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Author Topic: Credit score?  (Read 2433 times)

babyboy

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Credit score?
« on: March 10, 2008, 03:39:27 AM »
I tried to apply for a loan for a truck yesterday and the underwriter for the lending agency said that they would not loan because I had multiple credit requests that have showed on the credit report for the last year.  I ended up getting a line of credit through Kawasaki which I used to purchase my ATV last summer and I was vehicle shopping and had a couple of dealers run my credit to see what I could be approved for in terms of financing at auto dealerships.  I also had about 4 credit apps go through (which I was approved but never used) to purchase a car from the place I always get car loans from.  I am wondering though, how long it would take for me to get about 15 points added back to my score so I am where I was to begin with. I am going to pay off the roughly $260 Visa bill I owe thats not outstanding and I still have my other auto loan that I have been paying on for about a year now plus my ATV payment. I am curious as to how many points per day/month you get for using and

paying on your credit cards and how long it will take me to get up to 15 points on my credit report.  I am figuring about 2 months should be sufficient but I am also being optimistic.  Oh and I pay extra every month on my ATV, the payments are 79 bucks a month and I always send in 160 bucks (which shows on the report).  Is 15 points in 2 months is feasable or am I being too optimisitc about it and need to look longer before reaching that goal.  Thanks a lot to everyone that answers.

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FordGirl

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Credit score?
« Reply #1 on: March 11, 2008, 07:12:19 AM »
All the credit report requests will go away in 2 years but should not hurt for that long.
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TravisS

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Credit score?
« Reply #2 on: March 12, 2008, 10:45:11 AM »
It doesn't sound like 15 points will help you here.  It sounds like the place is actually reading the report and they don't like what they see under inquiries.  Sometimes a lot of inquiries is enough to kill an application, regardless of score and status and other history.  A lot of inquiries looks like you are trying to load up on credit because you are in financial trouble or ou think you are about to get laid off.  (At least, that's what it looks like to them.)
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JODS2001

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Credit score?
« Reply #3 on: March 13, 2008, 02:18:03 PM »
It sounds like your problem may be your credit score.  I have never heard someone say you can not get a loan because of inquiries!  Now granted too many inquiries on your credit profile will pull your credit down so dont let anyone else pull your credit for a while!  As far as getting 15points, if you have more than one credit card, pay them down as much as possible and you will get your points.  Do you know your credit score?  If you scores are under 640, you may want to get a secured credit card for $500-$1000 and when it hits your credit report you will get about 25 points..   Good luck
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nitetyger

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Credit score?
« Reply #4 on: March 14, 2008, 05:50:55 PM »
The FICO points that you lost due to enquiries will be back in about 3 months but the enquiries will remain on your file for two years. You should not apply for any new credit and pay all your bills on time.
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Thinkaboutit

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Credit score?
« Reply #5 on: March 15, 2008, 09:23:47 PM »
I hope my suggestion could be helpful.And here is resource that I am used to use.Check it out.http://creditreport.online-helper.info/equifax-free-credit-report.html
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