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Thread: Credit Check: How many points do I lose?

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    Credit Check: How many points do I lose?

    I was wondering if any of you know how many points are deducted from your credit score everytime a credit check is run on you. Do all credit checks duduct the same amount of points or do you lose more points applying for a home/car loan than applying for a wireless phone service?

    Is T-MO credit check the same as Cingular? ATT?

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    There is no set number of points that you will lose, but it will impact your score. I wouldn't really worry too much unless you have been applied for credit more than a couple of times over the past six months to a year.

    They will all run the same type of check, although they could run credit reports from different agencies. There are three major agenies (TansUnion, Equifax, and Experian). TransUnion is probably considered the leader and I would expect them all to run a TU report.

    In short, I would select your service provider first and then only have 1 check run.

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    If you request a credit report for yourself, it will not count against you, and im pretty sure that credit reports run for insurance companies do not count as well.

    But if you get a few credit reports at the same time, it will not count against you as much as if you would have gotten those checks run spread over a period of time.

    But overall, a credit check for a mobile phone wont impact your credit score much.

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    they say 2 points

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    There exist two kinds of credit checks. A "hard pull" and a "soft pull".

    Most of the time, when you get your credit is checked, a "soft pull" is run, which basically only states you credit score (FICO).

    When someone does a "hard pull" they're actually pulling your entire credit report; they not only get your FICO score, but what banking accounts / store cards you have open, where you have lived, etc. Typically a landlord would do a "hard pull".

    The only kind of credit check which can damage your score is a "hard pull". Everytime someone performs a "hard pull", it will be listed on your credit report as well, whereas a "soft pull" wouldn't be.

    I think mobile phone companies only care about your score and nothing else.

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    t-mobile is also supposed to have the most leinant credit requirements for the industry.

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    Wirelessly posted (Todd's Phone: Nokia6600/1.0 (4.09.1) SymbianOS/7.0s Series60/2.0 Profile/MIDP-2.0 Configuration/CLDC-1.0)

    They are the easiest

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    You can say that again--

    Originally posted by Todd Hardy
    Wirelessly posted (Todd's Phone: Nokia6600/1.0 (4.09.1) SymbianOS/7.0s Series60/2.0 Profile/MIDP-2.0 Configuration/CLDC-1.0)

    They are the easiest

    YOU CAN SAY THAT AGAIN!!!---oh wait you already did!

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    Re: You can say that again--

    Originally posted by CloudyI
    YOU CAN SAY THAT AGAIN!!!---oh wait you already did!
    WTF... LOL!!

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    Originally posted by Julian
    The only kind of credit check which can damage your score is a "hard pull". Everytime someone performs a "hard pull", it will be listed on your credit report as well, whereas a "soft pull" wouldn't be.
    When I ran my own credit report.. It showed T-Mobile, Cingular, and Verizon as recent inquiries. Wouldn't that indicate that they were checking my credit, not just my score?

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    I'm fresh off a Chapter 7 and I was approved for SmartAccess. So I would also say that they are pretty flexible b/c Nextel wanted $500 and Sprint wanted $250 + $36 for activation from me.

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    what about if you sign up for a credit monitoring service that does hard pulls?

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    Originally posted by Jen Ever
    When I ran my own credit report.. It showed T-Mobile, Cingular, and Verizon as recent inquiries. Wouldn't that indicate that they were checking my credit, not just my score?
    Sadly enough a lot of places order you full report anyway, even though they don't care about it - they only want your score.

    --

    I don't know about credit monitoring agencies. I'm not in the finance/credit business (I'm an engineer), so I only know so much. Most of what I know about how credit reports work was summed up above. If you do some research there's tons of info around.

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    Originally posted by Julian
    There exist two kinds of credit checks. A "hard pull" and a "soft pull".

    Most of the time, when you get your credit is checked, a "soft pull" is run, which basically only states you credit score (FICO).

    When someone does a "hard pull" they're actually pulling your entire credit report; they not only get your FICO score, but what banking accounts / store cards you have open, where you have lived, etc. Typically a landlord would do a "hard pull".
    Not exactly...

    Soft pull = report/score you get yourself, reports/scores existing creditors ask for, reports/scores provided for promotional purposes (pre-approved credit card offers, etc.) These never count against you.

    Hard pull = any report/score provided because you applied for credit (including wireless service), insurance, etc., or an increase in a credit line (including more lines with a wireless provider, if the provider gets another score) These CAN count against you.

    Inquiries tend to have a very, very small effect on credit scores unless there are a huge number of them (say, more than six or so) in a short period of time. Inquiries will show on your credit report for two years, but the FICO scoring algorithm only looks at the previous 12 months, and gives more emphasis on the previous 6 months. Multiple auto loan or home loan inquiries in a 30-day period count as a single inquiry -- this does NOT apply to inquiries by wireless providers.

    -SC
    Last edited by roamer1; 06-16-2004 at 05:29 PM.
    red: / yellow: / pink: / orange: / Little Rock blue: / Metro: uh, no.

    "Never put off until tomorrow what you can do today. There might be a law against it by that time." -/usr/games/fortune

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