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Article #5746Re: Effect of multiple credit inquiries on FICO score
From: David J. Grabiner
Date: Sun, 02 May 2004 14:45
Date: Sun, 02 May 2004 14:45
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2897 bytes
Len <len@sonic.net> writes: > >May I ask where you shopped for your no-cost refi's? > > Sorry for coming in late. > Bought a car, the finance manager while checking my score mentioned > that every inquiry takes from 10 to 15 points off. So if a guy goes to > six car lots and six checks are made in a day, one can lose almost a > hundred points! The manager appears to have expanded a half-truth in order to gain bargaining leverage; the statement implies, incorrectly, that once the dealer has checked your credit, your score will be lower if you try to finance somewhere else such as your bank. Inquiries do reduce your score (although 10-15 points may not be accurate) because they represent attempts to add new credit, but the credit bureaus can recognize loan-shopping and charge multiple auto or mortgage inquiries in a short time as just one inquiry. The logic is that if you apply for six mortgages or six auto loans, you are not going to buy any more houses or cars than if you applied only once. Check a neutral site such as www.bankrate.com, or the bureaus themselves, for better information. -- David Grabiner, grabiner@alumni.princeton.edu, http://remarque.org/~grabiner Baseball labor negotiations FAQ: http://remarque.org/~grabiner/laborfaq.html Shop at the Mobius Strip Mall: Always on the same side of the street! Klein Glassworks, Torus Coffee and Donuts, Projective Airlines, etc.
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X-Google-Language: ENGLISH,ASCII-7-bit X-Google-Thread: 107518,c45e1e130fd48e3f X-Google-Thread: 106595,c45e1e130fd48e3f X-Google-Attributes: gid107518,gid106595,public Path: arc1-ca.pugleaf.net!controlnews3.google.com!news1.google.com!news.glorb.com!prodigy.com!atl-c02.usenetserver.com!news.usenetserver.com!border1.nntp.ash.giganews.com!nntp.giganews.com!local1.nntp.ash.giganews.com!nntp.comcast.com!news.comcast.com.POSTED!not-for-mail NNTP-Posting-Date: Sun, 02 May 2004 09:44:54 -0500 Sender: grabiner@ROTA Newsgroups: misc.consumers,ba.consumers Subject: Re: Effect of multiple credit inquiries on FICO score References: <309e7c98.0402121704.2789b879@posting.google.com> <P%Tkc.26$pJ4.1651@eagle.america.net> <hqu8905rn35agbfminum4bgq2ksn8ksm8p@4ax.com> From: grabiner@alumni.princeton.edu (David J. Grabiner) Date: 02 May 2004 10:45:02 -0400 Message-ID: <ufzaiubv5.fsf@alumni.princeton.edu> User-Agent: Gnus/5.09 (Gnus v5.9.0) Emacs/21.2 MIME-Version: 1.0 Content-Type: text/plain; charset=us-ascii Lines: 30 NNTP-Posting-Host: 68.54.86.138 X-Trace: sv3-hRr27VwBgllbNI2LVRfnXXLAEz77zZmkzXsm3l7O3DJKfjfZ0uzk9kX984rDTxBbRX/A2A02AOhOr/r!Vyj5oVtDnX+TYiNSOjN2nPToOCcI37FIzzfhHT+9bhXmIDRNlO55Yj5yJZ47 X-Complaints-To: abuse@comcast.net X-DMCA-Complaints-To: dmca@comcast.net X-Abuse-and-DMCA-Info: Please be sure to forward a copy of ALL headers X-Abuse-and-DMCA-Info: Otherwise we will be unable to process your complaint properly X-Postfilter: 1.1