can't write out a check for $5,000 like it's pocket change. Anyway, he was born in March, by July (4 Months), we got a letter from the hospital stating that although we were paying, it was an "insufficient amount" for how much we owed, so they turned it over to collections. They expected it to be paid off in a year. Long story short, my husband and I now both have a collection on our credit history. We've never been late on any other bills, we don't have a credit card, we have our mortgage, and a car loan. That's it, but our credit took a dive because of this medical collection. To me, that's completely unfair! |
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Mr.October
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Just get your credit checked from one of the credit companies and make copies to carry to the credit lender. The one that wants your business will look at the date on the printout and work with you. That way you don't loose that 1/2 pt every two credit checks. |
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SuperCactus
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Yes. Lenders don't like to see you shopping for to many loans or to much credit. They fear you are facing financial problems and are desperate for money. |
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Karpal S
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Your score will drop when a company checks your credit. I would not worry about it. Unless you do several inquiries your score does not drop by much. Inquiries stay on your credit for two years.
You also have the option of checking your credit yourself by contacting the three major credit bureaus. That will not affect your score at all. |
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sircarpediem
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Yes, there was a law passed that you can run your credit as many times as you want in a 30 day period and it wont hurt your score. But yes it does hurt you and yes there is a reason. Rich people dont need their credit run that much, middle class lesser, and ofcourse if your poor credit will be ran all the time. So many ways to beat the system. Get your parents or friends with excellent credit (700 score or higher) to add you as a signer to their accounts. ex if they have a credit card let them add you. Wont come up on your credit as a date you had your name added, date will be when THEY OPENED THE ACCOUNT. So you will have an instant credit history. There are also companies that add tradelines to your credit for a fee. Rich people add their kids to their accounts when they are babies. When they turn 18 they have 800 scores and can out of a dealership with a vehicle with just their signature.. |
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Missy M
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This is partially true... If there are X amount of inquiries (checks) within a day or week it can cause your score to go down, however if you are looking for a home or car at the time it is usually disregarded when going for a loan...
Reason being is because it doesn't look good to have ten checks done a day for a week straight... it makes it seem as though you are looking to take out credit you cannot afford. |
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OC1999
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Yes it effects your score, but no it is not major. For the FICO score credit inquiries account for only 10% of the total. For the average person a couple of inquiries every few months is only going to effect it in the 3-8 point range. But if you are applying for 20-30 credit cards in a short period it will have a much bigger effect. The exception to this is that if you apply for a home or car loan you are allowed to do multiple inquiries in a period of time. These types of inquiries are only counted as a single one.
The biggest effect is your payment history which accounts for 35% of your total score. Below is the breakdown as to how much each thing effects your score.
Payment History - 35%
Amounts Owed - 30%
Length of History - 15%
Types of Credit - 10%
New Credit - 10% |
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daeve930
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Take a look at the websites for Experian, Equifax and TransUnion. You may get better information from them.
When you're shopping for a home, don't let every lender run your credit unless you actually apply for the loan. You won't know what rate you'll be able to get without a credit check and application, but you won't have a bunch of credit checks either. Most lenders can only tell you the standard rate, because everything else is calculated on the computer, using software like Desktop Underwriter. Until there's a completed application and credit report attached to it, all they can tell you is the standard.
The bureaus recognize that a smart shopper will look around before choosing a loan. So if you have several mortgage inquiries in a 3 week period, that doesn't affect your score. If you have 3 or 4 credit card inquiries, some mortgage inquiries, and a few auto dealers checking you out, they're going to wonder if you can afford all this new credit. |
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GO TO HELL
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That is true. I don't know why, but it does happen that way.
I don't know if it's a "conspiracy", but it is a bunch of crap. |
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jared_e42
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It is a bit odd; but if you are concerned about your credit report, you are entitled to a free copy from each of the 3 major credit industries every 12 months.
ANNUALcreditreport.com
(not to be confused with Freecreditreport.com, which is not free ironically).
This isn't a credit score mind you, but a report of how your accounts are, who might have been checking on them, etc.
Someone checking your credit history is not a large factor; but I certainly wouldn't apply for every CC there is. I have 2- MBNA and Visa plus my check card (which I never use). |
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