If I have bad credit already (EQ488 EX555) will a few inquiries really matter? I would like to take my chances applying for some cards while my EQ CR is in dispute....Just want to know, in case I get rejected, will those inquiries REALLY affect my score?
How many inquiries are we talking about? Inquiries do play a large part in being declined/approved for credit. Their (banks) thinking is that multiple inquiries shows a person is desperate for credit. Two or three in a six month period isn't a big deal, but if you have 15-20 (hard inquiries) that is looked on quite differently. Dani
In December I applied for an Express Card (Store), recently Sprint, Cap One (twice, I accidentally applied 2 times), Target Visa. I would like to apply for another card. And possibly to get a loan from my bank ( I would like to get a car) Should I not apply for another card? CapOne approved me for a secured card...But I have that whole investigation on my EQ CR (I think a few things will come off -- and I only have 5 TL's --all negative), so I am hoping to apply for cards that only pull EQ in NY. Am I wasting my time? What about if I wait a month until they clear up some of the mess and see where I stand then?
Ness, I would seriously consider on waiting to apply for cards, and focus on cleaning up your report (which I know you are currently working on). You have disputed the tradelines with EQ. Have you disputed them with TU and EX yet? How old are your negative tradelines? Is the SOL up yet? You may have already discussed this in previous threads. At this point, what are the negatives on your CR that you want to focus on? I apologize for all the questions. Dani
Well, I got a dup TL for a CA on an old Discover card from '97 taken off. I made a settlement though and finished paying them yesterday, so they said they'd take the "Charge-off" off and mark it just as "PAID Settlement" One student loan needs to be corrected -- it says 120+ past due but I have been paying timely for 8 months to the CA -- The original creditor has it as a "$0 balance, sent to CA" Another student loan is almost paid off (done in Oct) and part of the deal was that if I completed the rehab program successfully, they woudl wipe off the acct completely from my CR. That's it! That's all I owe...I have NO + TL's though....Thats why I got the cell and the CapOne card and hope to get atleast 1 more cc. In all, all I owe still is $3200 for school loans -- After October, I should only owe about $2000 for the 1 remaining loan. Everything else on my CR will be paid off! One Q? though..My Eq CR has 5 TL's -- EX does not have the CA for the Discover card listed (according to them, I have 4 TL's)....Now that I paid the CA yesterday, they will report to all 3 CB's saying I'm paid up, and let Discover know as well so they should report too...Will this be a good thing, or will EX catch on and add the CA acct to my CR? Sorry for all the Q's and the LONG story--I am new at this and dont understand much -- I think I screwed up trying to do this on my own =o[
Okay, my concern is that the collection agency should not be reporting the account twice and Discover should be showing the balance as $0 - transferred to collection agency. When are your disputes to be completed from the CRAs? Dani
Paying the CAs did you no good. it did nothing for your score (or very very little). Instead of applying for more credit, I really think you should be focusing on getting the negs deleted (that includes paid CAs).
I havent EVER contacted Discover-- I dealt with RMA (the CA) -- They removed the dup and we made a settlement -- They said they couldnt remove the TL completely if it is a settlement, only if I paid in full. So they wil just take off the CHarge Off and mark it as a Paid Settlement -- Discover, on the other hand, I have NO idea whatthey do once the CA reports that I completed a settlement -- I suppose they will take off the balance and mark it as $0. Who Knows? As for the school loans...Once the balance is clear, 1 will delete the TL, the other will just mark it as paid. I dont know where to go from here...I think I need to wait until next month to se ethe "updated" CR. I only ordered the EQ, and EX CR's -- I figure I will hold off on the TU until I clear up the rest of this debt. I wish I had a credit counselor!!!!
Inquiries can be a good thing if it is associated with an open account. However, too many inquiries can be damaging because it appears you are desparate for credit. Inquiries generally drop off the CR in 2 years. You may want to request that the CB keep the inquiries associated with your open accounts to show that you were approved as a result of that inquiry.
Send Paid Debt Validation letter. See below: To Whom It May Concern: I am writing you regarding a notice on my credit report. It seems as though I have a paid account with your offices and that your company has deemed it necessary to report this listing on my credit file. This letter is to inform you that I paid this account under duress and prior to knowing my rights as provided by the Fair Debt Collection Practices Act. (You can list the type of â??duressâ? here by stating â??I was receiving numerous harassing phone calls from your company and paid this alleged debt just to get your people to leave me aloneâ? etc.) Now that I am aware of my rights as provided by State and Federal Law, I am now disputing the fact that your agency ever had any legal right to collect on this alleged debt and that your agency has any legal right to report this account on my credit file. I have attached a request for complete validation on this alleged account and you are instructed to fill it out, attach copies of all requested documentation and return it to me within 15 days from your receipt of this letter. If you cannot provide complete validation as provided by law, then your offices are instructed to IMMEDIATELY request full deletion of this account from my master credit file and all 3 major credit bureauâ??s. You are also instructed to send me a copy of such request for deletion either via fax or US Mail. If you fail to respond at all, I will turn this matter over to my legal counsel for suit, file complaints with the Better Business Bureau, the Federal Trade Commission and your State Attorney Generalâ??s Office. Sincerely Send this as a cover letter WITH validation letter in letters section.
Charly5..... NO inquires are EVER helpful - whether you've been approved or not. Prospective creditors don't care that an inquiry resulted in an approval - they can tell that by seeing what accounts are shown on your report. Obviously, if you weren't approved, the account wouldn't be listed.
