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goodnatured
Joined: 03 Nov 2007
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Posts: 3996
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Wed Aug 20, 2008 3:24 am
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when they do a credit check for credit increases, is this a hard inquiry that lowers your score?
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Goodnatured,
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Lorri
Joined: 15 Jul 2008
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Posts: 297
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Wed Aug 20, 2008 4:19 am
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| Now that I don't know---I just recently looked at my CR and noticed that the recent request for a credit card was on there, but I dont' know what it did if anything to my score. |
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anthony
Joined: 31 Jul 2006
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Posts: 550
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Wed Aug 20, 2008 4:58 am
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Hi Lorri
As far as I know a hard inquiry may lower your credit score to as much as 10 points and so if it appears in your credit report your credit score would reduce. But if the hard inquiry was not authorized by you, it can be removed from the credit report. For this all you need to do is to send a certified letter to the inquirer whose name appears on your credit report asking him to verify your authorization or delete the listing. Mostly the inquirers cannot verify your authorization and remove the listing from your report.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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Justin
Joined: 17 Jul 2006
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Wed Aug 20, 2008 5:30 am
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Hi goodnatured
Your credit report may be pulled by the credit card company only if you want to increase your credit limit. This is because increasing your credit limit would mean that you are requesting for more credit and so they may check your report to find out your payment history. But sometimes it happens that you make frequent purchases on your credit card and also repay them on time. In that case the company sometimes automatically increases your credit score without pulling your credit report. But as Anthony said if they pull your credit report without getting authorization from you, the hard inquiry can be removed from your report.
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Justin |
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fireyone
Joined: 26 Feb 2008
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Wed Aug 20, 2008 1:11 pm
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So say I had my credit line increased without asking my credit card place to increase it (happens alot to me). Does that mean I take a hit for it? If I am not asking for the increase and never come near the credit l;imit anyway why do they bother increasing someones credit limit? Guess I always wondered that.
Another thing I hate is how discover is ALWAYS sending us checks in the mail. We can fill out the date and how much we want (as long as it isn't over our credit limit). I have asked the not to do this but they say It is a courtsey and we still get them. I really do not see the purpose when you can go to any ATM abd get the money out anyway. |
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Lorri
Joined: 15 Jul 2008
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Posts: 297
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Wed Aug 20, 2008 10:22 pm
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| Its just their way of trying to get you to spend EVEN more money and rack up more interest---all under the disguise of we love our customers so very much, blah, blah. |
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fireyone
Joined: 26 Feb 2008
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Thu Aug 21, 2008 8:59 pm
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| Kinda of what I figured. I was just hoping that they don't do credit checks before they offer and it effects the score. |
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Lorri
Joined: 15 Jul 2008
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Posts: 297
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Thu Aug 21, 2008 11:29 pm
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I don't know ----doesn't it say somewhere on the check about it being subject to approval? Maybe I'm thinking of something else.
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"Never give up on someone you can't go a day without thinking about". |
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fireyone
Joined: 26 Feb 2008
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Fri Aug 22, 2008 2:36 am
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| No I wasn't talking about the check. I should have explained myself a little better. Recently they upped my credit limit on one of my cards. When they do this do they check your credit report and does it lower your score? |
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Lorri
Joined: 15 Jul 2008
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Sat Aug 23, 2008 2:44 am
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Now that I do not know---it doesn't seem like they should (but probably WOULD). This is kinda what I was referring to above---how sometimes they just check your history internally. Years ago, I worked for Sears in their credit department and if someone just randomly came in a store or was buying something an dthey needed a higher limit they would call our office. I can remember that occasionally they would run a credit report, but they usually just looked at their Sears history. However, this was 30 years ago and it's most likely done differently.
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"Never give up on someone you can't go a day without thinking about". |
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anthony
Joined: 31 Jul 2006
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Wed Aug 27, 2008 9:40 am
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Hi Fireyone
Whenever you ask your credit card company for increasing your credit limit, they may or may not pull out your credit report. Sometimes they increase your limit based on your spending on the card and your repayment of debt without pulling out your credit report. But if they pull out your credit report, they do not normally take authorization from you and so even if it appears in your credit report as hard inquiry, it can be easily removed.
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Anthony Marx
A positive attitude is not achieved by turning a blind eye to the negative, but rather by responding to every situation in the most positive way possible. |
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Mary
Joined: 06 Jul 2006
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Wed Aug 27, 2008 10:10 am
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Yes, Anthony is right. But it may also happen as you said Fireyone, that the credit card company may by themselves increase your credit limit. In that case too, they do not basically look at your credit report. They increase your credit score based on your payment history on your existing card. But if they access your credit score without your authorization, you can get that hard inquiry easily removed from your credit report.
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Where there's a will, there's a way !! |
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fireyone
Joined: 26 Feb 2008
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Wed Aug 27, 2008 11:35 am
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| This is good to know. I just don't think it would be fair if they just upped and checked whenever they wanted since you have an account with them. Thanks for the info everyone. |
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Lorri
Joined: 15 Jul 2008
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Posts: 297
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Thu Aug 28, 2008 3:54 am
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It seems wrong somehow that they can do something, that you might not necessarily even want, that could put a mark on your credit score.
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"Never give up on someone you can't go a day without thinking about". |
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fireyone
Joined: 26 Feb 2008
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Thu Aug 28, 2008 12:31 pm
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| This is what I was thinking. I always heard if you have a credit card with a high amount, even though you didn't use it it counted when you took out a loan. Say nI have a visa with limits of $3000 but only have $300 on it does the bank look at the $300 or the actual amoun t that can be used? |
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