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First off, This guy.. I know him online.. and he gave me his Discover Card number!? Thanks in advance for any response. 2nd question I got is.. Okay, I'm just trying to figure this out:. |
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That's a good question. I'm not sure what is the answer to that question. I'll do some research and get back to you if I got an good answer. You should email the people at Discover Card as they probably could assist you..
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Hard inqs are generated for other reasons than just new application for credit. CLIs, Insurance, Rent a car (with Debit), employment, utilities, CAs (that try and ruin you credit), deposit account applications, and more. If you move, plan on getting 2-5 inqs. Some people have nasty CAs that try an ruin their reports with inqs...
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Because a bunch of inquiries casue problems when said credit seeker applies for more credit...
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I bumped off 8 inqs prior to asking for a car loan and that bumped my fico up 8 points as well - into the next level of lower rates. so, to me it was definately worth doing as it is saving me money (and still is)...
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Right. If the CRA has a certain file size limit to keep to, and if soft inqs count towards that file size limit, but aren't shown to anyone but me, then filling up with soft inqs means knocking off other stuff that others WOULD be able to see, and replacing that info with stuff others WON"T be able to see..
Eh?.. |
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Laying in bed last night it occurred to me that theoretically someone's file could be at file size limit with nothing more on it than their personal info that is viewable to others..
Hmm. Unfortunately theory is only that... |
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+1.
I got + 7 points on EQ Fico specifically due to bumping a few excessive inqs (13)....ymmv...... |
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Adding new tradelines is 50% of credit repair..
WTH is a good score/report for if you are not going to obtain high quality credit products?.. |
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Moreover, it's like saying "Why save money on the small items when you'll have to pay your mortgage at the end of the month anyway.".
Bumpage is low hanging fruit. (Lower for some than others. ). And the game of Fico improvement is won by banking small improvements. Slow and steady wins the race... |
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SAD THING IS....
NOT APPLYING FOR ANYTHING WON'T PROTECT YOU FROM. CLD/TOTAL CLOSURE/APR JACKAGE. EITHER.. |
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I also don't understand how some of you guys end up with 12+ inquiries..
Are you guys using the shot-gun method to search for new credit.. I usually apply for about 3 high probably Credit cards and then 2 wildcards about every 6 - 12 months. If you are informed and using all the tools available like the credit pulls database, I think you should be getting 50% - 75% approvals, if done correctly. When correctly spaced out 6 - 12 months and among the 3 CRs, 6 max should be showing per file.. I have added over 20 new accounts in the last 3 years with pulls also from cable, phone, cell phone, electric, car rental, employment, CAs, and still my max was 6 showing on 1 file for the year... |
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Double post.
This post has been edited by. LadyRelm2. : 23 January 2010 - 09:11 PM.. |
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Some use up hard inquiries to take advantage of bonuses for opening bank accounts. No loss to average age and once the inquiry is gone, no penalty from Fico...
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Most of my 33 inqs happened in October 2008 when I went to a CAR DEALERSHIP..
33 Inquiries!!!!. The good news is they're all on EQ and will drop off this year!!! (But see, pulling CCT everyday I've bumped them down to 19.).. |
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^^ haha.
That is crazy.. But as mentioned before, you can get 6 in a year with your method, then a 7th if you need a new cell phone. maybe an 8th when you apply for insurance. 9th and 10th if you have a collection agency or 2 coming after you. 11th comes if you apply for a new apartment and a 12th if you decide to rent a car with a debit card!. Sucks doesnt it?.. |
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It's not that simple. Some thoughts in no particular order....
1. There's not an even distribution among all 3 CRAs, at least not where I've lived as an adult (Ohio, now Florida). EX, then EQ, then TU in that order.. 2. If you move twice in 2 years you'll have 2 inq's for several utilities. And this isn't all that uncommon, esp for those of us < 30.. 3. An example, recently, DGF opened up Schwab 2% Cash back Visa. That's 2 Hard inq's: 1 for the necessary Schwab Acct, one for the FIA/BoA Credit approval. We'll probably add a Schwab high yield Savings acct soon, that's another Hard.. 4. Last year we gross'd $1550 in bank bonuses. Several did a hard pull.. 5. Getting a car loan and then a refi a year later.. 6. Having less than perfect credit. Credit Pulls doesn't give the whole story, especially lately. You can have a 725 and get denied if you have a 5 year old medical collection, you can get declined.. 7. Issuers who do hard pulls for CLIs... |
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HARDS.
HURT. NEW ACCOUNTS HURT. Too bad for some banks. "EXCESSIVE AVAILALBLE CREDIT LIMITS". Also hurts. They dig deep enough. THEY WILL FIND SOMETHING TO HURT. (even if they have to make it up).. |
