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Does a credit score inquiry subtract 10% of the total score?
What happens when a landlord uses 3 different credit agencies to verify scores?
Would that become a 30% subtraction?
No, your FICO score does not drop 10%. I am not sure how much the score drops, cause how does anyone know the score the moment before the pull, but I have heard from credit experts that the score drops around 5 points.
I've lost 3 points for a trying to do credit limit increase back in October that was a hard inquiry. I got no points taken off for the homeowners insurance quote I got yesterday that was a hard inquiry.
Also none for three pull I did shopping around for lenders. I met with them all within the same week.
Does a credit score inquiry subtract 10% of the total score?
What happens when a landlord uses 3 different credit agencies to verify scores?
Would that become a 30% subtraction?
Concerning credit reports - you have to understand "Soft Pulls" and "Hard Pulls". You can run your credit muliple times a month and it will not effect your sorce becase it is considered a Soft Pull. A Hard Pull is a request for a 3rd party to examine your credit score and history.
Relating to buying and financing a car, many times your experian or equifax reports or looked at because it is cheaper. Transunion which is a more detailed report, I beleive charges a fee for a 3rd party to pull a report. Noting with a Mortgage - a TriMerge is ran including all three reports.
How fast your score drops is different between credit companys, they each have their own formula how they calulation a person's score. I have seen a person with low credit 550 - after three Hard Pulls in one week, a score dropping 40 points. I have also seen a person with a score 750 after three pulls, dropping the score only 10 points.
Credit inquirys are really easy to have removed of a credit report, all you have to say is you didn't give them authorization for the inquiry through a disbute. When I was an L/O, believed in going that extra mile for many clients. Use to repair credit reports free, this was a way of building trust with clients.
Excellent advice by Modification Specialist above. Also, it might be good to note these things:
Payment History = 35% of your FICO Score
Debt Usage = 30% of your FICO Score
Credit Age = 15% of your FICO Score
Account Mix = 10% of your FICO Score
Inquires = 10% of your FICO Score
And inquires will only ding your FICO score for 12 months. After that they stay in your FICO report but you only get dinged for the first 12 months after a hard inquiry.
Concerning credit reports - you have to understand "Soft Pulls" and "Hard Pulls". You can run your credit muliple times a month and it will not effect your sorce becase it is considered a Soft Pull. A Hard Pull is a request for a 3rd party to examine your credit score and history.
Relating to buying and financing a car, many times your experian or equifax reports or looked at because it is cheaper. Transunion which is a more detailed report, I beleive charges a fee for a 3rd party to pull a report. Noting with a Mortgage - a TriMerge is ran including all three reports.
Thank you for this useful information.
What would be the average cost for a Soft Pull?
What would be the average cost for a Hard Pull?
I've recently seen landlords charge $50 for background checks & credit verification, but that price seemed too steep to me. Is this normal?
Before the recession, I remember average fees were between $20-$25
What is a reasonable credit verification cost these days for a shared (roommate) apartment?
It doesn't cost you anything for a soft pull. A hard plug depends on who you run the report with.
Last month went to AnnualCreditReport.com. Became perturbed after I entered all my personal information only to receive only my Transunion credit report. Equifax and Experian credit reports would only be sent me if I mailed in a letter requesting one. Now I have had a lot junk email because they sold my information.
Point if you want your credit report - go directly to Transunion, Equifax and Experian websites
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