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10 Simple Steps to Manage Your Credit
By far the greatest invention the banks have ever come up with came out in the 20th century. Also the new field of Credit Management was born with the invention of the credit card. It is the most available out of any financial product out there. In...
Bad Credit Credit Card - How To Increase Your Credit Score With Credit Cards
Credit cards are often the first step for a consumer to build
their credit score. When you make regular payments with a small
credit limit, lenders will be more willing to lend you larger
amounts. Before you jump out and open an account, make...
Beware Paying the Credit Card Minimum Payment
Need a new iPod? The computer store running a special this week? Want that new outfit? Got to have that CD? Before you reach for your credit card and make that impulse buy, think for a moment. The payments won’t be much? Think again. Paying only the...
Finding and Getting Bad Credit Loans
If you don't know where to turn for bad credit loans, you're not alone. Thousands of people struggle with their finances month after month, weighted down by a credit rating that they don't know how to fix. Bad credit loans can be found in several...
Play the Credit Card Game and WIN
Credit cards are fast becoming a blight on the American economy,
but they also help stimulate growth. The problem comes when
users are forced to (or voluntarily) overspend and begin the
never ending cycle of paying less than the full balance on...
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Will Inquiries Lower Your Credit Score?
What are inquiries?
When you apply for credit the creditor or lender checks your credit report to verify that you qualify for the credit or loan you are applying for. The "inquiry" is then reported to the credit bureaus and shows up on your credit report.
Does this affect your credit rating or score?
Yes, it does. Although only a few points are deducted from your score for each inquiry, having multiple inquiries may drop your score to a lower bracket, forcing a higher interest rate. You may not even qualify for the loan or line of credit at all.
Will requesting your credit report generate an inquiry?
This is a common misconception and is totally false. You should view your report at least once a month. Doing so will not generate any inquiries.
What if you did not authorize an inquiry, can you dispute it?
Yes. If you did not authorize any of
the inquiries on your credit report you can and should dispute them. To dispute inquiries obtain your credit report, then make a copy of your credit report, highlighting the inquiries in dispute. Finally, send the copy of your highlighted inquiries along with a letter demanding the inquiries be deleted from your credit report to the credit bureau.
Is it worth it?
The next time you are out shopping and the salesperson asks you, "Would you like to apply for our credit line and receive 15% off your purchase?" Ask yourself, "Is it worth it?"
About the Author
Scott Brown is a fair credit reporting advocate and the author of his own website Credit Repair (http://selfhelpcreditrepair.blogspot.com), a free information site dedicated to help consumers repair bad credit and optimize their credit reports and credit scores.
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