Wednesday, May 26, 2010

How come your credit score goes down everytime u do a credit check?

it shouldn%26#039;t go down when you check your credit. It should only be going down when someone does a credit inquiry. It goes down because the assumption is that you are about to take out another loan/credit card etc so its just anticipating that.



It shouldn%26#039;t be affected by things like a background check like if an apartment does a criminal and credit check before you move in.



If you see an inquiry that you did not autorize, report it to the credit agency. Companies are required to get your written permission before doing the type of inquiry that can affect your score, if they can%26#039;t get proof that you autorized the inqury then they are required by law to remove it from your record.



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How come your credit score goes down everytime u do a credit check?

Because your money does not generate more and more.



How come your credit score goes down everytime u do a credit check?

Because the keep count of the number of credit checks, but not necessarily who%26#039;s making the checks. As for as anybody who%26#039;s looking at your credit report, the can only assume that you have applied for credit with every check.



How come your credit score goes down everytime u do a credit check?

It shouldn%26#039;t go down when you do a credit check on yourself, like your yearly free report. That is for your info and you have the right to view it once a year free of charge (www.annualcreditreport.com). If you say, apply for a credit card, insurance, car loan, etc and they run a credit report it will bring your score down a couple points. Unless you do it over and over again it will even itself back out again within a couple months (assuming you are still paying everything on time, etc). They also want to see if how many inquiries you have versus how many actual loans you received. If someone else turned you down, it begins to make a bank/loan co question why that person turned you down and if they should do the same, etc.



How come your credit score goes down everytime u do a credit check?

Your credit score does NOT get effected when YOU check your credit online. That is simply not true. When a creditor pulls your score it can drop up to 5pts each time, but normally would only be about 2 or 3pts.And those pts. can be earned back quickly.



How come your credit score goes down everytime u do a credit check?

Because credit scores are all about risk assessment. When there have been no new inquiries, obviously the status quo is being maintained. But when a new inquiry occurs, the model sits back and waits to see what%26#039;s going to happen. Each inquiry represents a new account that might be opened - or there might be applications that are being denied for reasons that aren%26#039;t apparent. All a credit score represents is a compilation of various risk factors - and a new inquiry represents new risk, from the scoring model%26#039;s perspective. If your scores are good and the inquiries are infrequent and followed by transactions that are paid on time, the decrease in score should not be significant.

My credit score is 640,anyone know can i get discover card?

640 with proof of income should be enough to get you any card you want. Inlcuding discover, which typically is an easy one to get. nterest rate and credit line will of course be subject to the terms of your lender.



My credit score is 640,anyone know can i get discover card?

Go to www.myfico.com and then hit credit cards at the top of the page and the next page will ask u to put your score in. then u can see what kinds of cards u can get...



My credit score is 640,anyone know can i get discover card?

I%26#039;m sorry to say but I doubt it.



However, if you%26#039;d like to learn how to repair your credit then:



http://www.thecreditrepairmanual.com is your information source!

My credit score is 673. Is it good enough to be eliagable for getting a $ 6000 personal loan? Please

The cut-off for sub-prime borrowrers is 650....so you are a good bit above sub-prime. You have good credit...not excellent, but good.



Hate to answer your question with another question...but how stretched will you be after you get the $6,000? Are you using the money to pay off higher-rate debts? Or are you going to stretch yourself further?



How stretched are you now? If $6000 is big relative to your income, and then you miss a few payments....you could be headed for sub-prime land and trouble in a very short time.



The best thing to do is to check with your bank and ask if they will grant you the loan and what are the terms.



Make sure you can handle it.



Good luck.



My credit score is 673. Is it good enough to be eliagable for getting a $ 6000 personal loan? Please answer?

Sounds like a good score to me, but every company has their own guidelines. Depends if you have enough potential capital to pay it back. They may not give it to you if your payments are going to be 75.00 a month and you dont have 75.00 left in the budgett to pay for it.



My credit score is 673. Is it good enough to be eliagable for getting a $ 6000 personal loan? Please answer?

you have what%26#039;s considered %26quot;good%26quot; credit, but not excellent credit. You could get a loan, but the interest rate may be slightly higher than what someone with %26quot;excellent%26quot; credit will get.



My credit score is 673. Is it good enough to be eliagable for getting a $ 6000 personal loan? Please answer?

I know a very kind loan shark down the street from ya....very nice man...he don%26#039;t care about points either. although...you lose a finger for every day your late!!!!!! lololol.



My credit score is 673. Is it good enough to be eliagable for getting a $ 6000 personal loan? Please answer?

read tips and articles on debt/credit , loans and much more on this site



My credit score is 673. Is it good enough to be eliagable for getting a $ 6000 personal loan? Please answer?

good enough for a $6000 loan. but don%26#039;t expect toget a good interest rate.



My credit score is 673. Is it good enough to be eliagable for getting a $ 6000 personal loan? Please answer?

Your credit score is decent enough to get a loan, but remember that your income and expenses are also looked at. The lender will take the estimated monthly payment from this loan, add it into your other expenses, and determine if you have enough income to pay this additional debt.



My credit score is 673. Is it good enough to be eliagable for getting a $ 6000 personal loan? Please answer?

your score is high enough but it depends on your debt to income ratio how much you would qualify for....



My credit score is 673. Is it good enough to be eliagable for getting a $ 6000 personal loan? Please answer?

yes but it is also based on your income.

My credit score is 460 how bad is that?

In the lending business.... you would be classified as a %26quot;credit criminal%26quot;. Sorry, but the chances of you obtaining credit without a great deal of equity, or going to a loan shark, is nill. Paying off past obligations, staying current, and living within your means is the ONLY way that you will be able to raise that score.



My credit score is 460 how bad is that?

Considering that the national average is 675, 460 is BAD.



Credit scores only report down to 300 then they convert to 0.



Not that you could not get a loan with your score, you can but the rates are going to be whatever your State maximum allowed is. And if it%26#039;s for a vehicle, you can look to make a down payment in the $2,000.00 to $3,000.00 range.



My credit score is 460 how bad is that?

crap.



My credit score is 460 how bad is that?

Ouch! That will definitely leave a mark. It may help to know what makes up your score.



35% payment history - any time you%26#039;re late it will show up here. The longer you let a delinquenr account fester, chances are it will become a collection account and tank your score even more



My suggestion to you would be to make arrangements to pay any delinquent accounts you have. If you happen to have any credit cards that are still open start paying on time and pay down the balances. Doing those two things alone will help out some. It will take time to get you back on track, but keep your head up!



30% total debt vs. available credit- this is especially bad if you have maxed-out credit cards or collection accounts. The more debt, the less available credit, the worse your score.



15% length of time establishing credit- how long you%26#039;ve had your accounts will show here. If you%26#039;ve had your accounts less than a year or two, and they%26#039;re already in collections, that%26#039;s how you got to where you are



10% types of credit established- it%26#039;s one thing to have a bunch of credit cards, and another thing to have a bunch of credit cards that you%26#039;re not paying on, but when it comes to credit, having a bunch of credit cards just isn%26#039;t going to cut it. All it shows is that you%26#039;ve now become a part of a growing statistic for credit card debt. Having good credit takes more than just a wallet full of credit cards. Can you finance furniture? Or a car, or some jewelery? There%26#039;s 2 types of credit revolving (credit cards) and installment (car loans, mortgages) You have to have a mix between the two to show that you%26#039;re versatile to handle all sorts of credit.



10% Inquiries and New Acccounts vs. Established Accounts- It%26#039;s easy to open a new credit account and even easier to apply for one. If you%26#039;ve recently applied time and time again, then chances are it will reflect here. Inquiries when applying for credit drops your score anywhere between 2-5 points each time and it stays on your report for 2 years. And if you%26#039;re fortunate enough to become approved, becuase the account is so new, it%26#039;ll have an initial affect on your score until activity has been established on the report for the account



My credit score is 460 how bad is that?

Its awful.



Really anything under 500 takes work to get it that low. But scores can change. Just keep chipping away at it and before you know you might be way up into the 500 range.



My credit score is 460 how bad is that?

Well, the good news is that you now have a starting point to rebuild your credit! Take this opportunity to regroup and reapply yourself to correcting your credit issues. May I suggest a site that can help you do just that.



http://www.thecreditrepairmanual.com



Best of Luck,



My credit score is 460 how bad is that?

Unfortunately, it%26#039;s very bad. So bad that it%26#039;s dismal.



FICO scores range from 300 to 850. Most lenders assign a letter grade system to a range of FICO scores(just like the letter grades you received in school). The guidelines for the letter grade system vary from lender to lender, but here%26#039;s how they generally are:



A = 720-850



B = 660-720



C = 620-660



D = 580-660



E or F = anything below 580



As you can see, you%26#039;d be %26quot;F%26quot; credit. A %26quot;620%26quot; is the general boundary for what%26#039;s considered %26quot;good%26quot; or %26quot;bad%26quot; credit. Once you get a score above 620, you can qualify for loan products at somewhat decent rates that aren%26#039;t considered %26quot;subprime%26quot; or predatory. A %26quot;580%26quot; is the general cutoff for qualifying for most credit(even subprime). It is also the cutoff for qualifying for a first-time homeowner 0% down mortgage(although that guideline is probably changing very soon if it hasn%26#039;t already, with the recent subprime mortgage market collapse).



Your score is so low, that you%26#039;ll probably even get rejected for predatory credit cards like that from Aspire or First Premier. But do not fear too much. All you need to do to raise it is to pay off any unpaid collections that aren%26#039;t older than 2 or 3yrs old(paying off old collections might HURT your score more), pay down credit card balances to less than 30% of the limits, keep up a consistent payment pattern, and avoid applying for new credit.



If you%26#039;re going to apply for ANY new credit at all(which you%26#039;ll inevitably have to do if you don%26#039;t have any open credit accounts on your credit report), make it a secured credit card and a secured loan. The best place to get these is at a credit union. Both of these products work the same as ordinary credit cards or loans, but require an upfront deposit that you get back after ~12mo. or at the time that the loan is paid off. The important thing about these secured products is that it%26#039;ll help you to reestablish your credit. Also, some credit unions do not even require a credit check/inquiry for giving you a secured product...all they ask for is that you currently have a bank account with them, and that you place a deposit into a Certificate of Deposit for a minimum amount of time! So if you do all the things that I%26#039;m telling you to do, then you%26#039;ll probably see your score rebound into the high 500s within 6mo.-1yr. There are more things to do to boost your score. Try searching this site or a site like Creditboards.com for more tips.



My credit score is 460 how bad is that?

460 is pretty bad but you can improve your score rather easily.



-Start paying more than the minimum on your accounts (even if it%26#039;s only $1 over)



-Call your credit card company and get a credit limit increase, this decreases your % of credit used which helps your score.



-Start paying as much on your debts as you can and don%26#039;t add on any new debt and you%26#039;ll be up in the 650 range in less than 6 months.



My credit score is 460 how bad is that?

bad!!! Mine was like that last year. I paid off all my bills that were in collections and I make sure I pay my bills on time now.. Now my score is 600

My credit score is 552, can I still buy a new motorcycle with a down payment?

Yes. It will require a 100% down payment.



My credit score is 552, can I still buy a new motorcycle with a down payment?

Maybe at 16% interest loan.



My credit score is 552, can I still buy a new motorcycle with a down payment?

They are pretty strict with motorcycle loans. it%26#039;s not like a car or house. Cars and houses are necessities while bikes are leisure. You need to put at least 35 -45% of the total cost of the bike down.

My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is pa

and closed. will it be hard to get a loan for a house



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

Partly it depends on how long the current loans have been on the books. If you had one derogatory, and only two other accounts, the lenders would like to see those good loans be %26quot;seasoned%26quot; for at least 2 years, preferably 3.



At 685, though, and no current delinquencies, the lenders will look a bit harder at your Debt-to-Income (DTI) ratio and your employment history. You should get the loan, but the interest rate will depend on how the lenders like the rest of you.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

No it won%26#039;t; you%26#039;re not going to get a competitive interest rate, but your score is good enough to get financing. If you have a down payment, you shouldn%26#039;t have any problems.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

No hard but a higher rate than if you had good credit.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

No, that%26#039;s not all that bad. It would help if it was over 700. You will be offered higher interest rates than you might otherwise have received. Look at getting an interest-only loan for five years (which will then revert to an ARM). After a year of having the mortgage, your score will be higher. Look around then for an affordable conventional 30 year loan. If all goes well, it won%26#039;t cost much, if any more than the interest only loan, because your credit score will have moved up.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

Check your credit report to make sure there%26#039;s not faulty information with any of the 3 agencies. Lenders will look at a multitude of factors including income, current debt, and credit limit.



The bigger your downpayment, the better. If your current debt is high, make extra payments to the account charging the highest interest. If your credit limit is high, consider closing one of the accounts. If your income is a concern, get another job; remember people who work on tips report their income.



My credit score is 685, with one bad account. i have 2 open in excellent standing, the bad one is paid off?

You shoud qualify for 100% financing. A good loan officer can help you get the negative item removed as well. I suggest Hometown Banc Corp. They may be your best opportunity for someone to say yes. If your credit does not measure up, they don閳ユ獩 simply 閳ユ竾orget to call you back.閳? They help you get into a credit repair program you can afford regardless of income. Check out the free evaluation form at the source website and a Hometown loan officer will contact you .

I have a credit score of 538, i need a personal loan for 2,500 no bad credit for the past 5years or

you can apply for non collateral and stundet loan on cynamonangel1@yahoo.com



I have a credit score of 538, i need a personal loan for 2,500 no bad credit for the past 5years or more?

538 is very bad..



If you are lucky enough to get approved by someone, you are looking at 20% or more on the interest rate. Unless you have some asset you can use as collateral.



I have a credit score of 538, i need a personal loan for 2,500 no bad credit for the past 5years or more?

538 is not a good credit score. You should try to increase your score. Check out www.bankrate.com



I have a credit score of 538, i need a personal loan for 2,500 no bad credit for the past 5years or more?

Try going to a local credit union. They are more lenient for people with damaged credit. Good luck...



I have a credit score of 538, i need a personal loan for 2,500 no bad credit for the past 5years or more?

you can try prosper.com



*Scam Alert**



Don%26#039;t pay attention to the people on here who are trying to Scam you.



Beware of Advance fee Loan scams.



ALL so called %26quot;Private Lenders%26quot; who ask for fees upfront are scammers...



my Advice: Don%26#039;t deal with anyone from a foreign country and never use wire/bank transfer services.. you risk losing your $$ and your mind.



I have a credit score of 538, i need a personal loan for 2,500 no bad credit for the past 5years or more?

prosper.com would probably be the only place where you can get a loan. 538 is not even close to almost being a good score. and the fact that its been five years, doesnt make a difference.



and as others commented, beware of scammers on here soliciting loans, damn nigerians.



I have a credit score of 538, i need a personal loan for 2,500 no bad credit for the past 5years or more?

There is a great place to go with this. I was in a very similar situation.



This is getting help from real people without the use of banks or credit card companies. Good Luck!



http://www.prosper.com/join/lzc5wh

 


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