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Once credit drops from being checked is the drop permanent?

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fireyone



Joined: 26 Feb 2008
fireyone's page
Posts: 4285



127 Magic Points
 
 Posted on Mon Jul 28, 2008 2:48 pm  
I can't believe these inquires stay on for two years. Yes it sounds like you can only get them removed ikf you didn't ask for the credit check.
carol

carol

Joined: 27 Jun 2006
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Posts: 1307
Location: Los Angeles, California


29555 Magic Points
 
 Posted on Tue Jul 29, 2008 6:58 am  
Hi fireyone
These hard inquiries do stay in credit report for two years and each of these hard inquiries reduces your score by five to ten points. But as far as I know, these decrease in credit score remain for six months to one year after that it increases.
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fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Tue Jul 29, 2008 1:06 pm  
Wow it still seems like such a long time especially if you have a low credit score. 10 points could really mean alot to a person.
Marc Williams



Joined: 09 Jul 2008
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Posts: 8



358 Magic Points
Subject: Pulling your own Credit is Not a Hard Inquiry
 
 Posted on Tue Jul 29, 2008 2:59 pm  
Hi,

If you pull your own credit it doesn't lower your credit score, because this is not a hard inquiry. If somebody else pulls your credit (for example a mortgage broker) and you get denied for credit, this will count as a hard inquiry and will lower your score.

If you see hard inquiries on your credit report and you feel that they might not have been authorized by you, you can dispute them. This can be a successful method to get inquiries removed.
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fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Wed Jul 30, 2008 12:25 pm  
Nice to know we have some leverage. Someone on another post was just asking about hard pulls. A car lot ran his credit accidently. I told him to dispute so I am glad I got that right.
CMBV22

CMBV22

Joined: 08 May 2008
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Posts: 364



4812 Magic Points
 
 Posted on Wed Jul 30, 2008 7:41 pm  
many times if you send a company a letter asking them to validate the inquiry they just remove it. Unless you have an account with them so it's really obvious they were allowed to pull your CR, They do it as a courtesy
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fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Thu Jul 31, 2008 2:04 pm  
How is it a courtest if you don't ask to have it pulled and it deducts points from your score? Do they automatically have the right to pull you CR if you have an account with them.
goodnatured



Joined: 03 Nov 2007
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Posts: 3927



10 Magic Points
 
 Posted on Tue Aug 05, 2008 12:15 am  
Yes some companies will pull it every so often, some credit card companies will raise your rates if you credit falls below a certain score, they consider you a credit risk. Funny huh?
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fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Tue Aug 05, 2008 12:47 am  
No more like ridiculous. If you are in good standing with them and make all your payments on time where do they get the right to raise your rates? This is how the credit card trap starts and then yolu forever remain a victim.
erb1953



Joined: 31 Dec 2007
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Posts: 573



-53 Magic Points
 
 Posted on Tue Aug 05, 2008 2:11 am  
A lot of senior citizens really got the shaft in this, they were on the news saying that their rates were raised after their credit report was reviewed, they live on a fixed income and can not afford this, they end up closing their accounts and paying them off because of it. I think that is what people should do and then maybe the credit card companies would rethink their methods.
fireyone



Joined: 26 Feb 2008
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Posts: 4285



127 Magic Points
 
 Posted on Tue Aug 05, 2008 2:15 am  
They aren't going to rethink a method that is buttering their bread. I am paying off all mine and baking my own bread from now on. I may as well put the interest money I would be paying in the bank and watch it rise. It makes me sick to thin of what these companies and their billiions of dollars do to the older folks. They should invest a little back into the society.

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