Hard Credit Inquiries

bostonlass

LoanSafe Member
#1
Hi. I have been working hard to increase my credit score and it was suggested to me to ask for my line of credit attached to my checking account to be increased since that would lower my debt ratio. Anyways they rejected me. Two things have me mad though:

1) The Trans Union score they say they pulled on Dec 8 is a full 100 points lower than the one I pulled today. What's up with that?

2)They made two hard inquiries, lowering my score so defeating the purpose, each two days apart. Is that even legal??? Why couldn't they just use the first one?

Any suggestions are greatly appreciated.

Thanks!
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
#2
Hello,

This happens a lot. The Fair Credit Reporting Act allows only authorized inquiries to appear on the consumer credit report. The Fair Credit Reporting Act allows only authorized inquiries to appear on the consumer credit report. You can write a letter under this act and challenge them by saying it was unauthorized for them to pull it twice. Send the letter Certified Mail Return Receipt Requested.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#4
Hi Boston,
This may be different for lines of credit vs. mortgage related accounts but when you pull your credit with a mortgage company (let's say multiple times if you're shopping) it shouldn't impact your score as long as you do it within the same 15 or 30 day time period, I know it's one or the other. Again I don't really know if it would fall under the same category but you never know. I also know that in some cases companies pull your credit with multiple lending institutions at the same time and that can drastically affect it. I usually see this happen in circumstances when a dealership is trying to sell a car, get the best deal or get any type of loan.

The reason your score might be different is because there are 3 different ways you can pull your credit. One is through a consumer reporting bureau and the others are auto and home. Home finance uses the Fair Isaac scoring system which is the most heavily scrutinized vs the other two.

Hope this clarifies a couple things and definitely follow Moe's advice as well.
 

Erik Sandstrom

Mortgage Expert - Call 1-619-379-8999
Staff member
Loan Safe Mortgage
#6
You're very welcome! We're always here to help answer any questions you may have.