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how a lender checking your credit report affects your score.

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anamariagrayson

Joined: 08 Dec 2009
anamariagrayson's page
Posts: 1

35 Magic Points

Subject: how a lender checking your credit report affects your score.

Tue Dec 08, 2009 2:38 am

I was checking my credit report. ON September it was 7. which is good. Then I applied for a loan, it was checked after that 5 different times up till this week. Now a lender is telling me I cannot get the loan because I am down to 6. something??? How the score got down to this? How points are taking off the score?
If it was checked 3 times in 1 month how much goes down??
It it was checked 1 time in the next month how much?

How long for my score to go up again - this means how long do I have to wait for my score to go up to 7.00 ???

carol

Joined: 27 Jun 2006
carol's page
Posts: 1307
Location: Los Angeles, California

29555 Magic Points

Tue Dec 08, 2009 9:05 am

Hi anamariagrayson

Did you go through your credit report thoroughly? Sometimes there are wrong entries that may cause your score to go down. I would suggest you go through the report in details and find out if there are any reports that do not match with your knowledge. Scores also may go down if there are hard inquiries. But if you have applied for a loan and the creditors pull up your report, this shouldn't as such affect your score too much. You can check the FICO rules to get a proper understanding of this. Usually, inquiries within the first 14 days are considered and do not affect your score as such.
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Keep in touch
Carol

goodnatured

Joined: 03 Nov 2007
goodnatured's page
Posts: 3927

10 Magic Points

Tue Dec 08, 2009 2:56 pm

thank you for the advice carol.

Do you know how long it takes to remove soft inquiries? Hard inquiries?

How would one go about having these removed, is writing a letter to each of the credit reporting agencies enough to get the process started or is it much more involved.

Please advise?

fireyone

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

127 Magic Points

Wed Dec 09, 2009 2:52 am

I had always thought a lot of credit pulls could hurt your score. One thing to keep this from happening is if you know you will be applying for credit or looking for a loan then print off a recent copy of your report and take it with you. Hopefully lenders will look at your report so they do not have to pull there own affecting your score.
I believe though a drastic change such as the poster has listed is a result of something much more than a few pulls. I would look and see what is going on

Justin

Justin

Joined: 17 Jul 2006
Justin's page
Posts: 1240

28942 Magic Points

Wed Dec 09, 2009 5:36 am

Hi Anamaria,

As Carol mentioned earlier, you must go through your credit report thoroughly to find out if there is any incorrect information listed. If so, then you have to dispute with the bureau.

Hard inquiries on your credit report can harm the scores. Your credit score may take a hit if any unauthorized company has made an inquiry on your credit. However, you can get this removed by writing a hard inquiry removal letter to the creditor. This will help to improve your score. However, it is difficult to tell how much time it will take to increase your credit score.
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All the Best Smile

Justin

sdchargers_63

Joined: 13 Aug 2007
sdchargers_63's page
Posts: 1889

1356 Magic Points

Subject: credit

Sat Dec 12, 2009 2:34 pm

I haven't looked at myCR recently ( last few months) but, I DID notice that I had some car dealerships, CC's I didn't apply for, etc. look into my credit. How can this happen when I didn't give these people permission to do so?

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