[Cialug] PSA - Personal Security

[Josh More]

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.


 

-Josh More, RHCE, CISSP, NCLP, GIAC 
 morej at alliancetechnologies.net 
 515-245-7701



>>> "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
said
that your credit score goes down X points every time you request a
credit report. 

Anyone here about this?
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