George(aka superman), I do have to admit that Fair Isaac probably does have considerable influence over the Credit Bureaus. Ever notice how all of the credit bureaus report all the info in the same format (Experian goes a little further to list past balances). I'm sure this is because FICO doesn't want to have to develope 3 different scoring models when one will do... I'm not sure if removing inquiries is the correct solution. There are for sure many probs. with the current system, if inquiries were all removed what would stop me from applying for every credit card in america and heading to mexico with one of the worlds largest cash advances(other than morality and legality)?? I tend to think the reason inquiries are graded so heavily is to limit the above scenario where someone is granted unknowingly more credit than they deserve. Maybe if they really, really restrict what is to be included as an inquiry, not stuff like checks for jobs or insurance(incidently it is illegal for insurance co's in CA to do credit checks I learned the other day). Anyways I think thats enough armchair quarterbacking for one day....
They are going to decrease to 0 years.When? Who knows? But inquieries are for sure just headaches for both consumers and CRA's.Creditors???They still like to use them.Good reason for credit denial.
Can I ask you question slppryslp? What would stop me,you,George to do that with 100-150K already available credit?Credit rating..right?If somebody plans to do that he or she is going to do that anyway...
That justifies keeping an INQ there ONLY until either 1) the new account appears on the credit report or 2) your app is denied -- one lenders decision to ding you shouldn't impact the others'. That would be a reasonable system.
zb1965, I agree with you that any of us could do that with our current large credit limits(which I think is a basic problem of loaning unsecured money). The main difference I see is that the amount a person could pull out would only be limited by the number of applications they could fill out and they would be able to do it in a much much shorter time period. I was just thinking that maybe if they got creditors to instanly report when an account was opened, that could very well limit someone from getting too much credit at one time. And george if someone did what I was suggesting it would probably be a whole bunch of $9000 dollar transactions spread out among a number of banks (lol not that I ever think about this sort of thing). Although that would be cute...I'm here for my million dollars...can I get that in small bills???
you know I'm really not sure...but that was why I said 9000 (and thats a likely amount most credit cards would grant)...
If you deposit >$10,000 in CASH...I DON'T THINK THAT HAS ANYTHING TO DO WITH A CASH ADVANCE...OR A BT EITHER...
Anytime you do a transaction (or series of them) involving "currency" (cash, money order, etc.) > $10K. It would definitely apply to a cash advance > $10k. I don't think it applies to a BT > $10K (not currency). (If there are any al quaeda please don't read past this point). If you could do a BT to your debit card (has anyone ever tried this?), though, it would be pretty easy to avoid.
I SHOULD TRY A BT TO WIFE'S VISA DEBT CARD...but if I got "HIT" with a CASH ADVANCE...I would "HIT THE ROOF"...
thats an interesting thought, solzy, I wouldn't doubt that you can do a balance transfer to a debit card. I'll try it today and let you know. I know you can do it to another persons account(universal card screwup)
I would do it right now...but AMEX is BROKEN...AND CITIBANK takes too long. F.Y.I. I ASSUME you have to use a BANK that only asks for only the ACCOUNT # and if VISA/MC/DISCOVERCARD/AMEX...if they ask a payment address...you wouldn't have one.
uhoh. WRT this dylan thomas was quite wrong. So what do you guys think about how long INQs should remain on a credit report?
