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New Contributor
Posts: 58
Registered: ‎04-23-2012
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Inquiries for utilities and the effect on credit

Hello, I am in the process of moving and have had to open several utility accounts (directtv, lights, etc).  I have actually accumulated 5 new inquiries mostly on equifax. How does the inquiries effect my credit?  Are they looked at differently because they are for utilities and not for cc or loan?  Thanks in advance.

5/13/13 EQ 636 (Myfico), TU 660 lender pull , EX 640 lender pull
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Contributor
Posts: 94
Registered: ‎01-02-2013
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Re: Inquiries for utilities and the effect on credit

I'm about to do the same in 2 weeks, I'm interested in seeing the replies aswell.
........???................659 (FICO)................659 (TU08) ........
Frequent Contributor
Posts: 351
Registered: ‎11-11-2012
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Re: Inquiries for utilities and the effect on credit

The inquiries are scored because they are an indication that you may have taken on new financial obligations that could impact your ability to manage additional new debt. Like all inquiries, they have minimal impact on credit scores, and that impact is even less after 3 to 6 months.

You are correct that in most cases positive payment of utility, cable television, Internet service and telephone service bills is not reported. However, if you fail to make the payments for those services, the negative information may be reported in the form of a collection account.

So, even though on-time payments are not usually reported, it still benefits you to make those payments in full and as agreed.

Until recently, positive rent payment was not reported either. But that is changing. Earlier this year, Experian became the first national credit reporting company to report on-time rent payment history. The information is now available for inclusion in credit score calculations.

Not all credit scoring systems are able to incorporate positive rent payment information at this time, but Experian believes that will change with time.

Now, positive payment history can play a part in building a strong credit history. That can be especially important for people who are trying to establish credit for the first time, or who are trying to rebuild their credit history after a period of financial difficulty.


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
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Valued Contributor
Posts: 2,442
Registered: ‎11-29-2012
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Re: Inquiries for utilities and the effect on credit

I recently moved, but I only got one inquiry because I didn't change utility providers at all. I didn't lose any points for that one ding, but I'm still mad DirectTV did an inquiry since I had them at my old address already.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
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Frequent Contributor
Posts: 351
Registered: ‎11-11-2012
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Re: Inquiries for utilities and the effect on credit

Were they a SP or HP on your credit file?


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Contributor
Posts: 94
Registered: ‎01-02-2013
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Re: Inquiries for utilities and the effect on credit

@starry1, I work for DirecTV in sales, did you set up as a new customer or transfer your existing service?
........???................659 (FICO)................659 (TU08) ........
Community Leader
Valued Contributor
Posts: 2,442
Registered: ‎11-29-2012
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Re: Inquiries for utilities and the effect on credit

[ Edited ]

I transferred existing service, but had to get a new dish because the one that was already at the house I moved to wasn't an HD.

It was a hard pull.

Starting Score: 11/29/12 TU 527; EQ 565; EX 564 fako - bk7 dc'd 2/15/13
Current Score: 1/22/15 TU 645; EQ 605; EX 633 New goal 675
Cap1 sec $1k (SD) / Fingerhut $2k / Flagship $12k / cashRewards $12k / NavChek $15k / Amazon $2k / Von Maur $1k / Firestone $2.2k / BCU $3k / NFL $1k / QS1 $750 / Target $400 / PPSC $800 / Conoco $700 (last app 09/29/14)
Frequent Contributor
Posts: 351
Registered: ‎11-11-2012
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Re: Inquiries for utilities and the effect on credit


TravisD wrote:
@starry1, I work for DirecTV in sales, did you set up as a new customer or transfer your existing service?

TravisD wrote:
@starry1, I work for DirecTV in sales, did you set up as a new customer or transfer your existing service?

Hey Travis, Check your PM ......... Thanks


Current Score: myFico EQ - 794 ( 11/ 29/2012 ) amexFico EX - 787 (10/15/2012) myFico TU - 780 (11/29/2012) Credit Sesame - 809 (02/04/2013) Goal Score * 800 Club *
****** Garden Club Member -- Last HP Jan 3rd 2013 *******
*** Amex - BCP 10 K * PenFed - CR 5 K * Amex - GDSM 5 K *
Discover - IT 5 K ***** NO MORE APPS FOR ME IN 2013 *****
Frequent Contributor
Posts: 415
Registered: ‎11-03-2012
0

Re: Inquiries for utilities and the effect on credit

HP for utilities is pure madness! I have always made a huge fuss about this when switching providers. Its always been a soft pull for me. 


Starting Score: 501
Current Score: 706 EQ,TU 689,EX 686
Goal Score: 720

Epic Contributor
Posts: 22,406
Registered: ‎01-17-2008
0

Re: Inquiries for utilities and the effect on credit

No, they are looked at the same.  Point wise, I'm not sure how many you would lose because of 5, probably not too much.

 

HP stay on your CR for 2 years, impact your score for 1.

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