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Idenity Lost
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<blockquote data-quote="edd_tv" data-source="post: 329357" data-attributes="member: 8098"><p>checking it every six months or once a year thru one of the three major credit reporting agencies will not lower your score. the algorithim used to calculate your beacon and FICO score take into account the number of inquiries from retail credit outlets( car dealers,consumer credit cards,etc.) and factors that into the formula used to determine your credit score. the formula gives a numerical value to each type of credit account you have. also a value is given to the credit line or limit, term, and balance of each account. certain types of credit lines are weighted more than others i.e, a mortgage loan is weighted slightly less than an usecured credit card, as you are more likely to pay your mortagage than a balance on a card. this is factored with your payment history and inquries and other factors to give you your credit score. </p><p></p><p>in my days working in retail lending for a bank, i used to hear that three inquiries in a month would drop your score 6-8 points. thats why when i buy a car i get approved by my banker before i go to the dealer. Some car dealers will send your info out to a whole network of banks and each one will pull your credit. plus with id theft as rampant as it is, i llike having a little bit of control over who has my info. always heard you cant trust a car salesman anyway!! plus its more bargaining when looking for a deal.</p></blockquote><p></p>
[QUOTE="edd_tv, post: 329357, member: 8098"] checking it every six months or once a year thru one of the three major credit reporting agencies will not lower your score. the algorithim used to calculate your beacon and FICO score take into account the number of inquiries from retail credit outlets( car dealers,consumer credit cards,etc.) and factors that into the formula used to determine your credit score. the formula gives a numerical value to each type of credit account you have. also a value is given to the credit line or limit, term, and balance of each account. certain types of credit lines are weighted more than others i.e, a mortgage loan is weighted slightly less than an usecured credit card, as you are more likely to pay your mortagage than a balance on a card. this is factored with your payment history and inquries and other factors to give you your credit score. in my days working in retail lending for a bank, i used to hear that three inquiries in a month would drop your score 6-8 points. thats why when i buy a car i get approved by my banker before i go to the dealer. Some car dealers will send your info out to a whole network of banks and each one will pull your credit. plus with id theft as rampant as it is, i llike having a little bit of control over who has my info. always heard you cant trust a car salesman anyway!! plus its more bargaining when looking for a deal. [/QUOTE]
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