The New Guy, His Mediocre Credit, and Your Advice

For just about anything you want to get off your chest about credit cards.
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requiredfield
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Postby requiredfield » Wed Oct 12, 2011 2:53 am

I thought 'loan shopping' was supposed to combine all pulls in 7days into one (per bureau). Or is this for mortgages only?


zapper_89
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Postby zapper_89 » Wed Oct 12, 2011 8:03 pm

requiredfield wrote:I thought 'loan shopping' was supposed to combine all pulls in 7days into one (per bureau). Or is this for mortgages only?


I know that is a fact for mortgages. Is it 7 or 30 days? I don't think it works that way for auto or revolving credit.

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Pete838
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Postby Pete838 » Thu Oct 13, 2011 8:58 am

zapper_89 wrote:I know that is a fact for mortgages. Is it 7 or 30 days? I don't think it works that way for auto or revolving credit.


Every lender that pulls your credit has access to the raw data, and can score it however they decide to score it. If they are using the FICO model FICO disregards any auto loan inquiries made during the 30 days before scoring, and mortgage inquiries 14 days before scoring. The lender can choose, though, to score it however they wish and extend credit (or not extend credit) based on their own determination.
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zapper_89
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Postby zapper_89 » Thu Oct 13, 2011 10:59 pm

Pete838 wrote:Every lender that pulls your credit has access to the raw data, and can score it however they decide to score it. If they are using the FICO model FICO disregards any auto loan inquiries made during the 30 days before scoring, and mortgage inquiries 14 days before scoring. The lender can choose, though, to score it however they wish and extend credit (or not extend credit) based on their own determination.


Obviously they all appear on the report; federal law dictates every inquiry is shown on your report.

The question relates to how the FICO model calculates your score. If it bundles multiple inquires over 14/30 days, six months into the future.



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