topic Re: Running Creit Check in Rebuilding Your Credit

Running Creit Check

Chala — Fri, 18 Jun 2010 21:17:30 GMT

As i understand it everytime a credit check is ran on me it deducts points from my credit score. I am told that if using myFICO this will not happen is that true or no?

Re: Running Creit Check

Anonymous — Fri, 18 Jun 2010 22:19:46 GMT

signing up for myfico is you requesting your own creditreport with myfico being the facilitator between you and the CRA. In this case either equifax and/or transunion. This counts as a soft pull. Another example of a soft pull is when groups of ppls credit reports are pulled for the purpose of advertising, hense you get the pre approval process when you're getting letters in the mail. These are soft pulls they will not drop ur score at all.

Hard pulls is when someone, with YOUR WRITTEN CONSENT as clearly stated by the fcra makes an inquiry to determine your credit worthiness. In other words they want to check your history to determine if it is worth the risk of extending you credit. These will be tabulated within a two year span and will hit your credit score for a minimum five points each. Verbal consent can be disputed on that basis by the consumer. You can request that someone who has done a hard pull to produce written consent if you only had a verbal agreement. OFcourse you would only do such a thing if you were either denied credit or decided not to go through with the transaction like purchasing a car. Here's the catch though if you got approved, well who cares. If you were denied be mindful of disputing if you wish to do business with said party in the not so distant future.

Re: Running Creit Check

Anonymous — Fri, 18 Jun 2010 23:09:53 GMT

@Anonymous wrote:
signing up for myfico is you requesting your own creditreport with myfico being the facilitator between you and the CRA. In this case either equifax and/or transunion. This counts as a soft pull. Another example of a soft pull is when groups of ppls credit reports are pulled for the purpose of advertising, hense you get the pre approval process when you're getting letters in the mail. These are soft pulls they will not drop ur score at all.

Hard pulls is when someone, with YOUR WRITTEN CONSENT as clearly stated by the fcra makes an inquiry to determine your credit worthiness. In other words they want to check your history to determine if it is worth the risk of extending you credit. These will be tabulated within a two year span and will hit your credit score for a minimum five points each. Verbal consent can be disputed on that basis by the consumer. You can request that someone who has done a hard pull to produce written consent if you only had a verbal agreement. OFcourse you would only do such a thing if you were either denied credit or decided not to go through with the transaction like purchasing a car. Here's the catch though if you got approved, well who cares. If you were denied be mindful of disputing if you wish to do business with said party in the not so distant future.

Inquiries do not cost 5 points each. The most they have EVER cost me was 2 points.

OP, you getting your own CR does not ding your FICO in anyway.

Re: Running Creit Check

Anonymous — Sat, 19 Jun 2010 00:36:53 GMT

@Anonymous wrote:
@Anonymous wrote:
signing up for myfico is you requesting your own creditreport with myfico being the facilitator between you and the CRA. In this case either equifax and/or transunion. This counts as a soft pull. Another example of a soft pull is when groups of ppls credit reports are pulled for the purpose of advertising, hense you get the pre approval process when you're getting letters in the mail. These are soft pulls they will not drop ur score at all.

Hard pulls is when someone, with YOUR WRITTEN CONSENT as clearly stated by the fcra makes an inquiry to determine your credit worthiness. In other words they want to check your history to determine if it is worth the risk of extending you credit. These will be tabulated within a two year span and will hit your credit score for a minimum five points each. Verbal consent can be disputed on that basis by the consumer. You can request that someone who has done a hard pull to produce written consent if you only had a verbal agreement. OFcourse you would only do such a thing if you were either denied credit or decided not to go through with the transaction like purchasing a car. Here's the catch though if you got approved, well who cares. If you were denied be mindful of disputing if you wish to do business with said party in the not so distant future.

Inquiries do not cost 5 points each. The most they have EVER cost me was 2 points.

OP, you getting your own CR does not ding your FICO in anyway.

ok ... i respect that. Mine always cost me five. But that's good though. Can't argue there.

Re: Running Creit Check

llecs — Sat, 19 Jun 2010 00:38:28 GMT

Most of my hard inquiries have dinged my FICO score 0 points, but I did have one last year ding my FICO score 8 point. These were measured by pulling a new FICO report the day before and the day after the pull and comparing the point spread. Thankfully, hard inquiries only impact your FICO score for one year, despite reporting for 2. Point damage varies on your scoring bucket, the amount of new credit reporting, the number of inquiries reporting, and other factors.

Also beware about disputing inquiries. That's the fastest way to a fraud alert and could even lead to the closure of said account if you ever were approved. And as mentioned, definitely be clear with the creditor when discussing new credit or even changes to existing credit (e.g. CLIs). If you are shopping for new accounts (e.g. CCs, loans, new utilities, new phone, new bank accounts, new brokerage accounts, new security service, etc.) make the mental assumption that they'll pull your credit via a hard pull.

Re: Running Creit Check

Chala — Sat, 19 Jun 2010 14:03:35 GMT

How do you folks check your credit so much, do you pay 15 bucks a pop on this site. Is it a separate fee per CRA, can somebody please tell me?

Re: Running Creit Check

llecs — Sat, 19 Jun 2010 15:09:00 GMT

I check via myfico.com using FICO® Standard. The base price, I think is $15.95, but if you have SW, the price is $5 off for EQ and for TU I use discount codes (google myFICO discount codes) and that runs $11 and some change. I pull a couple times per month, but DW and I are about to buy a home. Once we accomplish that goal, then we'll schlump back to quarterly.

IMO, tracking your scores are critical during repair and to a lesser extent for rebuilding. Removing every baddie isn't always a good thing per your FICO score and pulling frequently helps guage that progress.

Re: Running Creit Check

Chala — Sat, 19 Jun 2010 20:15:43 GMT

Thanks llecs i think i can learn from you folks, i was going to pay a credit repair compnay to help me, and challenge and remove entries, but i just might try dealing with you folks for a while. I can't even rent an apartment i an trying to get an apartment in my area, and i am getting turned down left and right?

Which CRA should i get my score from if i only can afford to get one this week? Thnk you so much in advance!

Re: Running Creit Check

llecs — Sat, 19 Jun 2010 20:23:33 GMT

@Chala wrote:

Which CRA should i get my score from if i only can afford to get one this week? Thnk you so much in advance!

IMO, none. I'd save up and get both at once ($23-$24 in total for both with the right discount code). One thing you should do now, if you haven't done so, is to pull your FREE reports from annualcreditreport.com. Ideally you want the full reports before starting any repair. The reports pulled from annualcreditreport or directly from the CRAs have more info than the ones one here or via other third-party sources.

Re: Running Creit Check

BungalowMo — Sat, 19 Jun 2010 20:54:36 GMT

Greetings Chala!

We are all glad you came here, rather than paying someone to fix your credit. Some companies are legit, but separating them from the wolves is a time consuming process. It' better to spend the time here & we'll all help you out for FREE!

Before even getting your scores, have you gotten your yearly free reports? By law, you are entitled to 1 free report from all 3 of the CRA's every 12 months.

You can check them at the Free Annual Report link in my signature block. Once you have all 3, come back & give us the good, the bad, and the ugly! (or not...you might be lookin good!) These sites will offer scores for you to purchase....don't do it!!

Re: Running Creit Check

BungalowMo — Sat, 19 Jun 2010 20:53:53 GMT

Ilecs beat me to it this time!!!

We take turns on who can post it first!

Also...do you know how to check for PM's? (Private messages)

Re: Running Creit Check

Chala — Sat, 19 Jun 2010 20:54:57 GMT

@llecs wrote:
IMO, none. I'd save up and get both at once ($23-$24 in total for both with the right discount code). One thing you should do now, if you haven't done so, is to pull your FREE reports from annualcreditreport.com. Ideally you want the full reports before starting any repair. The reports pulled from annualcreditreport or directly from the CRAs have more info than the ones one here or via other third-party sources.

First off sorry but what does IMO mean? Secondly wont pulling form annualcreditreport.com hurt my score? What the big deal about doing one pull from myfico, instead of both? Just a few points perhaps right?

Re: Running Creit Check

BungalowMo — Sat, 19 Jun 2010 20:59:49 GMT

@Chala wrote:
@llecs wrote:
IMO, none. I'd save up and get both at once ($23-$24 in total for both with the right discount code). One thing you should do now, if you haven't done so, is to pull your FREE reports from annualcreditreport.com. Ideally you want the full reports before starting any repair. The reports pulled from annualcreditreport or directly from the CRAs have more info than the ones one here or via other third-party sources.
First off sorry but what does IMO mean? Secondly wont pulling form annualcreditreport.com hurt my score? What the big deal about doing one pull from myfico, instead of both? Just a few points perhaps right?

IMO.....In My Opinion

Pulling your own report from here, from the annual report site, or even from a 3rd party site, like Credit Check Total will NOT hurt your scores, or hurt you in any possible way.

I use Credit Check Total & pull my reports every day & no one knows this but me. Well, and everyone reading this, of course!

When you buy your FICO's here, you will not lose points...ever.

Re: Running Creit Check

Chala — Sat, 19 Jun 2010 21:00:01 GMT

@BungalowMo wrote:
Greetings Chala!

We are all glad you came here, rather than paying someone to fix your credit. Some companies are legit, but separating them from the wolves is a time consuming process. It' better to spend the time here & we'll all help you out for FREE!

Before even getting your scores, have you gotten your yearly free reports? By law, you are entitled to 1 free report from all 3 of the CRA's every 12 months.

You can check them at the Free Annual Report link in my signature block. Once you have all 3, come back & give us the good, the bad, and the ugly! (or not...you might be lookin good!) These sites will offer scores for you to purchase....don't do it!!

Mo

Mo thanks so much, i have not gotten free reports but will do this first, but again won't this hurt my score?

@BungalowMo wrote:
Ilecs beat me to it this time!!!

We take turns on who can post it first!

Also...do you know how to check for PM's? (Private messages)

I do forums all over the internet, so yes i know how to check for PM's

Re: Running Creit Check

Chala — Sat, 19 Jun 2010 21:01:59 GMT

BungalowMo wrote

IMO.....In My Opinion

Pulling your own report from here, from the annual report site, or even from a 3rd party site, like Credit Check Total will NOT hurt your scores, or hurt you in any possible way.

I use Credit Check Total & pull my reports every day & no one knows this but me. Well, and everyone reading this, of course!

When you buy your FICO's here, you will not lose points...ever.

Thanks Mo

Re: Running Creit Check

BungalowMo — Sat, 19 Jun 2010 21:05:47 GMT

Since you are new to this, I highly recommend reading this post --> Credit Scoring 101

Even if you just read the initial post, you will gain more info than you can imagine. If you're up for more info, read all the following Q & A's. You simply cannot have too much info. Especially when you are in the credit repair phase.

Re: Running Creit Check

Chala — Sat, 19 Jun 2010 21:09:14 GMT

@BungalowMo wrote:
Since you are new to this, I highly recommend reading this post --> Credit Scoring 101

Even if you just read the initial post, you will gain more info than you can imagine. If you're up for more info, read all the following Q & A's. You simply cannot have too much info. Especially when you are in the credit repair phase.

Thanks again Mo, one question when i post my info, just post the score or everything, if everything that will be quite embarassing!

Re: Running Creit Check

BungalowMo — Sat, 19 Jun 2010 21:27:42 GMT

@Chala wrote:
Thanks again Mo, one question when i post my info, just post the score or everything, if everything that will be quite embarassing!

Well, when you get the 3 free reports, remember...don't buy the scores there. So after you get the 3, post whatever baddies you have...sort of like this:

Reporting on all 3...

company X

60 days late in March 07...nothing bad since...bla bla

Company X.1

Charge Off as of xx/xx/xxxx

Or whatever you find. Believe me when I tell you...there is absolutely nothing that you will post that will shock anyone. We've collectively been through it all. In '05 I had an average of 13 negative accts reporting on each of the 3! My EQ FICO was around 530-ish. I was circling the drain! Believe me.

You have done nothing that will get you chastised here. We don't point fingers. We do point you in the right direction for help. And the first step was coming here, because we all want to see everyone in the high 700's and beyond!

Re: Running Creit Check

llecs — Sun, 20 Jun 2010 05:13:53 GMT

Ditto to Mo, pulling your own report will never hurt your credit. In fact, I pull a new FICO report 2-3 times per month. I subscribe to a CMS and that lets me pull daily, but I do it 6x per week. And for good measure, I pull a new report directly from each CRA quarterly. It'll never hurt (and BTW, to stave off any questions on WHY? Well, DW and I are about to get our first home and keeping on the top of what's happening is very important to us. Once we accomplish that goal, then we won't care as much and will only check our reports every 2-3 months or so....plus my identity was stolen, but thankfully nothing has hit so pulling frequently helps track what might be looming out there).

Per embarrasment, I came on here with a dozen or so CAs chasing after me, court dates because I was being sued, COs galore, and no credit to my name (well, not good anyway). My scores started off in the low to mid-500s. I remember my first couple of posts started like, "My friend has .....on his report". Or "My friend just got sued". LOL. THey are still there I think. But I realized that it wasn't just me, but it was nearly everyone on here who was in the same boat. It took me a while to develop that trust but I quickly realized that folks don't come on here and ask to rebuild their credit with an 800 FICO. The people on here are in this together and some linger around, like BungalowMo, to pay it forward for the help they received while rebuilding.

Re: Running Creit Check

Chala — Sun, 20 Jun 2010 05:19:10 GMT

@llecs wrote:
Ditto to Mo, pulling your own report will never hurt your credit. In fact, I pull a new FICO report 2-3 times per month. I subscribe to a CMS and that lets me pull daily, but I do it 6x per week. And for good measure, I pull a new report directly from each CRA quarterly. It'll never hurt (and BTW, to stave off any questions on WHY? Well, DW and I are about to get our first home and keeping on the top of what's happening is very important to us. Once we accomplish that goal, then we won't care as much and will only check our reports every 2-3 months or so....plus my identity was stolen, but thankfully nothing has hit so pulling frequently helps track what might be looming out there).

Per embarrasment, I came on here with a dozen or so CAs chasing after me, court dates because I was being sued, COs galore, and no credit to my name (well, not good anyway). My scores started off in the low to mid-500s. I remember my first couple of posts started like, "My friend has .....on his report". Or "My friend just got sued". LOL. THey are still there I think. But I realized that it wasn't just me, but it was nearly everyone on here who was in the same boat. It took me a while to develop that trust but I quickly realized that folks don't come on here and ask to rebuild their credit with an 800 FICO. The people on here are in this together and some linger around, like BungalowMo, to pay it forward for the help they received while rebuilding.

Makes tons of sense!