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As few of you may know, I recently purchased a new car after disputing a junk debt that was placed on two of the three main credit reporting agencies. I have a current copy of my credit report, but I was amazed by how many hard queries where made in my attempt to get the car financed. While at the dealership, it appears that seven financial organizations made hard queries on my credit report, and I understand that hard queries stay on your report for two whole years.
How can I prevent future unauthorized hard queries to appear on my credit report? I will avoid applying for credit cards and such for a while because I want to use the next six months, at least, to continue to build up my credit score and push it over the 700 mark (trust me, I've come a looooong way in fixing some debts).
Just avoiding any application for new credit (such as credit cards or loans) for a while should do the trick. It's generally just applications for new credit which cause hard queries to be made. If you want to be super safe, you can put a credit freeze on your account with all three credit agencies, but that costs a bit of money and may be a pain when the time comes when you DO want to apply for credit in the future (since you'll need your assigned PIN numbers to unlock your credit files before you can apply for a new line of credit).
Sounds like someone had hard time getting approved. Those type are hard to stop if you want the credit.They will just turn you down because they cannot get a credit check.
Just avoiding any application for new credit (such as credit cards or loans) for a while should do the trick. It's generally just applications for new credit which cause hard queries to be made. If you want to be super safe, you can put a credit freeze on your account with all three credit agencies, but that costs a bit of money and may be a pain when the time comes when you DO want to apply for credit in the future (since you'll need your assigned PIN numbers to unlock your credit files before you can apply for a new line of credit).
Just to be clear, this will prevent new companies from pulling inquiries but not existing creditors. They will still be able to after the freeze (say for a credit limit increase you request or for another line of credit).
Thanks for the advice thus far. I think putting a freeze on my reports may be overkill, so I will just stick to my plan and hold off with applying for any new credit for a while. There's no reason for any organization that I do not currently have a credit account with will do a hard query without my authorization, correct?
Thanks for the advice thus far. I think putting a freeze on my reports may be overkill, so I will just stick to my plan and hold off with applying for any new credit for a while. There's no reason for any organization that I do not currently have a credit account with will do a hard query without my authorization, correct?
Correct. They might do "soft pulls" to see if you prequalify for any offers, but no hard pulls.
Sounds like someone had hard time getting approved. Those type are hard to stop if you want the credit.They will just turn you down because they cannot get a credit check.
Actually I was approved by four companies including Toyota Financing. I had some 0% interest rate offers, but for up to 48 month financing plan, I needed more time. So I selected Capital One for 72 months.
Actually I was approved by four companies including Toyota Financing. I had some 0% interest rate offers, but for up to 48 month financing plan, I needed more time. So I selected Capital One for 72 months.
But, thanks for playing.
A 72 month car loan? <choke>
That's 6 YEARS.
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