Re: Buyers remorse!!
10-13-2012 12:12 PM
OP, speaking from experience from someone who used to have 30 inquiries each on EX and EQ inside a year old, inquiry damage is waaaaaay overrated. I was still getting approved and they weren't dropping my FICO beyond the first one or two. The new credit TLs are the ones that hurt.
And ditto to Shogun...advocating or suggesting ways to get legit inquiries off are a no-no here, so you get any help here.
Two things that I was hoping to point out and don't think I did last night...
30+ INQ as said above not an issue and usually NO score loss after a few, some of us ESPECIALLY rebuilding which is why I think I always come across a little scolding or what not because I think some of us (me longer rebuilders, or rebuilders of multiple times!) People are afraid to get new credit as they build because of AA and score dropping... WHY are you rebuilding? To get better Credit, to buy a house, buy a car...
and the other thing about AA and score drop and people posting 10,30, even 60 point drops for 1 or 2 new apps... the ONLY thing that sticks with people is 30 points and 2 INQ or declined and it says I was declined for INQ and I have 3.
My partner (TU or EQ Fico proven) had an 806, he applied for car, couple credit cards... his score was ranging 748-780's... someone at an 806 thinks the world is exploding when they drop below a 750! the reality is (MOST CASES)
1. 720, maybe 740+ you are tier 1 for anything in the world
2. these people see what seems like an epic score drop BECAUSE they probably have not applied for anything in at least 1 year many times much much longer.
3. They probably have little debt or if they have debt it's not on the bad side of debt (Partner has $60k private student loans... I have NEVER seen it listed as negative ANYWHERE which is probably due to good income and good score but still I see $60k in student loans as a big negative!
Point is (yes while you probably will never see a 800 Fico score if you apply for credit 1 a year and if you are under the age of 30 (im sure someone will dispute!) when you look on your EX what is bringing my score down, or a denial letter, I have NEVER seen one (outside a blacklisted bank) seen a denial letter that didn't include INQ) You do realize that a computer probably has 15-30 PRE-LOADED) choices for why the app is declined... if it's a small bank or mortages being handled by someone, they go into a sheet and actually click boxes (I use to do it) for why they are declining (When I did mortages) even if the person was not declined, if they chose not to go forward with doing anything, I have to close them out and they have to get a letter (now giving them score and such) back then giving them denial and at least 3 reasons and which report(s) pulled so they could get a free copy. I would not even look at reason for a denial!
ugh I hope I didn't get off task again... I try to do to many things at once.
You will have to put up Electric Fence to keep me in the garden!
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