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Regular Contributor
SoulSmilen
Posts: 165
Registered: ‎03-13-2007

To Fair Isaac.. new way to code/score inquiries?

[ Edited ]
To the powers that be...
 
If it is or is becoming standard practice now for banks to pull a hard inquiry when opening accounts, FICO needs to change the way it rates and scores the inquiries. Opening a savings/checking/money market account is NOT indicative of 'recently seeking credit.'
 
If I want to spread my savings around in 5 different banks or so, I'm to receive demerits that will effectively determine interest rates and even the possibility of being issued credit? For being financially responsible and saving??? I don't think so...
 
Fair Isaac, it's time to be fair!


Message Edited by SoulSmilen on 07-14-2007 07:19 AM

Message Edited by SoulSmilen on 07-14-2007 07:21 AM
Super Contributor
MidnightVoice
Posts: 8,155
Registered: ‎03-25-2007

Re: To Fair Isaac.. new way to code/score inquiries?

[ Edited ]
I was thinking there are "degrees" of inqs.

CC and Loan - seeking credit for ANYTHING Mortgage and auto - middle ground, buying "essentials", and mortgage could be a refi


Cell phone, land phone, cable, satellite, utilities, new bank accounts - normal life. To me, they should be graded differently

Message Edited by MidnightVoice on 07-14-2007 09:14 AM
The slide from grace is really more like gliding
And I've found the trick is not to stop the sliding
But to find a graceful way of staying slid
Senior Contributor
ilovepizza
Posts: 3,071
Registered: ‎05-17-2007

Re: To Fair Isaac.. new way to code/score inquiries?

[ Edited ]
I won't let my banks pull hard inqs for savings/CD accounts and make them remove them if they do. They should pull soft pulls like insurance companies. UnFair Issacs is more like it when it comes to inqs for savings accounts. Force the bank to remove them.

Message Edited by ilovepizza on 07-14-2007 07:52 AM
If we never set higher goals we would never get as far.
sol, credit 101, acr, abbreviations, calc
Contributor
m_jonis
Posts: 76
Registered: ‎06-30-2007

Re: To Fair Isaac.. new way to code/score inquiries?

Yeah, tell me about it. The "average person only does 1-2 inquiries every 12 months" is bogus, IMO. Apparently nobody tries to switch insurance companies? A lot of them pull your actual credit report (like Progressive, State Farm and All-State). I opened a checking account with Citibank and they pulled my credit report (I'm pretty sure I didn't remember seeing that on the application). Every 6 months, I shop around for auto/home insurance, but now it's starting to hurt my FICO scores due to the hard pulls.
Finally made it to 813
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007

Re: To Fair Isaac.. new way to code/score inquiries?

I agree and have you noticed CCC's are starting to do multiple pulls per credit application? It needs to be tweaked a bit for sure.
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007
Senior Contributor
Noah_Bodie
Posts: 4,635
Registered: ‎03-11-2007

Re: To Fair Isaac.. new way to code/score inquiries?



SoulSmilen wrote:
If it is or is becoming standard practice now for banks to pull a hard inquiry when opening accounts, FICO needs to change the way it rates and scores the inquiries. Opening a savings/checking/money market account is NOT indicative of 'recently seeking credit.'


Yet another area of unfairness where inquiries are concerned.
 
Collectors collecting on a debt, and banks when opening an account.
 
That the inquiries can or should be there is a separate issue, but in the case of CAs the courts have said they do have PP. However, hard versus soft is a marketing concept created by the CRAs and FI made use of it in scoring.
 
 

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