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Credit Inquiry vs. Credit

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In today’s credit-based culture, a good credit score can mean a great rate and a bad one can mean you're fresh out of luck, even for a new job. With more companies performing soft inquiries to determine employment eligibility, it's more important than ever to maintain a good credit score- but, that means understanding what contributes to your credit score, and what you have control over in terms of trade, debt, or inquiry. – PowerPoint PPT presentation

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Title: Credit Inquiry vs. Credit


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(No Transcript)
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Credit Inquiry vs. Credit
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  • In todays credit-based culture, a good credit
    score can mean a great rate and a bad one can
    mean you're fresh out of luck, even for a new
    job. With more companies performing soft
    inquiries to determine employment eligibility,
    it's more important than ever to maintain a good
    credit score- but, that means understanding what
    contributes to your credit score, and what you
    have control over in terms of trade, debt, or
    inquiry.

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  • Using information from TransUnion, Equifax and
    Experian, FICO compiles your credit information
    onto one report, and portions of your score
    depend on how reliable you are, if you always
    make your payments on time and if you have had
    credit products for many years without incident.
    But, each credit inquiry on your file also plays
    a key role.
  • Keeping in mind that soft inquiries such as you
    checking your own credit wont impact your score,
    not all inquiries are soft inquiries and most
    credit checks stick around.

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Credit Inquiry Represents (Potential) Debt
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  • Because an inquiry is a request for information
    by a company which you have requested credit from
    (or in the case of a debt collector, owe money
    to) it represents either potential debt or
    potential credit. Lenders must assume that any
    recent inquiry could represent monies owing, and
    the longer the list, the more likely that each
    new inquiry is an attempt to get credit meaning
    that you represent a likely repayment risk.

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  • Any more than 1-3 inquiries in a 6 month time
    period is too many, and could potentially lower
    your credit score even if everything else on your
    bureau is in good standing. For this reason, if
    you are planning on buying a new house or car, or
    will soon need a large loan, you should make a
    point to avoid credit inquiry by electing not to
    apply for new credit cards, small loans, or phone
    plans that require a credit check.

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  • If it's already too late, your only option will
    be to stop applying and to wait six months or if
    youre in a hurry, have your unwanted inquiries
    removed by the professionals at Inquiry Busters.

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  • If you attempt correcting your credit on your own
    and the businesses you contact refuse to remove
    inquiries, don't respond, or provide what they
    feel is sufficient evidence of your consent,
    tryInquiry Busters. In most cases, what it takes
    to remove inquiries is persistence and if you
    don't have the time to follow-up, you might not
    see results.

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