Beware of What CRA you think t

Discussion in 'Credit Talk' started by JimmyW, Jan 18, 2001.

  1. JimmyW

    JimmyW Guest

    Creditors are like us consumers, always searching for the best deal. Therefore don't be suprised if today they pull TU and tomorrow EQ.

    Creditors know that each CRA reports different information, and that we are constantly out here disputing and removing derogitory information, so they will switch on occassion which CRA they will pull.

    Many of the CRA's offer seasonal discounted rates for internet applications, so creditors will constantly switch for no reason at all except to save some money.

    Creditors are also on the prowl now to cut their risk, and CRA's offer different types of scoring for different types of risks. For example, the FICO score we are so fimillar with, may soon be a thing of the past on application ranging over $5K credit lines. There are now such scores as NextGen that some creditors choose to use in certain situations.

    Your CRA will also depend on which department reviews your application. Many creditors have a Pre-Score system that will determine how much credit information they need to make a decision on the application. Depending on the catagory, you may get TU, EQ or EX all on the same application, and only get the denial letter based on the CRA that your score did not pass standards.

    The CRA's also at times during the year offer extensive discounts to certain regions of the country which will also determine which CRA you can expect a hit from.

    There are still a few creditors that are faithfull to one CRA and one CRA only, but that is becoming a thing of the past.

    So tread carefully, and remember you may not need that additional credit card as bad as you think right now. Maybe 3 or 4 months until all your CRA's are clean will be a better decision.

    Good luck and happy CREDIT.
  2. jamie

    jamie Well-Known Member

    RE: Beware of What CRA you thi

    Thanks for that post JimmyW. I had a feeling this was the way they do things. However, I contacted one of my husbands creditors not long ago and the rep told me that our "main" CRA is Experian.
  3. Alwilda Sm

    Alwilda Sm Guest

    RE: Beware of What CRA you thi

    My Experian is wonderful. However, it seems not to be pulled much in my area. I went to creditmania's list a couple months ago and applied at several places that were reputed to pull EX only. Wasn't rejected on a single one. Based on this experience, I think that thay may stick to a single CRA more that one one think.

    -Alwilda Smith

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