Sorry, but it's now my time to ask: Says who? The only references ever posted here referred exclusively to mortgages and car loans. Saar
Did he give you a timeframe? For ex., the rule for mortgages is multiples mortgage inquiries within 14 days are counted as one, plus multiple mortgage inquiries within the last 30 days also count as one. Has he given you any context to that info when it comes to CC's? I seriously doubt that information, if only because I've come across many proprietary (non-FICO) scoring systems that count each and every CC INQ, regardless of what, where or who. Also, it does not follow the logic of mortgages and car loan. Most mortgage and car loan seekers wish to buy only one home or one car at a time. As we're all well aware, the same thing cannot be said about CC applicants. The very logic behind calculating INQs is to spot those who submit many applications in a short period, whether you accept that reasoning for determining bigger credit risks or not. Saar
He would not quote exact timeframes but lead me to believe that auto loans were 10 days and mortgages less than 30. Saar, who knows when it comes to non-fico scores. There are more than two dozen out there, but it doesn't matter if the lendors/creditors are not using them. I had a dozen inquiries removed from TU including several in the last 6 months and it didn't change my TU score at all!
Not sure what you mean by 'not using them'. The top 2 lenders in my book (Citi & Amex) use proprietary scores. For example, we've only recently learned that the cut-off score for Citi approvals is 120. That obviously does not refer to the FICO scale. Saar
If you're trying to say the TU "new score for consumers" is pure junk, then I'd have to agree. My fourth reason code was something along the lines of "too high balances on retail cards". I have only 1 retail card, and at that time, the balance was $14 out of a $1000-limit. Saar
Bkev: If you will CLICK ON THIS LINK you will find some FTC opinion letters that will lead you to the answer to your question about what portion of FDCPA relates to inquiries and those that are permissible and those which are not, therefore the basis for the only disputes that I am currently doing for myself.
Saar: While I must admit to speaking in a somewhat tongue-in-cheek manner, I'm not so sure that a goodly number of credit grantors have the common sense to realize what you claim above. A better statement (question) might be "what effect does a ton of inquiries have on an online or in-store credit application where only the score such as FICO has any bearing on whether or not the credit is granted or denied. For instance, 600 and above and you get the credit, 599 below and you get turned down? If that is a valid type of assumption in some cases (any for that matter) then a few inquiries might very well make a difference, especially where a human does not make the credit granting decision. Only a computer generated score.
Bill: Thanks for the reply. I reviewed your FAQ for CreditWrench several times and even did keywords searches, but I guess I'm missing something. I don't see any relation between FDCPA and inquries listed. Can you be a little more specific? Thanks!
FDCPA on the brain I guess I have been studying FDCPA so much lately due to the seminars we are doing that I've got FDCPA on the brain. (LOL) Actually, it is in FCRA and there are two links relating to that. CLICK HERE FOR 1ST REFERENCE CLICK HERE FOR 2ND REFERENCE Maybe those will help clear up the confusion I inadvertantly created.
My CE score "seemed" to rise 2-3 points per deletion. Since I signed up I have recorded my score and changes to my credit in a journal daily. I would guess that 14 deletions were worth 30 CE points. The problem with CE is that when the credit union revealed that I had a 728 EX score; CE said I had a 701. So I don't know the full effect of the inquiry deletions. Also, looked another way. One additional inquiry cost me 2 CE points. The 2nd cost me 7 CE points. Then I got both of these inquiries deleted. Then I applied for more credit. I have 3 inquiries on my EX report now. The 3rd inquiry was done last week for a line of credit. It cost me 3 CE points. I suspect that how much an inquiry hurts a score depends on other factors in your credit. Sorry, I can't give you a consistent / easy answer. I am glad i made a record of what has happened with CE. Best regards, Jim
2 Points per... that sounds about like what i've experienced... no where near what the deletions show on their "simulator"
Re: FDCPA on the brain Bkev: You mean to say that the two newer links didn't provide you with more ammo? I think they should have. If not, please tell me where you think I am wrong My inquiring mind needs to know
Re: FDCPA on the brain Bill: Sorry, I didn't check the two newer links once you said FCRA. I was thinking AMO from the FDCPA.
Many people have expressed concern over the value of the simulator. I forgot to mention that when... EX was 728 CE said 701 Simulator said 760+ I think the simulator is just a crude directional tool using a half dozen of the many factors that make up a credit score. BTW - I suspect that my true credit score may be headed downward temporarily as all the new credit I am opening shows up on my credit reports. Jim
I also feel very lucky that I got in during the summer. I was able to get 10 inquiries deleted also. I have four remaining. One within the last six months, the other three due to fall off early next year. NJ_Newbie
