Regarding credit report

kidd0223 · 09-11-2005, 07:40 PM

all,
I currently purchased credit report from www.myfico.com then I noticed incorrect information from one of credit bureaus on my report, so I disputed. It was like 20 days ago, so I would like to get another report to make sure everything is corrected. however I'm wondering whether checking credit frequently would hurt my credit score or not. It would be my second time in a month if I do it again. I could call to verify dispute, but anyway I might need one, new report to show to my dealer. any advice would be highly appreciated. Thanks.

EvEr35 · 09-11-2005, 07:51 PM

Checking your own credit is considered a soft inquiry...so i do not think it would affect your credit rating.

lxapilot118 · 09-11-2005, 08:43 PM

I agree with EvEr35. I have credit expert (creditexpert.com)...lets you check you credit as many times as you want. In the 4-5 years I've used this service, it has never hurt anything. There's a note on there that says checking your own credit will not hurt you.

FABSAN · 09-20-2005, 10:41 PM

Absolutely true, checking your credit doesn’t in any way negatively affect your credit score. But I would wait longer than 20 days. Creditors report once a month to the major bureaus.

Research it for yourself before you take advice from the net... Good Luck!

Ed_330i · 09-20-2005, 11:51 PM

yourself checking the credit is fine, credit wont go down.

but business' checking your credit alot is bad.
will make it go down.

txusa03 · 02-22-2006, 02:52 PM

I just talked to my mortgage company about an equity loan, they asked permission to check my credit score, I got a credit score of 800 (50 points short of a max score). Wow. I have a car loan (20K) at 4.6 % finance charge and I want to use my equity loan to payoff my car loan and take advantage of mortgage deductible on my tax return that I get here in Texas. But my equity loan is giving me a variable rate of 8.625% (this rate could rise or fall). I am not sure if I should do this since the rates is 8.625% variable. I think I just stick it out with what I have.

BMWLV · 02-22-2006, 03:43 PM

is that a HELOC or loan?? 8.625 seems high for a loan.

diesel007 · 02-22-2006, 04:19 PM

I am a loan rep. for WAMU. If this is for a HELOC 8.625% still high especially because of your credit score. Prime is at 7.5%, why are they adding so much to your margin. Is you CLTV above 90%?

txusa03 · 02-23-2006, 10:15 AM

Quote:

Originally Posted by diesel007

I am a loan rep. for WAMU. If this is for a HELOC 8.625% still high especially because of your credit score. Prime is at 7.5%, why are they adding so much to your margin. Is you CLTV above 90%?

You guys lost me...I have a mortgage (I live in Texas). I just wanted to get an equity loan from my mortgage company to take over my current car loan. But my equity loan has a variable rate of 8.625. I have no clue what you mean by HELOC or CLTV. I'll just keep my current loan at 4.6%.

diesel007 · 02-23-2006, 10:54 AM

Quote:

Originally Posted by txusa03

You guys lost me...I have a mortgage (I live in Texas). I just wanted to get an equity loan from my mortgage company to take over my current car loan. But my equity loan has a variable rate of 8.625. I have no clue what you mean by HELOC or CLTV. I'll just keep my current loan at 4.6%.

HELOC>Home Equity Line of Credit

CLTV> Combined Loan to Value (%)

I say keep the 4.6% auto loan.

txusa03 · 02-23-2006, 12:52 PM

I hear ya, no need to mess with a 4.6% rate. Thanks.

timzerofive · 02-23-2006, 04:25 PM

4.6% is a good rate, you should keep it. I think even with the savings you might get on tax it will not out pace the extra interest rate they will charge on you, unless you're going to pay it down really quick. Neverthless, if you think you will have more use for the heloc later on, now is not a bad time to get it. I'm guessing the rate they gave you is for a no-cost loan, therefore they do higher rate to get rebate points. Either that or you're doing low doc loan. Another advantage you can have with the heloc is lower payment, since you can opt to pay interest only. So if making the payment is a little tough for you, that's an option too. Other than these factors you should definitely keep the 4.6.

Back to the original question though... pulling your own credit DOES effect your score. But it will only reflect on your credit score if you pull a lot of them. So if you just did a couple, it doesn't really matter. What the bureau looks at is a total number of inquiries within a certain period of time. If you are signed up with one of those monthly credit monitoring service, than that's different. Those won't effect you. But in your situation, you should wait a few more months before pulling it again. What you should do is follow up with your dispute by phone or mail, once you get confirmation, wait a couple of months, then pull it again to make sure it has reflect upon your report.

timzerofive · 02-23-2006, 04:28 PM

Quote:

Originally Posted by diesel007

I am a loan rep. for WAMU. If this is for a HELOC 8.625% still high especially because of your credit score. Prime is at 7.5%, why are they adding so much to your margin. Is you CLTV above 90%?

I heard wamu laid off tons of people! You still got a job???

jk

txusa03 · 02-24-2006, 08:45 AM

Quote:

Originally Posted by timzerofive

I'm guessing the rate they gave you is for a no-cost loan, therefore they do higher rate to get rebate points.

Yes, you are correct...They have to get money from somewhere so they hit you with a more higher rate (it is understandable). Also true about the lower payment because the equity loan is spread over 30 years (that is what I was told) so my payment is $230 vs my current $466 for 4.6% for 5 years. In my case, I do not see much benefit to switch to the equity loan. Thanks all for your inputs...

F32Fleet · 02-24-2006, 10:42 AM

Quote:

Originally Posted by diesel007

I am a loan rep. for WAMU. If this is for a HELOC 8.625% still high especially because of your credit score. Prime is at 7.5%, why are they adding so much to your margin. Is you CLTV above 90%?

I'm an Underwriter for a large mortgage lender and your rate isn't necessarly out of this world but you could probably do a little better. You margin is 1.125%, and you broker is looking to make some $$ by charging a higher margin. Are you going through a retail bank or a mortgage company? A retail bank might offer Prime (-).25% if there's a lot of competition in your market.

Another thing, unlike a mortgage broker, the loan officer at a retail bank usually earns an incentive based upon on the size of your loan not by the margin charged.

What margin would make u happy?

My $.02

F32Fleet · 02-24-2006, 10:43 AM

Quote:

Originally Posted by diesel007

I am a loan rep. for WAMU. If this is for a HELOC 8.625% still high especially because of your credit score. Prime is at 7.5%, why are they adding so much to your margin. Is you CLTV above 90%?

In Texas the max CLTV allowed is 80% on cashout refi's. Texas has some interesting predatory lending laws.

diesel007 · 02-24-2006, 12:12 PM

Quote:

Originally Posted by Socom

In Texas the max CLTV allowed is 80% on cashout refi's. Texas has some interesting predatory lending laws.

The housing market in Texas is much slower, the values of home don't appreciate the way they do in CA, therefore the guidelines are a bit more lenient here.

On a side note I have had many clients buying property in Texas because it is so cheap with the hopes that your housing market will blow up soon.

F32Fleet · 02-24-2006, 12:31 PM

Damn Californians always ruining the market. lol.

txusa03 · 02-24-2006, 04:07 PM

Quote:

Originally Posted by diesel007

The housing market in Texas is much slower, the values of home don't appreciate the way they do in CA, therefore the guidelines are a bit more lenient here.

On a side note I have had many clients buying property in Texas because it is so cheap with the hopes that your housing market will blow up soon.

do I have time to invest in a few more houses before it blows up, anyone know when the blow up affect in Cali will get to Texas?

09-11-2005, 07:40 PM	#1
kidd0223 Private 9 Rep 83 Posts Drives: E90 330i Join Date: Aug 2005 Location: Santa Barbara iTrader: (0)	Regarding credit report all, I currently purchased credit report from www.myfico.com then I noticed incorrect information from one of credit bureaus on my report, so I disputed. It was like 20 days ago, so I would like to get another report to make sure everything is corrected. however I'm wondering whether checking credit frequently would hurt my credit score or not. It would be my second time in a month if I do it again. I could call to verify dispute, but anyway I might need one, new report to show to my dealer. any advice would be highly appreciated. Thanks.
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09-11-2005, 07:51 PM	#2
EvEr35 Private 4 Rep 66 Posts Drives: 330i SP AW AT Join Date: Jul 2005 Location: Canada iTrader: (0)	Checking your own credit is considered a soft inquiry...so i do not think it would affect your credit rating.
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09-11-2005, 08:43 PM	#3
lxapilot118 Second Lieutenant 12 Rep 218 Posts Drives: 330i + SC Mustang Join Date: Aug 2005 Location: MS iTrader: (0)	I agree with EvEr35. I have credit expert (creditexpert.com)...lets you check you credit as many times as you want. In the 4-5 years I've used this service, it has never hurt anything. There's a note on there that says checking your own credit will not hurt you. __________________ TiAg E90 330i 6-Speed, Silver w/gray/burl, sports package, premium package, nav, heated seats, sunshades, comfort access, satellite radio, PDC, Mattig Eyelids:rocks:
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09-20-2005, 10:41 PM	#4
FABSAN Enlisted Member 10 Rep 40 Posts Drives: 06 325i Join Date: Sep 2005 Location: New York iTrader: (0)	Absolutely true, checking your credit doesn’t in any way negatively affect your credit score. But I would wait longer than 20 days. Creditors report once a month to the major bureaus. Research it for yourself before you take advice from the net... Good Luck! __________________ '06 325i Jet Black, Premium, Sports, Cold Weather, Steptronic, Black on Black, Poplar
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09-20-2005, 11:51 PM	#5
Ed_330i Lieutenant 60 Rep 515 Posts Drives: 2006 330i Join Date: Jul 2005 Location: North America iTrader: (0)	yourself checking the credit is fine, credit wont go down. but business' checking your credit alot is bad. will make it go down.
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02-22-2006, 02:52 PM	#6
txusa03 Major General 577 Rep 6,563 Posts Drives: TS330iPPSP6MT Join Date: Jul 2005 Location: Planet Earth iTrader: (3)	I just talked to my mortgage company about an equity loan, they asked permission to check my credit score, I got a credit score of 800 (50 points short of a max score). Wow. I have a car loan (20K) at 4.6 % finance charge and I want to use my equity loan to payoff my car loan and take advantage of mortgage deductible on my tax return that I get here in Texas. But my equity loan is giving me a variable rate of 8.625% (this rate could rise or fall). I am not sure if I should do this since the rates is 8.625% variable. I think I just stick it out with what I have.
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02-22-2006, 03:43 PM	#7
BMWLV New Member 2 Rep 20 Posts Drives: 335i holdout Join Date: Feb 2006 Location: Las Vegas iTrader: (0)	is that a HELOC or loan?? 8.625 seems high for a loan.
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02-22-2006, 04:19 PM	#8
diesel007 Not Stock 161 Rep 2,774 Posts Drives: 325I Join Date: Dec 2005 Location: San Diego iTrader: (4) Garage List 2006 325 [0.00]	I am a loan rep. for WAMU. If this is for a HELOC 8.625% still high especially because of your credit score. Prime is at 7.5%, why are they adding so much to your margin. Is you CLTV above 90%? __________________ *Wallpaper of the month* 1/1/072/1/07
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02-23-2006, 12:52 PM	#11
txusa03 Major General 577 Rep 6,563 Posts Drives: TS330iPPSP6MT Join Date: Jul 2005 Location: Planet Earth iTrader: (3)	I hear ya, no need to mess with a 4.6% rate. Thanks.
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02-23-2006, 04:25 PM	#12
timzerofive there is no spoon 254 Rep 867 Posts Drives: 330i manual Join Date: May 2005 Location: Irvine iTrader: (0) Garage List 2006 330i [0.00]	4.6% is a good rate, you should keep it. I think even with the savings you might get on tax it will not out pace the extra interest rate they will charge on you, unless you're going to pay it down really quick. Neverthless, if you think you will have more use for the heloc later on, now is not a bad time to get it. I'm guessing the rate they gave you is for a no-cost loan, therefore they do higher rate to get rebate points. Either that or you're doing low doc loan. Another advantage you can have with the heloc is lower payment, since you can opt to pay interest only. So if making the payment is a little tough for you, that's an option too. Other than these factors you should definitely keep the 4.6. Back to the original question though... pulling your own credit DOES effect your score. But it will only reflect on your credit score if you pull a lot of them. So if you just did a couple, it doesn't really matter. What the bureau looks at is a total number of inquiries within a certain period of time. If you are signed up with one of those monthly credit monitoring service, than that's different. Those won't effect you. But in your situation, you should wait a few more months before pulling it again. What you should do is follow up with your dispute by phone or mail, once you get confirmation, wait a couple of months, then pull it again to make sure it has reflect upon your report. __________________ [SIGPIC][/SIGPIC]
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02-24-2006, 12:31 PM	#18
F32Fleet Lieutenant General 3908 Rep 10,606 Posts Drives: 2015 435i Join Date: May 2005 Location: Southeastern US iTrader: (0)	Damn Californians always ruining the market. lol.
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