Credit Check Pitfall; Avoid IT!
Posted on August 28, 2008
Filed Under easy guidance |
- Before you start applying everywhere, realize this:
- 2 or more recent credit checks (inquiries) will negatively affect your credit score. Your credit score can be seriously damaged!
- But, you can avoid this pitfall and still be able to apply at several companies if you are turned down, you can go to the next lender and apply without worry about your credit being damaged.
- Here is how it works:
- If you purchase a copy of your credit report in advance,
a lender can pre-approve you with a faxed current copy of your credit report. If they decide to reject the loan, you can continue to apply at different lenders until you find one that accepts you. - Before completion of the loan process your actual lender will probably need to do a final check on their own, but now you have only one inquiry on your records instead of two or three or more!
- Note: when you purchase your credit report, it does not show up as an inquiry!
- It is a good idea to know in advance what your credit score is and if there is any incorrect information on your reports. You really need to bite the bullet and find out what’s on your credit record!
- As reported on CNN, NBC, ABC, CBS, and Fox News,
……………..a recent study showed 79% of all credit reports
have some incorrect information. - Incorrect information can cause you to pay more in interest, make it difficult to get a home or even rent an apartment and much more!
- To order your credit report and get it instantly online:
- Be sure to get the one with all 3 credit bureaus reports as you will need all three.
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