Running Creit Check

[Chala]

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?

[Anonymous]

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.

[Anonymous]

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@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.

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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.

[Anonymous]

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@Anonymous wrote:

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@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.

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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.

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[llecs]

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.

[Chala]

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?

[llecs]

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.

[Chala]

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!

[llecs]

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@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!

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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.

[BungalowMo]

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