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New Member
clujtwin
Posts: 3
Registered: ‎07-21-2011
0

HELP!! Verizon is ruining my credit with too many hard checks!

Hello,

 

I have been given the run around by Verizon for about 1 year and a half. In Feb of 2010 I was told that my appartment could get Fios so I signed up for an instalation. Verizon confirmed it and I received the day before the instalation call, except that nobody showed up to install Fios. I called to find out why to be told that Fios wasn't available in our area. A few months later, I looked it up online at theVerizon website and it showed that my address can get Fios. So we signed up for an instalation again only to have the same story repeat itself. We did this another 5 times because every time I spoke with an operator they assured me 100% that everything will go smoothly but every time the instalation would be confirmed and nobody would show up, then when I'd call to find out I would be told: "ooops, Fios is not available in your area". Now my credit is suffering because there are 7 hard inquiries in 1.5 years and I don't think it's fair. If Verizon would have done their job correctly, then I would know it wasn't available in my area before they would do the credit check. I don't know how to take them off. My credit score went down 60 points :smileysad:
Also, when I agreed to the credit check, I was told it would be a soft inquiry and that the most it would cost me in points would be half of a point. Please advise. This is ruining my life...

 

Thank you

Contributor
rebuildingaftercollege
Posts: 94
Registered: ‎07-21-2010
0

Re: HELP!! Verizon is ruining my credit with too many hard checks!

Hi clujtwin,

 

Inquries fall off your credit report after two years and I believe (somebody can correct me if I'm wrong) don't factor into your score much after 1 year. Are you sure nothing else has changed that caused your score to drop? Maybe your utilization of your credit increased?

 

Either way, your inquiries should start coming off February of next year but the older ones shouldn't be hurting you much anymore.

 

I hope this helps and maybe others can chime in if they have any ideas to explain the 60 point drop.

Starting Scores (January 2010): TU: 501, EQ: 517, EX: ?

Current Scores: TU: 695 (3/4/11), EQ: 653 (4/17/11), EX: 658 (2/19/11 via US Bank pull for loan)

Goal: 700
Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
0

Re: HELP!! Verizon is ruining my credit with too many hard checks!


rebuildingaftercollege wrote:

Hi clujtwin,

 

Inquries fall off your credit report after two years and I believe (somebody can correct me if I'm wrong) don't factor into your score much after 1 year. Are you sure nothing else has changed that caused your score to drop? Maybe your utilization of your credit increased?

 



Inquires do stay on your reports for 2 years, BUT are not factored into your score after 1 year.  Depending on your overall credit situation, 7 inquiries doesn't normally equate to such a large pt loss.  On my EQ I have 8 inquiries.  I think it was about inquiry no. 4 or 5 that I started to get dinged 2 points per new inquiry.  Inquirys aren't weighted that heavily into your score.  There has to be something else going on with your score.  Also, and probably most importantly, are you sure you are looking at an actual FICO credit score and not what is referred to as a FAKO score?  Where is your score coming from?


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
Take the FICO Fitness Challenge
Senior Contributor
Booner72
Posts: 3,889
Registered: ‎05-24-2011
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Re: HELP!! Verizon is ruining my credit with too many hard checks!

I would personally stop calling Verizon for anything.  And what's FIOS?

STARTING: 11/24/10 EQ-584 EXP-648 TU04-595
CLOSED FIRST HOME 8/19/11 EQ-630 EXP-691 TU04-653
CURRENT: EQ-701 EXP-??? TU08-720
New Member
clujtwin
Posts: 3
Registered: ‎07-21-2011
0

Re: HELP!! Verizon is ruining my credit with too many hard checks!

Yes, I am looking at my Fico score. The only thing that has changed with my credit are those inquiries. I have had the same credit cards for two years, I haven't opened any new accounts, I have been paying off all debts and any past collections so my score can get better because I want to buy a house in a year so I am doing everything I can to increase my score. I haven't been late with any of my credit card payments, I actually try to make them early and I don't apply for any of the offers taht I get in the mail. There were 4 negative things on my  report from some bills I had in 2005 that I wasn't aware of but I paid them off so the only negative thing on my credit now are those inquiries :smileysad:

Established Contributor
kjm79
Posts: 1,008
Registered: ‎01-22-2008
0

Re: HELP!! Verizon is ruining my credit with too many hard checks!


clujtwin wrote:

Yes, I am looking at my Fico score. The only thing that has changed with my credit are those inquiries. I have had the same credit cards for two years, I haven't opened any new accounts, I have been paying off all debts and any past collections so my score can get better because I want to buy a house in a year so I am doing everything I can to increase my score. I haven't been late with any of my credit card payments, I actually try to make them early and I don't apply for any of the offers taht I get in the mail. There were 4 negative things on my  report from some bills I had in 2005 that I wasn't aware of but I paid them off so the only negative thing on my credit now are those inquiries :smileysad:


When you paid off those collections, did the accounts get deleted from your reports?  Or is it possible they updated the account when you paid?  Sometimes what happens when people pay off collections is the CA marks the account as paid but updates the REPORTED date and this makes the collection appear more recent than it really it.  If they updated the accounts with a newer dated I'd bet that is what dropped your score.  60 points for 7 inquires in a year and half would not cause that kind of drop on a true FICO score.  And FICO only scores the inquires that are within a year.  So it's not even 7 inquiries. 


Starting Score: TU? EQ 585 EX? (12/06) (CH 7 bk 11/04)
Current Score: (5/12) TU 699 (myFICO) TU 709 (WalMart) EQ 690 EX 686 (CC denial 7/11)
Goal Score: 720 Across the Board by Mid 2012
Take the FICO Fitness Challenge
New Member
clujtwin
Posts: 3
Registered: ‎07-21-2011
0

Re: HELP!! Verizon is ruining my credit with too many hard checks!

I see.. I will check on that. Thank you!!


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