Learned something interesting at the car dealership last night. I was told by their finance mgr that, if your score is 700+ and you get a few inquiries, it won't really move much. BUT, if your score is mid 600s and you go apply for 2-3 new cards, get a cellphone etc... it drops to the high 500s almost always. Rebounds in 6 months or so. Interesting. It's like the model is very purposefully skewed to hurt us more. Anyway, thought I'd pass it on. Oh, regarding the seminar: I emailed Snyder directly b/c I wanted some info/ lists of creditors etc. He said there will be a seminar close to me in May and to email him late April and he'll give me the info. So it looks like I'm not going out to LA this weekend. Might as well go when it's closer to home. and it's only 2 months difference. Anyway, I asked him about the installment program and he wrote that the credit builder program described in the book was no longer: he told me to just call around and find one at a local bank. That I knew But he was very nice and I appreciated the quick response. When I go in 2 months I'll post the info I learn
Thanks Marie, for all the info. We will all be interested in your experience at the seminar when you go in May. I chose not to got this Saturday.
Makes sence to me that inquiries would hurt someone with a low fico more than someone with a high score. If you think about it, someone with good credit is probably just searching for better deals, while the person with lower FICO is probably attempting to get as much credit as possible, and is much more likely to run up the new cards, and then default. I know this isn't always the case, but it definitely makes a difference in a lot of cases.
