topic Re: How "Hard inquiries" effect my Credit Report/Credit Score? in Credit Cards

How "Hard inquiries" effect my Credit Report/Credit Score?

Anonymous — Mon, 16 Jul 2007 19:43:31 GMT

I have NO/Unrated credit history. I want to build my credit score and shopped for credit cards and got lot declines. All of these inquiries appearing in my Credit report as "Hard inquiries"? Currently I have ~9 hard inquiries?

Finally I got a Bank of America Credit unsecured card Feb 2007 with $500 credit limit. How long will it take to build my credit history with this one revolving account. Do I need to open more credit cards?

I did not take any auto or any other loan till now. My Rental application got turned down recently. Can you please advice? Thank you in advance.

Re: How "Hard inquiries" effect my Credit Report/Credit Score?

Anonymous — Mon, 16 Jul 2007 21:10:22 GMT

read the thread I started credit unions secured loans http://ficoforums.myfico.com/fico/board/message?board.id=generalcredit&thread.id=24035

That's an easy way to start a credit history without inquires . remember to ask if the report to the 3 bureaus ,

and as mention in the above thread you might want to get a secured CC from the union also.

Message Edited by rbbyrbsn on 07-16-2007 02:10 PM

Re: How "Hard inquiries" effect my Credit Report/Credit Score?

Anonymous — Tue, 17 Jul 2007 01:38:52 GMT

Above link is great! That will help. But you will also want to hunt for more unsecured credit cards or secured card if you have to. You will build new credit faster with more 3-4 cards if you are responsible, maybe 200%-300% faster. I would also follow the above link on personal loans. As far as I have NO/Unrated, this should disappear after 6 months.

Re: How "Hard inquiries" effect my Credit Report/Credit Score?

Anonymous — Tue, 17 Jul 2007 03:47:01 GMT

Thank for the suggestions!!

CommonWealth Credit Union is next to my office. Is it a good one to start with it or do we need to take any care in selecting the Credit Unions?

WellsFargo is offering Personal Line of Credit with money secured from your CD. Currently they are offering around 11.25%. Is it a good option to consider.

Re: How "Hard inquiries" effect my Credit Report/Credit Score?

Anonymous — Tue, 17 Jul 2007 11:42:18 GMT

whoo what is the CD earning? unless it earning 8.25+ APR they are charging Way too much over the earning rate, Credit Unions chrage 2-3% over what the money is earning when the loan was made.

Re: How "Hard inquiries" effect my Credit Report/Credit Score?

Anonymous — Tue, 17 Jul 2007 20:59:44 GMT

CD earnign is only 4.88% (APY 5%) for 5 months. I will check with Credit unions.

Re: How "Hard inquiries" effect my Credit Report/Credit Score?

Anonymous — Wed, 03 Apr 2013 18:15:54 GMT

@Anonymous wrote:
CD earnign is only 4.88% (APY 5%) for 5 months. I will check with Credit unions.

Ahh nostalgia. A CD earning ONLY 5% APY. The good old days.