Minimize Inquiries before Applying for Loan

danh999 · ‎03-29-2017

So I will be applying for a personal loan soon (engagement) and I want to do my best to make sure I get approved and not ding my credit report with multiple inquiries. My dashboard shows decent scores (670-680) but I'm sure that's not what the lender will see. Once I pay off my last credit card this week, should I wait a month for that to hit my credit report? Should I buy a new report on this site prior to applying? Is that what the lender will see? Of course, I'll need to research what bureau they pull. I'd appreciate your thoughts. Thanks.

Anonymous · ‎03-30-2017

@danh999 wrote:
So I will be applying for a personal loan soon (engagement) and I want to do my best to make sure I get approved and not ding my credit report with multiple inquiries. My dashboard shows decent scores (670-680) but I'm sure that's not what the lender will see. Once I pay off my last credit card this week, should I wait a month for that to hit my credit report? Should I buy a new report on this site prior to applying? Is that what the lender will see? Of course, I'll need to research what bureau they pull. I'd appreciate your thoughts. Thanks.

Leaving a small balance to be reported on one card really helps your credit score. I'd definitely give it a try.

Anonymous · ‎03-31-2017

As MusicLover suggests, paying all cards to zero will hurt your score. Paying all cards to zero except one (AZEO) is what you want to do, with that remaining card reporting a small balance ($10, $20, whatever).

If I were you, I would use a free service like Credit Karma to monitor your reports. You will be able to pull your reports as often as once a week there. When you see the new small balance appearing on your last card (on both the EQ and TU reports), I'd give it three extra business days to make sure Experian is also reporting it.

Then I would use the $1 trial at Credit Check Total to grab your three FICO 8 scores (and 3B report). That will be much cheaper than paying $60 to myFICO. The FICO 8 classic will likely be the score the lender will use, and even if it isn't it will be pretty close.

danh999 · ‎03-31-2017

That sounds like a plan. Thanks so much