Understanding FICO® Scoring

[idjeepguy]

first of all i want to say good job to tusc for his Credit Scoring 101 post.  However I am still a bit in the dark as to how something affects a credit rating.  I have recently started a job selling satelite TV service and as part of the process we do a light credit check to see if they have a credit score of 600+ (I am amazed at how many people don't meet this requirement).  but since it is considered a credit check I have had some people decline our promotion because they have just bought a new car, refinanced a house, etc. and didn't want another tick on their credit for so many inquaries in just a few months.  I did read somewhere that credit checks that will not lead to credit (as I am doing) so in theory my actions will not affect their scores one way or the other ever, right? 

Again I am doing this as a service to my customers who inquire about this so as to help them get something that they want and I have.

thank you again for all the helpfull information you are providing to people who desprately need help is this area.  I know that just from the few hours I have been lurking on here I have learned a lot.

Jeremy

[section8]

I can say that I have been holding back on getting satelite because of the credit check. I don't want the IQ to lower my score before I apply for a loan.

[Timothy]

IT WAS YOU !!!!! http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&message.id=26932&query.id=31942#M26932

[HouseHunter]

When you say "light credit check" does that mean that you do a "soft pull"?  If so, then it won't affect their scores at all.  However, when I got my satellite they did a hard pull which did slightly affect my credit score.  For some people, it could do more damage than to others depending on how many inquiries they have, etc.

[idjeepguy]

I don't think that could have been us.   we only pull our credit checks with the customers permission and we have to get the last 4 of their social along with their adress.   After that is waiting for about 30sec (sometimes longer as our ONE server is located in denver) and we get a message that our client is either approved or not.  I am sure there is someone here that could read this and know (more likly than not) if that sounds like a soft check or a hard pull.

Jeremy

[Anderson]

No offense meant, and it's good that you are using this forum to try to find answers, but shouldn't you be able to get this info from the company you are working for?

As a person who is just becoming credit-aware, if anyone wants to pull my CR or score I'm going to ask a few questions first:

1) what is the qualifying score, if any?

2) which CRA are you pulling from?

3) is it a hard or soft pull?

If the salesman/creditor cannot answer those questions, I'd politely decline.

Regards-

[idjeepguy]

Well I did ask 2 of my supers and all they could tell me was that it was a soft check and that it would show up on a credit report but anything after that they had no idea.

I do know that the minimum score is 600 (amazing how many people can give me 2-3 SSN of people in the household and NO ONE can qualify).

as to which CRA they use I don't know..  I will have to get that info as well just to know for those that are as credit consious as you are..

take care all.

Jeremy (currently offering a great startup package for Dish network if you want some details on how I can get you a $100 mail in rebate let me know)

^^^ Yes I know this is a shameless plug but it goes with the thread ^^^

[HouseHunter]

If it shows up on one's credit report to other creditors then it is a hard pull, not a soft one.  If it shows only when the consumer pulls their credit report then it is a soft pull.

The company I chose was the other one, won't mention any names but I'm stuck with them until November.   I'd go through your company except I already have an open account there too because my brother was one of those who, at the time, didn't qualify so I got it for him in my name and they just upgraded their boxes not long ago so my name's stuck on that one for another year or two.  Grrrrr...I guess it's back to cable for me.  At the rates I'm paying now though I'll be better off.

[idjeepguy]

Well the wife and I are due to pull our credit reports again so I will run myself tomorrow at work and see what happens.  I have prety good credit and I am not planning on any purchases in the near future so it won't hurt too much..  I will let you know what I find out after we pull our reports.

Jeremy

[Anderson]

Jeremy-

Back in the mid-late 90's I bought the ~other~ one, paid $600+ for the dish & mounts, installed it on my roof myself. Several years later the dish & install was almost free. Don't need the product now, afloat on my boat, but if I go back to land I'll check out your system cause I'll probably be in the boonies where cable is unavailable & antennae are useless.

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idjeepguy wrote:

.....Jeremy (currently offering a great startup package for Dish network if you want some details on how I can get you a $100 mail in rebate let me know)

^^^ Yes I know this is a shameless plug but it goes with the thread ^^^

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