Debt Free Tip of The Day – Credit Inquiries
Sorry for the delay in posting folks, with our relocation it has proven impossible to remain on a constant schedule. In our new home March 1. Pretty excited!
Recently I was having a conversation regarding someones credit score. They were concerned with the amount of unexpected credit inquiries that were showing up. First of all, an inquiry does indeed affect your score, but if there are other blaring concerns like collections accounts and unfulfilled debt obligations, the inquiries should be a minor consideration.
We have very little control sometimes over who inquires on our credit. We unwittingly give permission all of the time to check our history. Insurance companies, employers, our banks, they all manage to get permission one way or another to check into our business. You will receive an inquiry every-time you apply for credit. Its going to happen. My advice is if you are working to raise your numbers, then don’t apply for credit. If you are working to be approved for a loan, choose a lender by doing your homework, checking the better business bureau, talking to other customers, research their feedback.
DON”T LOOK FOR A LENDER WITH THE SHOTGUN METHOD. You know, apply to ten companies and see who will take you or who has the best deals. That’s a no no!
Keep up the good work! E