Why do you need my SSN???

[Amy]

Pulling your credit score (Trans Union , Equifax , Experian)does not hurt your credit . When you APPLY for credit like a mortgage , car loan , cc is when it hurts your credit . How is that 100% wrong . Read what you copied and maybe you will understand its the same thing I am saying .

 

I think Mojoe out of anyone of this thread would know about credit he's in the business of dealing with credit on a day to day basis... and it's common sense.. they pull your score, you loose points...where are you getting your information from cause I would be in a different car if this was the case, bad credit had nothing to do with it... it was all from being pulled too many times cause THEY KNOCK YOU POINTS EVERYTIME IT IS PULLED!

[abuseU1300]

They are not sitting at the fax machine sending 20 copies of your credit out to one bank at a time.

Never said they did but good try .

 

Here will this make you happy . To everyone on CR : getting denied credit does not hurt your credit score .

There now go find something to argue about that !!

[abuseU1300]

I think Mojoe out of anyone of this thread would know about credit he's in the business of dealing with credit on a day to day basis... and it's common sense.. they pull your score, you loose points...where are you getting your information from cause I would be in a different car if this was the case, bad credit had nothing to do with it... it was all from being pulled too many times cause THEY KNOCK YOU POINTS EVERYTIME IT IS PULLED!

Well there you have it ....

[LJ]

check out my sweet new sig

[Mojoe]

Never said they did but good try .

 

And I never said you did. I gave an example to fit your implication.

 

Here will this make you happy . To everyone on CR : getting denied credit does not hurt your credit score . There now go find something to argue about that !!

 

There are 5000+ car buyers on this board. Your previous statements could mislead and hurt someone trying to use the info you were putting out. I un-fuck credit everyday. And don't want to see anyone on here go through some of the shit I see. I'm not looking to argue. If you knew it for a fact, I would have accepted solid proof and said I was wrong. I was looking for something to reference, so in the future I could be sure. Even though I'm still at my office with 2 people who worked at Ricart for a combined 18 years and have a close friend at he Toy Barn. Let alone my last 10 years of working with credit. I was simply asking your source for info. There are so many variables to credit, it is an interpretation debate at some points.

[abuseU1300]

And I never said you did. I gave an example to fit your implication.

 

Here will this make you happy . To everyone on CR : getting denied credit does not hurt your credit score . There now go find something to argue about that !!

 

There are 5000+ car buyers on this board. Your previous statements could mislead and hurt someone trying to use the info you were putting out. I un-fuck credit everyday. And don't want to see anyone on here go through some of the shit I see. I'm not looking to argue. If you knew it for a fact, I would have accepted solid proof and said I was wrong. I was looking for something to reference, so in the future I could be sure. Even though I'm still at my office with 2 people who worked at Ricart for a combined 18 years and have a close friend at he Toy Barn. Let alone my last 10 years of working with credit. I was simply asking your source for info. There are so many variables to credit, it is an interpretation debate at some points.

 

 

OK , let me ask you this . How many times do you pull some ones credit score (Trans Union, Equifax)?

Say you have 20 banks , do you pull the credit score 20 times to send to those banks?

When you dont get approved through any of the 20 banks it does not hurt your credit right ?

[LJ]

lol at the sig

 

oh and sorry, I am no one's bitch

 

So my sig has way more relevance than yours

[Mojoe]

OK , let me ask you this . How many times do you pull some ones credit score (Trans Union, Equifax)?

Say you have 20 banks , do you pull the credit score 20 times to send to those banks?

When you dont get approved through any of the 20 banks it does not hurt your credit right ?

My process is different than a car dealership. I'm a broker. I have 80 + banks that I work with. Not to mention the money that we lend. When I pull credit, I cross reference it with everyone of their programs that fits my borrowers needs. I learn and know all the programs, or I reference them from the lenders guild lines. I know exactly what is needed for the loan to go through that lender. There is no need for me to waste the lenders time and have multiple inquiries, with sending the credit all over the place. When the loan is sent to the lender, they do pull there own credit. So, that makes 2 inquiries for the borrower. However, I do have some lenders that will underwrite off my report. Or, I can simply pull it from them, if I know I'm going to send it there. There are options. It just depends on the loan itself.

[abuseU1300]

My process is different than a car dealership. I'm a broker. I have 80 + banks that I work with. Not to mention the money that we lend. When I pull credit, I cross reference it with everyone of their programs that fits my borrowers needs. I learn and know all the programs, or I reference them from the lenders guild lines. I know exactly what is needed for the loan to go through that lender. There is no need for me to waste the lenders time and have multiple inquiries, with sending the credit all over the place. When the loan is sent to the lender, they do pull there own credit. So, that makes 2 inquiries for the borrower. However, I do have some lenders that will underwrite off my report. Or, I can simply pull it from them, if I know I'm going to send it there. There are options. It just depends on the loan itself.

Ok . My whole point is this .True example . I go into Ricart to buy a F150 . They pull my credit score , they send it through Ford credit I get approved . My credit score does not get knocked .

Now if my credit was shitty and they sent it over 20 banks and I got denied from 19 of them , how do those 19 denials not hurt my credit ?

So you never answered my question . How does pulling your credit score through Trans Union or the others hurt your credit ?

[abuseU1300]

lol at the sig

 

oh and sorry, I am no one's bitch

 

So my sig has way more relevance than yours

No you really are , but since you liked that one so much check out my new sweet one !

[LJ]

Ok . My whole point is this .True example . I go into Ricart to buy a F150 . They pull my credit score , they send it through Ford credit I get approved . My credit score does not get knocked .

Now if my credit was shitty and they sent it over 20 banks and I got denied from 19 of them , how do those 19 denials not hurt my credit ?

So you never answered my question . How does pulling your credit score through Trans Union or the others hurt your credit ?

 

A hard check will dent your score about 5 points.

 

The getting denied makes no difference over getting approved for all those banks, the point is the number of hard checks will put a pretty large dent in your credit. Also, creditors don't like seeing tons of runs on your report because they feel there is something wrong. Getting denied does not go anywhere on your credit report....

 

Also, the lower score only stays on your credit report for 6 months after the hard check.

 

Have you ever even seen a credit report?

 

 

Also, using too much of your available credit will also lower your score (revolving accounts)

[TTQ B4U]

when you go into a car dealership they pull up your credit report and get your beacon score...you do get a small ding when this happens. they can clearly see how many other times you've had it pulled to so they can see if you've been shopping around and how you're doing on paying bills, etc....bottom line you did write that you said "ones credit is only hurt when a bank denies you" and that's not true.

 

____________

 

Pulling your credit score (Trans Union , Equifax , Experian)does not hurt your credit . When you APPLY for credit like a mortgage , car loan , cc is when it hurts your credit . How is that 100% wrong . Read what you copied and maybe you will understand its the same thing I am saying .

[Mojoe]

Ok . So you never answered my question . How does pulling your credit score through Trans Union or the others hurt your credit ?

 

 

Actually, before this quote, you never asked this question. LJ has covered some of this.

But, also look at it from the creditors side. If you have many inquiries, the other lenders have no way of knowing if you were approved or denied. So to be safe, lets say you were approved. Now, from a lenders stand point, I'm worried that you took loans with 4 other banks and are fraudulently using these funds, or going out there and running them up or cashing them out(credit cards). Credit cards are a great example of this. Not so much with cars though. It happens. Lenders then have watch as someone never makes a payment and then has to try and recover those funds (new BK laws).

The reason for the score taking a hit with inquiries, is to protect the creditors by showing them, with your score, you may be a risk. Lenders have guild lines based on score. If your score is 580 -670, you get this rate. If it's 671 - 750, you get that rate. If it's 300 - 579, that's outside the guild lines, and they will not lend you money. THESE ARE ONLY EXAMPLES I MADE UP!!!!

 

Your questions have been good. A lot of people don't know these things. I hope I have answered your questions. I didn't want to come off like a dick over this. I just get very specific on topics like this because so many people read it. If someone has better info than me, I hope they correct me.

If I did not cover what you asked, feel free to let me know. A PM is fine if you don't want it here. With what happened to you at Ricart, I can see where you thought that is how things work.

[Amy]

Ok so now I have a question if I read this right... If a said creditor approves you for a loan, it does not count against you if you take the loan?

[Kevin R.]

If I apply for a credit card does it dent my credit?

 

I applied for two at school to get free Quiznos, lol, and someone mentioned it, so I am curious.

[V8 Beast]

If I apply for a credit card does it dent my credit?

 

I applied for two at school to get free Quiznos, lol, and someone mentioned it, so I am curious.

 

Yes, because they have to run your credit to give you a credit card.

[Smokey]

If I apply for a credit card does it dent my credit?

 

I applied for two at school to get free Quiznos, lol, and someone mentioned it, so I am curious.

 

it would be a hard inquiry as explained before. MORE IMPORTANTLY, if they opened an account for you, and you are not using the card, MAKE SURE YOU CALL UP AND CLOSE THE ACCOUNT. If you leave the account stagnant for long enough the CC company will close it for you, and that does reflect negatively on your credit.

[Amy]

Someone needs to write a damn book on all this shit. I mean seriously how does the average person know all this stuff. It's like this and that. I mean its obvious to pay your bills on time, but all the other technical stuff is what throws me sometimes...

[Smokey]

LJ and Joe, thanks for the info. I think you've both done a good job explaning things in layman's terms.

 

*in my experience* - (F&I manager for 2 years at a bike shop) - I found that there wasn't a set amount that credit scores decreased for each inquiry (ex 3 or 5 pts).

 

Other info that I would add is that lenders are able to use common sense. As an example,if in your history you have 5 inquiries from car dealers last may, and they see a car loan opened up for you at that time, then they can put that together.

 

What worries lenders is when you have a bunch of inquiries without a purchase, or if you have a history of MASS inquiries....nobody wants to be the last one to jump on the questionable credit boat!

 

once again...in my experience from behind the desk, yours may be different.

[Mojoe]

MORE IMPORTANTLY, if they opened an account for you, and you are not using the card, MAKE SURE YOU CALL UP AND CLOSE THE ACCOUNT. If you leave the account stagnant for long enough the CC company will close it for you, and that does reflect negatively on your credit.

 

Never have I seen or heard of this. Why would they close and account that has the potential to bring in $? I see old peoples credit all the time that is in great shape. And when I sit down with them and go over their open accounts, often we come across one from 20 years ago that they haven't used. The fact is, that account is part of why they have a great credit rating. The longer time you have established with a creditor, directly reflects on your credit. Poeple looking at your credit don't want to see that you jump from deal to deal. Stick with a core group of creditors and lenders that you like to work with. The longer you are with them, and the more you use them, the better deal you are going to get from therm. And when you do have someone else look at your credit, they will see that too.

If you call and close an account that does not hurt you, UNLESS, it carries a balance and you are still paying on it. If a creditor closes and account with a balance on it, that hurts you

[Smokey]

You're quite correct in everything you say. History is very important. The example that I was thinking of is that I have seen credit card companies close accounts that sit without a balance for more than 2 years. I'm pretty sure it's standard practice with Discover (good friend worked there for 4 years and informed me of this practice), but I'm not sure about the other bigger companies. I'm sure you've seen it on a bureau as "Account closed by credit grantor", which I've also seen used for when people go to debt consolidation places.

 

 

Never have I seen or heard of this. Why would they close and account that has the potential to bring in $? I see old peoples credit all the time that is in great shape. And when I sit down with them and go over their open accounts, often we come across one from 20 years ago that they haven't used. The fact is, that account is part of why they have a great credit rating. The longer time you have established with a creditor, directly reflects on your credit. Poeple looking at your credit don't want to see that you jump from deal to deal. Stick with a core group of creditors and lenders that you like to work with. The longer you are with them, and the more you use them, the better deal you are going to get from therm. And when you do have someone else look at your credit, they will see that too.

If you call and close an account that does not hurt you, UNLESS, it carries a balance and you are still paying on it. If a creditor closes and account with a balance on it, that hurts you

[Amy]

Smokey: You are corret, I had a CC that I had not used with a smaller company in I think around 2 years, I did not close the account (no balance either) and I had pulled my credit history and the account had been closed. When I had contacted the said creditor, they let me know that the account had been closed due to being inactive for over a "x" amount of time and they close the account.

[Mojoe]

See, it's stuff like that that's good to know. Discover is a funny card to work with. That makes perfect since for them to do that. They are one of the top cards the are included in bankruptcy. They are not hard to get, but difficult to work with is you run into financial issues.

 

thanks for the info Smokey.

[Smokey]

No prob Joe, I've also been able to pick some good bits out of your info as well. It seems that there's a lot of info out there depending on which side of credit you've had experience with.

 

I won't go into my thoughts on Discover...but let's just say that I'm not getting one of their cards unless it's just such a crazy deal that I cannot turn it down, and even then, it won't be for long.

 

BTW...it seems we're chasing each other through threads this morning, but I'm leaving work at 10am today, so you can stop looking for me over your back then

 

 

See, it's stuff like that that's good to know. Discover is a funny card to work with. That makes perfect since for them to do that. They are one of the top cards the are included in bankruptcy. They are not hard to get, but difficult to work with is you run into financial issues.

 

thanks for the info Smokey.

[Mallard]

If I apply for a credit card does it dent my credit?

 

I applied for two at school to get free Quiznos, lol, and someone mentioned it, so I am curious.

Mojoe,

 

In the case above, wouldn't the amount of credit available to you possibly hurt your rating?

 

Everything else you've said in this thread is in line with what I have been told. But I'm not sure how much available credit can effect your score. I used to put everything on my Amazon card, but stopped buying as many books after college. So I switched to Capital One but didn't cancel my Amazon card. It's going to expire at the end of the year so I wasn't going to bother cancelling it. Is there a difference between cancelling and not renewing?

 

I get at least one credit card offer in the mail everyday and send them straight to the shredder.