Credit Cards

[gladiator_jai 10+ year member]

If I apply for a cc, they check my history.

Does that lower my credit score.??

So the que is Does a Credit history check have a negative affect on your Credit history?

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[DjiNN 10+ year member]

No .. I don't believe that a history check will have a Negative affect towards your credit score .. only time something negative can happen to your score .. is if your late on payments, unpaid bills, bankruptcy and .. so on ..

 

[duece212 5,000+ posts]

actually inquiries on your credit will hurt your score a little. Also if you have too many inquiries built up it looks bad when you apply for other stuff.

 

[WillyG4444 10+ year member]

I believe they only hurt your score if you have a few scores in a short period of time. I mean some things you need a credit check like getting an apartment etc.

 

[DD_Dave 10+ year member]

i apply for them everytime i get offers in the mail...i get them all the time...sometimes they turn me down...if i get one i just buy more car audio stuff //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

 

[WillyG4444 10+ year member]

i apply for them everytime i get offers in the mail...i get them all the time...sometimes they turn me down...if i get one i just buy more car audio stuff //content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

Sarcasm? I have a hard time deciphering on this forum lately

 

[rtillaree 10+ year member]

one or two here or there over the course of say 6-10 months are not going to effect your credit really, they will but it will be considered normal...its when credit checks show up frequently that the creditors become leery and your score begins to really plummet...

 

[designcode]

If you keep applying and they deny, it will start to effect your credit score.

 

[duece212 5,000+ posts]

creditboards.com/forums

 

[bigbowtie 10+ year member]

if you apply alot the credit companies will wonder y u want so much extra credit now

 

[squeak9798 5,000+ posts]

If you keep applying and they deny, it will start to effect your credit score.

Approvals/Denials have zero effect on your credit score.

Only real factor there is, for example, if you have 20 inquiries within the past month, we'll look at it and say "20 other people have looked at this and turned this person down, do I want to be the one idiot who approves them?" //content.invisioncic.com/y282845/emoticons/wink.gif.608e3ea05f1a9f98611af0861652f8fb.gif//content.invisioncic.com/y282845/emoticons/biggrin.gif.d71a5d36fcbab170f2364c9f2e3946cb.gif

If you have more than 5 inquiries within a 6 months period, you are in a high risk category. However, if you any # of inquiries within a 7 day period (which often happens when you apply for a loan at a car dealership, for example), then all of those inquiries will only count as 1 inquiry total.

 

[Flipx99 5,000+ posts]

Approvals/Denials have zero effect on your credit score.
Only real factor there is, for example, if you have 20 inquiries within the past month, we'll look at it and say "20 other people have looked at this and turned this person down, do I want to be the one idiot who approves them?"

If you have more than 5 inquiries within a 6 months period, you are in a high risk category. However, if you any # of inquiries within a 7 day period (which often happens when you apply for a loan at a car dealership, for example), then all of those inquiries will only count as 1 inquiry total.

I thought mortgages gave you more than 7 days?

 

[Flipx99 5,000+ posts]

P.S.

New balloon --- 7yr @ 5.15....yay or nay?

requires IRA withdraw for down payment...

 

[squeak9798 5,000+ posts]

I thought mortgages gave you more than 7 days?

Huh?

P.S.
New balloon --- 7yr @ 5.15....yay or nay?

requires IRA withdraw for down payment...

If you think you'll be out of there before 7yrs is up, the fees are reasonable and there's no prepayment penalty.....Yay for sure. Rates are fluctuating quite a bit right now, but 7yrs @ 5.15% is still on the low-end during a good period and a great rate during an upswing. Checked with my bank about a week ago, and their 7yr ARM was 5.5%

Depending on your IRA, the withdraw may be tax free. I'm 99% sure it would be tax free if you have a Roth or Educational IRA (or whatever their new name is), traditional I'm not sure about.

 

[Flipx99 5,000+ posts]

Huh?


If you think you'll be out of there before 7yrs is up, the fees are reasonable and there's no prepayment penalty.....Yay for sure. Rates are fluctuating quite a bit right now, but 7yrs @ 5.15% is still on the low-end during a good period and a great rate during an upswing. Checked with my bank about a week ago, and their 7yr ARM was 5.5%

Depending on your IRA, the withdraw may be tax free. I'm 99% sure it would be tax free if you have a Roth or Educational IRA (or whatever their new name is), traditional I'm not sure about.

It's a Roth...so tax and penalty free...Just curious from a banker's perspective on a client's resorting to doing this to finance the down payment.

Also curious on the appraisal...does someone actually go out and look at the property? Or do they do it from a computer?