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Leslie_JnJs_mom -> Credit score (7/10/2008 10:41:32 PM)

I am not complaining only asking a question. When we were trying to get this house our credit score came out in the high 700's. We got the details of why our score was not higher. One reason was because of too many inquiries for credit. We have not added a lot of credit just one card. We do get pre approved deals from all the cards all the time. We were wondering if that is what they were talking about? Did all those pre approved credit offers affect our credit score?



victorburek -> RE: Credit score (7/11/2008 8:21:44 AM)

If your credit score is in the high 700's, you do not need to worry about your credit. I have been a certified mortgage planning specialist for almost 7 years, and have ran a ton of credit reports. Supposedly, the highest score is 850 and i have only seen a few people with scores in the 800's. As far as mortgages go, as long as your score is above a 720, you qualify for the best programs and best rates as long as you can document your income.



Leslie_JnJs_mom -> RE: Credit score (7/11/2008 9:11:12 AM)

OK thanks!



GroupW -> RE: Credit score (7/11/2008 11:00:18 AM)

To put things in perspective, we regularly do loans to owners of apartment complexes who have tremendous incomes, wonderful savings, modest credit usage and are very skilled financial managers.

These are top notch credits - a typical score: 740



Random -> RE: Credit score (7/11/2008 12:42:26 PM)

But to answer your direct question, no. Inquiries made by companies without your approval do NOT affect your credit score. Only inquiries made by companies who are looking because you asked them to (new loan, raise limit, etc.) count against you.

Also, all inquiries from the same 14 day period for mortgage shopping count as ONE inquiry.

Lastly, it does not matter what your credit score is, they can always include something to tell you why it isn't higher, that doesn't mean it's bad.



momma_bee -> RE: Credit score (7/15/2008 2:14:41 PM)

Really? 14 days? Business or calender.

That is good info to tuck away in the back of my head...



victorburek -> RE: Credit score (7/15/2008 5:17:35 PM)

that 14 day period is also true if car shopping.



momma_bee -> RE: Credit score (7/16/2008 6:08:26 AM)

That is good to know. I remember shopping to re-fi and being told by what was actually a brokerage firm that was the advantage to working with them - one pull so it didn't hurt you. I suppose that was why it took a week before I got one offer....then another.

If we were unhappy with the offer, by the time we decided that we would end up with a negitive because we were making additional requests.



victorburek -> RE: Credit score (7/16/2008 8:29:53 AM)

It seems the broker you worked with wasn't 100% honest, but an advantage of working with a broker is that you only have to give your personal information to 1 person who then can shop you amongst all lenders which i feel is better then giving your personal info to several people.



CoachSteve -> RE: Credit score (7/24/2008 3:09:15 PM)

I don't want to change the subject at all, but how does someone "checking" my credit negatively affect my credit? I am sitting on a 700+ credit score, and if I ask someone at a dealer ship to for a loan and they check my credit, That SHOULD NOT affect my credit. nothing has changed it is just an inquiry. I am just saying, that makes no sense.



Random -> RE: Credit score (7/24/2008 5:14:48 PM)

Because they checked your credit so you could get a loan, which could increase your indebtedness.

Think of it this way, if you bought 7 houses on the same day, how would they know? They would see all of the credit inquiries for the loans, and know that you had been looking for credit.



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