I just checked my Free Annual Credit Report?
Posted on Jan 18, 2008 with Comments 3
donna_honeycutt47 asked:
and in the comments section it stated my Credit was penalized because of so many companies checking my Credit History. With so many Credit Card Companys selling ones information, How does one stop this from happening?
Giuseppe Feagans
and in the comments section it stated my Credit was penalized because of so many companies checking my Credit History. With so many Credit Card Companys selling ones information, How does one stop this from happening?
Giuseppe Feagans
Filed Under: Credit
Don’t sweat it.
Inquiries only affect 10% of your score.
There is a difference between hard inquiries and soft inquiries.
Soft inquiries only affects your credit for about 3 months.
Hard inquiries for 2 years.
The fico is very mysterious about this – I read.
I wish the fico formulas were available to everyone – these people need to know the facts.
I think you must have soft inquiries, since you didn’t mention you’ve been opening cards left and right. See which card is doing all those inquiries and cancell it. Jcpenny does one to me like every 3 months. Seems insane – since I don’ t even use that card.
Keep your oldest account open.
Length of credit history is 30% of your score.
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1-888-5OPTOUT gets you out of prescreened offers.
Only hard inquiries (generated from credit applications) impact your score. All those pre-screening inquiries are soft and have absolutely no impact on your credit or score.
By the way, if you got that credit report from FreeCreditReport.com or FreeAnnualCreditReport.com, you should start working on cancelling the monitoring services now. It won’t be easy and you only have a 14 day trial period before they start charging your credit card.