topic Re: Inquiries in General Credit Topics

Inquiries

TryingVeryHard — Wed, 12 Dec 2007 23:57:36 GMT

How many points will it cost me to apply for credit cards. I was told that HARD INQUIRY can cost some points.

Re: Inquiries

fused — Thu, 13 Dec 2007 00:02:57 GMT

It varies greatly. It's not just the inq that can lower scores it's also the new account reporting because it might re-age your file.

Re: Inquiries

TryingVeryHard — Thu, 13 Dec 2007 00:15:48 GMT

You mean, a new account is bad?

Re: Inquiries

fused — Thu, 13 Dec 2007 00:23:51 GMT

Most people report point losses with a new inq and a new account. This just happened to me recently with two of my three FICO scores. I suppose it's possible for someone with very, very bad scores to see an improvement with scores simply by diluting all of the bad with something good...a new positive trade line. I think if you did a poll in this forum you will find the majority losing points with a new inq and a new account.

Re: Inquiries

TryingVeryHard — Thu, 13 Dec 2007 00:29:47 GMT

Thanks for the explanation. I fre*king applied to this BOWFLEX card which is being handled by HSBC. I think they denied me and the BOWFLEX website asked me to retry with HelpCard another company.

I wonder if they will deny my application because of the FRAUD ALERT in my account. My current FICOs are 610Tu, 623Ex, 639Eq.

That was before the CAPITAL ONE BANK has been dropped. It was a paid charge off that was dropped today.

Sigh, I should have not applied.

Re: Inquiries

fused — Thu, 13 Dec 2007 00:48:23 GMT

Having a fraud alert will make apping difficult. With your EQ score you might very well get approved for a decent CC with a credit union. Search the forums for credit unions or make a new thread in the credit cards forums asking for some CC recommendations.

Re: Inquiries

Anonymous — Sat, 15 Dec 2007 18:20:00 GMT

If I were to retrieve my credit report from Suzie Orman's product,(s) will it show on my report as an inquiry?

Re: Inquiries

Anonymous — Sat, 15 Dec 2007 18:22:50 GMT

Smarty9 wrote:
If I were to retrieve my credit report from Suzie Orman's product,(s) will it show on my report as an inquiry?

It will show as a "soft" inquiry which will not affect your credit score. Checking your own score has no affect on your score. Creditors do not see "soft" inquiries.