Types of inquiries

[williewonka]

I'm self employed and my company does business with a local bank. They occassionally pull my personal credit just to "update their files". TMost of the loans I have with them do not report to my CR as they are business loans. All of the pulls are hard pulls. I guess I'm wondering if they could do a AR or PRM instead so I don't get as many hard pulls? Would they be able to get the same info out of a AR or PRM?

Also, one of the loans is in my personal name, but does not report to any CB. It's a real estate loan that I have about 16 months of good history on. I currently only have one mortgage reporting on my CR, would a second one help my scores? I've got good scores, and no baddies, and a pretty good mix of other CC's, auto etc... accounts.

[Anonymous]

Your bank should not be doing hard inqs for account maint. They should all be soft ARs. ARs give them the same info as a hard but with out the loss of points. I'd go through the ROOF if my bank did regular hard inqs to check up on me. They are only for credit inquiries. So if you take out a new loan, yes a hard is qualified, but if they are just checking up on you, a soft is qualified. No way do they or should they be doing hard inqs. Hard inqs hit my score for -10 points each!!!

As far as the second mortgage, with other mortgage showing and other installments in hte mix I doubt it would help to have it reported as open. When it is PIF I'd ask it to be added then. You probably don't want too many open accounts showing that you owe more debt.