[Cialug] PSA - Personal Security

Josh More morej at alliancetechnologies.net
Thu Oct 18 13:41:13 CDT 2007

Some lenders say that to make it less likely for you to do your own
research and find better offers.  They started this when LendingTree
started undercutting their business.

A credit bureau tracks "hard" and "soft" hits.  When a company queries
your rating for things like pre-approved credit cards, and the like,
it's a "soft" hit.  When you go for a big loan like a mortgage, it's a
"hard" hit.  I do not believe that your yearly credit report counts as a
hit at all.

You can get into rating trouble if you have numerous hard hits over a
long period of time.   As I was told, multiple hard hits in a small
period of time simply indicate comparison shopping, and most lenders
don't hold it against you.  If you are dealing with one that does, find
a better lender.

None of this, however, effects your credit score as much as paying off
(or not) your debts.  After all, that's really what they care about.


 morej at alliancetechnologies.net 

>>> "John Lengeling" <John.Lengeling at radisys.com> 10/18/07 1:33 PM >>>

I refinanced my house about 10 months ago and the mortgage company
that your credit score goes down X points every time you request a
credit report. 

Anyone here about this?
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