Eloan Credit Expert Advice

Discussion in 'Credit Talk' started by Marie, May 31, 2001.

  1. Marie

    Marie Well-Known Member

    I didn't realize I'd have to apply for a loan to get their tips on increasing my score.

    For those who have done this... I did notice they've got a clause saying they can give my info to affiliates and that they also can look at my credit. I smell multiple inquiries...:(

    Did you guys get your credit shopped??? If so, I'm not doing it. I'm really curious about their suggestions and the points increased with them.. but not if it will cause a lot of harm to my score. 1 inquiry I can stand. More than that I can't.


    Oh, does anyone know which banks actually use this score system???
  2. Jim

    Jim Well-Known Member

    Hi Marie!

    You have asked a number of intelligent questions that I am not sure anyone here can answer at this time as E-loan scores being available again is somewhat new. Many of us recall that the CRA's did everything legal to shut E-loan down a while back.

    Sticking to facts:

    I applied in April and got a 695 score based upon my EX report and a limited number of lets call them "customer profile questions". One soft inquiry was to result on EX. Instead one and only one hard inquiry resulted.

    I have exchanged correspondence with E-loan. However, I have never been told whether the hard inquiry has been converted to soft. Saar and a few others posted that the conversiont has taken place.

    In my opinion, the hard inquiry was caused by EX.

    I hope this helps.

  3. DaveLV

    DaveLV Well-Known Member

    I got this email from eloan today:

    We have just received confirmation that Experian has removed the hard
    inquiry that was placed on your credit report when you requested your My
    E-LOAN credit score. Please note that you will still see a soft inquiry in
    the name of CreditInfonet (the company who pulled the report on E-LOAN's
    behalf), but these inquiries are for your information only. It allows you
    to keep track of who has viewed your credit report, but is not used by
    lenders and does not affect your credit score. As a reminder, only your
    Experian credit report was pulled so your Equifax and Transunion credit
    reports never showed a hard inquiry.

    I sincerely apologize for the delay in having this error corrected. Given
    the number of people affected, Experian was unable to process these
    corrections as quickly as we would have liked.

    Thank you for visiting E-LOAN and we look forward to helping you with your
    financing needs in the future.


    Eduardo Pretell
    VP, Product Management
    E-LOAN, Inc.
    Tel: (925) 560-2615
    Fax: (925) 556-2683
  4. Jim

    Jim Well-Known Member


    I got interrupted. So let me finish my post by saying that I expect anytime now to find that E-loan is one soft inquiry. Also, that you do not have to apply foir a mortgage. I certainly did not.

    The open question is how often we as consumers can apply again to see a revised score; ie., once a month or once a year?

    I live in CA so supposedly EX has to provide scores, for a fee of course, starting in July. You know that EX has to detest E-loan as competition.
  5. DaveLV

    DaveLV Well-Known Member

    Sorry, Jim... I didn't mean to interrupt. :)
  6. VJ

    VJ Well-Known Member

    Marie,This I Know
    Hard inquiry should now be processed as soft inquiry only.
    Scores run 15-25 points higher than fico on avg.
    No one shopped credit,yet, and probably won't.
    I was told by Credit Infonet 600 banks, of which 3 are the top 5 or 6 banks, use it or modified versions of it under license for in-house scoring. Can try to find out tomorrow which big banks use it if you want.
    The suggestions, with cause and effect, is the interesting part of this program.
    What I'd like to know is how many,if any, of the 600 banks stopped pulling fico.I beleive very few or none.

  7. Jim

    Jim Well-Known Member


    LOL - We were simply corresponding at the same time. My real interruption was a neighbor at the door. Thanks for your input. I better check my e-mail. Maybe E-loan has contacted me also.

    Hey, check out VJ's thread on Qspace and worthknowing. Frightening!! is the word.
  8. VJ

    VJ Well-Known Member

    Jim,experian was totally responsible( or is that irresponsible) for showing the 40,000+ hard inquiries when they should have been soft. End of discussion on that...

    I asked e-loan about the time cycle on renewing your score
    and was told it looks like it will end up being a one time thing/cost to eloan.Also confirmed it with creditInfonet,again.
    Any recycling of scores through credit infonet will be at least 1 year and maybe never with e-loan. End of that discussion too.

  9. Jim

    Jim Well-Known Member

    Hi VJ!!

    Thanks for the info. I am sick of the CRA's but I am not ready for a vacation yet. LOL

    I have added so much credit since January that I am afraid to look at my score until July. CA, where I live is likely to provide access to EX and TU scores by July for a fee. I will look then.

    Keep posting!

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