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Credit scores and Credit Reports
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Y3a
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Join Date: Nov 2001
Location: Northern VA - Just outside DC
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Jan 23, 2006, 11:52 AM
 
Is it just me or does it STINK that someone just LOOKING at your credit report causes your score to go down??? Who devised such a corrupt and dishonest system? Congress?
     
turtle777
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Jan 23, 2006, 12:03 PM
 
Originally Posted by Y3a
Is it just me or does it STINK that someone just LOOKING at your credit report causes your score to go down??? Who devised such a corrupt and dishonest system? Congress?
It doesn't. Where did you get this misinformation from ?

Your score is only lowered by access that you initiated (i.e. mortgage app, credit card app etc...)
Any credit check that was initiated by a credit card company or so, offering you a card, does NOT lower your score.

-t
     
only120xs
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Jan 23, 2006, 12:07 PM
 
Turtle is correct.

     
production_coordinator
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Jan 23, 2006, 12:25 PM
 
Do any of you use a credit monitoring system?

If yes, which one and how much does it cost?

I've been considering subscribing to one, but always feel like I'm being "suckered" into purchasing. I've been considering monitoring my credit score, but was wondering if it's something I shouldn't bother doing as I check mine about once a year.
     
typoon
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Jan 23, 2006, 12:30 PM
 
Originally Posted by production_coordinator
Do any of you use a credit monitoring system?

If yes, which one and how much does it cost?

I've been considering subscribing to one, but always feel like I'm being "suckered" into purchasing. I've been considering monitoring my credit score, but was wondering if it's something I shouldn't bother doing as I check mine about once a year.

I signed up for one with myfico.com. It's 7.95 a month.
"Evil is Powerless If the Good are Unafraid." -Ronald Reagan

Apple and Intel, the dawning of a NEW era.
     
turtle777
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Jan 23, 2006, 12:45 PM
 
Here is a link and a more detailed explanation:

3. Creditor inquiries can lower a credit score, but personal inquiries will not.

When a creditor checks a consumer's credit report, it counts as a "hard" inquiry, and hard inquiries are included as part of the formula for calculating the credit score. "Soft" inquiries, however, like a consumer checking their own credit report, are not included as part of the credit score calculation. So the good news is, a consumer can check their own credit report and credit score as many times as they like without lowering the credit score.
http://www.freecreditreport.com/Mess...3&sc=6...&bcd=

Unsolicited credit card offers that involve a credit check are considered "soft" as well.

-t
     
IFLY2HIGH
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Jan 23, 2006, 01:16 PM
 
I was at a bank one time getting a loan or something and the lady turned her monitor so I couldn't see my credit imformation. I told her what's the deal it's MY credit I should be able to look at it whenever I want. She looked at me like I was crazy. I've also heard of the rumor that if I check on my own credit it takes a hit, but now that was years ago and sounds like it might be misinformation. After all it's MY credit, I should have every right to see it.
- Eric
     
Y3a  (op)
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Location: Northern VA - Just outside DC
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Jan 23, 2006, 01:18 PM
 
if you check your score every day or several places you've applied to work check, it does count, according to a close friend who this happened to.
     
Dork.
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Join Date: Sep 2005
Location: Rochester, NY
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Jan 23, 2006, 01:19 PM
 
You can get a free report once a year here:

http://www.annualcreditreport.com/

This is the site that the three agencies set up to comply with the federal regulation that Americans have access to their credit report once a year. There are no strings attached to this site, other than the fact that once you access your report from one of the three agencies you're locked out of accessing another one from that agency for a year.

It doesn't give you your credit score, but you can see all the accounts that are listed as well as a list of organizations making both "hard" and "soft" inquiries, so you have all the information you need to maintain your credit.
     
turtle777
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Jan 23, 2006, 01:22 PM
 
Did that 2 weeks ago. Actually, it got even better.

Two out of these three offered me also a credit score for only $ 5 and $ 8.
That's way cheaper than you'd ever get a score for.

-t
     
wdlove
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Jan 23, 2006, 01:25 PM
 
Originally Posted by production_coordinator
Do any of you use a credit monitoring system?

If yes, which one and how much does it cost?

I've been considering subscribing to one, but always feel like I'm being "suckered" into purchasing. I've been considering monitoring my credit score, but was wondering if it's something I shouldn't bother doing as I check mine about once a year.
Yes, I think about doing just that. My bank offered that service and then changed there mind. Explanation, not live up to standards of bank.

"Never give in, never give in, never, never, never, never - in nothing, great or small, large or petty - never give in except to convictions of honor and good sense." Winston Churchill
     
   
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