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Question By
wnderingyy

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Why do I lose points when everybody checks credit now.
It is set up that almost everyone insists on checking your credit these days. I look for a place to move..every place I contact wants to pull my credit, every utility I contact wants to check my credit and if I have the nerve to apply for credit I am looked down on because of these inquiries. There is no way to move or obtain credit without applying for it, so it seems ridiculous to be punished for it. Also because they charge huge fees to post anything there, many companies don't report good credit, so how do I get my good credit up here at least?

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Utility based credit checks are a way of life now a days, and banks know this. Moving frequently is identified as a risk to the lendors, and as such you get penalized... Credit checks though are a very low factor in your credit score.

Factors that determined your score (in order of most importat to least):

Debt to Credit Ratio

Payment History

Derogitory Remarks

Number of Accounts

Number of Credit Inquires

Factors that determine approval for lending (most important to least):

Credit Score

Debit to Income Ratio

Length of time at current employer

Time at current residence

Moving residences costs money, in more ways than one, sure you can save $100 a month moving rather than staying at your current employment, but after taking into consideration fees, credit checks, moving van rental, hits to your credit, not being able to get lending, etc... Some times it is cheaper to stay, especially if within the next couple of years you plan on buying a house, getting a car, etc!

Odds are credit checks are not your problem, likely it is other factors that are causing your score to dip out of the approval critera... Play around with the "My Credit Report Card" on credit karma to see where you really are getting hit from....

Top Contributor

Reply by
OmniCitadel

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54 People Helped
Helpful to 1 out of 2 people

Typo:
Moving residences costs money, in more ways than one, sure you can save $100 a month moving rather than staying at your current *residence*,

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I want constructive advice

What can be done to change this rule now that they have given easy access to credit checks since the day they made these rules up in the first place? These rules are outdated and I don't move every other month. I have a right to improve my circumstances without being penalized. There are too many people having access to my info since thee Patriot Act which was supposed to be protecting privacy, not making privacy no longer valid.

Reply by
wnderingyy

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I know what affects a credit score and credit karma has been kind enough to be clear about why my score dropped 6 points in 1 month due to 6 inquiries..I believe it is too harsh.

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0 People Helped

Don't move

Sure stay where you are forever so your credit score stays intact..great unworthy advice.

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