USTEL suckered me into changing from Bell South phone service. Promised me nothing would appear on my Credit. Well, not so....got a hard on EQ., which dropped my score 6 points. Don't know yet if they checked the other CB's. Any ideas if any thing can be done about this.
DISPUTE IT WITH THE CRA!!!! "I applied for no loan or credit card with XXXXXX, please remove the inquiry"
In my line of work, I find a lot of people who obsess over the effects of an inquiry on their credit score. The truth is it's not all that important. A FICO score is like when the doctor takes your blood presure. There are going to be variations from day to day. If you're really tired or stressed out, it will be higher on one visit, but you should only be concerned if it's always higher. Credit scoring is complex enough that you can't be 100% sure that this inquiry is what changed your score. Even if it was, you've only been damaged if: 1) You're planning on getting new credit within the next month. That's about how long an inquiry is figured into your score. 2) Equifax is the bureau used to qualify you. You have a one in three chance there. 3) Your credit is borderline. If that six points is enough to shift you from one grade to the next. It's very unlikely that the answer to all of these is yes. So I ask you, how important is this?
go away troll! believe me when i say, i will do everything in my power to ban you from your ISP and email accts. go away before its too late. i've done it before, and i'm just itching to do it again.
You are incorrect once again mycroft. I have been turned down before and the only reason was inquiries and older ones at that. We are not even talking about alot of inquiries either. You deal with mortgages so of course they will not care too much about inquiries. They will care, however, if they think you are running up credit. Credit cards and loans will care and their computer will automatically turn you down if it feels like you have too many.
Re: Re: They Lied!!!!!!!! Why shouldn't we, every inquiry is a drop in persons FICO score. Shopping for loans and insurance can really make a dent in somones FICO score. Actually you should be concerned if its lower. I partially agree. You can be sure an inquiry will cause some sort of drop, but all the other information factored in makes it nearly impossible to determine exactly how much. Hard inquirys hurt the most for 6 months and I'm willing to bet they continue to hurt your FICO score for the duration they are listed on your credit reports. Not necessarily, some lenders only pull from certain CRA's. Knowing which ones pull what can even up the odds a bit. A hard inquiry will damage your credit on that report. I agree. Sometimes a measly 6 points is all it takes to save $$$$'s on a mortgage or auto loan. It happens To me its very important. Nobody but the lenders know where that magic cut off line is. If I need credit, I want to do everything possible to make sure I get across it. Otherwise I just damaged my score more by even trying.
Re: Re: They Lied!!!!!!!! Credit scoring is complex enough that you can't be 100% sure that this inquiry is what changed your score. Even if it was, you've only been damaged if: 1) You're planning on getting new credit within the next month. That's about how long an inquiry is figured into your score. 2) Equifax is the bureau used to qualify you. You have a one in three chance there. 3) Your credit is borderline. If that six points is enough to shift you from one grade to the next. It's very unlikely that the answer to all of these is yes. So I ask you, how important is this? VERY IMPORTANT, as I am ready to apply for a couple of pre-qualified, 0% credit cards which I know will drop my score. I am willing to take a hit to increase my Credit Lines, and get no interest loans till net year, but not change my phone service. Plus I don't really like being lied to lied to, if for no other reason.
Re: Re: They Lied!!!!!!!! HUMBLEMARC smoke that trolls azz. by the way did you ever watch into the mouth of madness?
Re: Re: They Lied!!!!!!!! I signed up for Credit Watch and Credit Expert to monitor my scores. With the score analysis they list both positive and negative factors that impact the score in order of importance. Any inquiry within the last 6 months is considered an important negative factor. And no inquiries within the last 6 months is considered a positive factor. It may only be a few points, but I've been turned down for a loan due to "too many inquiries" when I only had a couple. Woeful
Re: Re: They Lied!!!!!!!! George I called EQ. but they wouldn't remove it. Got the number of the person at USTEL from them. Turned out to be the controller. Explained that they had told me no credit check & that I never heard of a Util. doing a credit check. Also told a little white lie (not totally untrue) that I was buying another home, (Thinking about refinancing) and loosing 7 points could make a difference in my rate. Had call from a lady about an hour later saying he had sent a fax to EQ. requesting they remove it, and they would send me a copy, and a copy to the mtg. company if I wanted them to, and to call her if any more prob. BTW all hards had dropped off EQ. (3) due to checking it 125 times. The funny thing I didn't think that worked any more, when I suddenly realized they were gone.
Re: Re: They Lied!!!!!!!! marc Thank you for jumping in here, I have seen several posts from this troll, but because he (?) claims to be a mortgage broker in one of the states I am licensed in I didn't want people to think that I was attacking his inaccuracies because of the mortgage background. You know how sensitive I am to people thinking that I am trolling for business here or over at creditboards. But he has been an absolute fount of misinformation in some of his responses. fla-tan
Re: Re: They Lied!!!!!!!! I am surprised no one is getting at the real issue from the original post. This company ILLEGALLY pulled a credit report. There are criminal and civil penalties for this. Is it any wonder that identity theft is the fastest growing crime when you have people from "the industry" telling people to just brush off this transgression? Regardless of your FICO score drop, you are entitled to a bare minimum of $1000 for this company's actions. I would have to respectfully disagree with the poster who claims that 1 inquiry will not hurt anyone. My parent's home owners insurance premiums doubled because of "excessive inquiries"--they only had 2 in the past year.
Perhaps what you say is true mycroft, BUT it's much MORE likely that the answer to ANY ONE of these is yes, and that could make all the difference to a particular individual. I don't see that you're in a position to make VALUE judgments for ANY of us !
Because of a single FICO point, I almost had to pay 7.5% on a car instead of 4.5%. Their minimum score for the 4.5% rate was 700.. I was at 699. It was only after I did the EFX bumpage.. bumped off 2 inquires and my score went up 7 points. Called them back and they gave me the 4.5%
Re: Re: Re: They Lied!!!!!!!! Fla-tan, Something I've learned is that you can't build yourself up by taking someone else down. You only succeed in making yourself look small. I've looked over some of your past posts, and you seem like a decent person. Other then your inviting everyone who's shopping for a mortgage to e-mail you personally, you seem honestly interested in helping people, and I respect that. Humblemarc is what he is, and I will disregard him, but you, this sniping seems beneath you. If you think I'm putting out misinformation, I invite you to discuss it openly with me. We can discuss our differences, and either learn from each other, or agree to disagree. I think, however, that if you review whatever you saw that you interpreted as misinformation, you will discover that we agree on matters that are factual, and only disagree on matters that are idealogical.
