crabjoe

4 Contributions 4 People Helped

Member Since: May 2013

Most Helpful Contribution

how long do hard inquiries stay on your report

Jun 19, 2015
Helpful to 2 out of 5 people

Hard inquires will appear, if they were pulled, but if a bunch was pulled within a 2 week period, they are to cound as one inquiry for scoring purposuses.

Bottom line.. if the inquieres are legit, they are what they are .. but based on time frame, they should only count as one 1 inquiry for scoring purposes.

Activity (4 Total Contributions)

how long do hard inquiries stay on your report

Jun 19, 2015
Helpful to 2 out of 3 people

Credit Karma scoring mean NOTHING to lenders.  All the CK score does is givesYOU a gauge of how they rate you.

BTW CK and anyone would say 17 is high and give an F for it, but the credit scoring model might care less.  For example, if I was shopping for an auto loan, if I had 200 inquires in a 2 week period, my credit score would be the same as if I only had 1 inquiry...  Because if the inquiry was coded properly for an auto loan, they have to count all auto inquires, within a 2 weeks period, as one inquiry...

How Many Credit Accounts Should I Have?

Sep 01, 2015

You're getting dinged because to have good credit, you need to use credit.  The more credit you use and pay on time, the better your credit gets.  It tells lenders, you will payback what you borrowed....  And the reason they're saying 20+ is because they don't all have to be opened.  You could have had 5 car notes for two years that have been paid off.. 

Now, let me give you an example of why they want to see lots of accounts vs just a few...  The example is college students...  Most college students can handle a couple of cards and make their payments on time..  But now give them 5 cards and see what happens... They look at minimum payments and next thing they know is that they can't even make the minimum payments....  But if you see a young person that's has lots of credit accounts and is making all their payments, it tells you that they are more likely to payback what they borrowed. 

BTW, I'm in a similar situation to you..  A few years ago, I looked at the what made up my credit score and found that I needed more accounts...  And at that time, I had 2 credit cards, and a mortgage...  yup 3 accounts....  So O started opening more accounts and spreading out my spending across more credit cards...  This hurt me a bit..  I went from 4 to 7 accounts and it killed my average length of credit... when from like 10+ years to 4 years.  And the reason I say it killed it is because I can't do anything but wait to increase the length of average time....  I guess all I can do is wait...

how long do hard inquiries stay on your report

Jun 19, 2015

They all use a different scoring model.  TU and Equifax can provide scoring based on different models they offer.  And Someone like Credit Karma can apply a different model, using the same report, that the credit bureaus offer.

For auto loans, it seems most lenders use a "Auto Enhanced" Fico scoring model, which I hear is only available to companies in the auto industry.

BTW, Even FICO offeres different scoring models.. so even if someone says they're giving you a FICO score, it might not match a FICO score from a different lender... 

Good Luck with trying to figure out which model is used by who...

how long do hard inquiries stay on your report

Jun 19, 2015
Helpful to 2 out of 5 people

Hard inquires will appear, if they were pulled, but if a bunch was pulled within a 2 week period, they are to cound as one inquiry for scoring purposuses.

Bottom line.. if the inquieres are legit, they are what they are .. but based on time frame, they should only count as one 1 inquiry for scoring purposes.