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Monday, December 29 2014

Many people have heard before that inquiries lower the score.  As a result many customers will ask you whether this is true or just a myth.  Inquiries definitely impact the consumer credit score.

 

FICO score inquiries account for 10% of the total credit score.  FICO counts this to the part of their score that deals with the accumulation of new debt.

 

If you apply for a lot of credit within a short period of time, your scores will go down.  There is no set amount of drop per inquiry - it's bundles of inquiries in a short period of time that really impact the score, not just one single inquiry.

 

This means that when a you apply for something and an inquiry is put on the report, the score might not go down at all.  But if you start applying for a lot of new credit in a short period of time, these groupings of inquiries will have an impact on the score.

 

However, there are exceptions: mortgage or auto loans.  If you go to apply for a mortgage, all mortgage inquiries within a 2 week time period only count as 1 inquiry on the credit report. The same applies for auto loan inquiries.

 

The reason for this, is that the score providers understand that consumers will commonly shop around for the best terms on home and auto loans, and they shouldn’t be punished for doing this. Plus, in the auto business, it is common for the consumer’s application to be sent to many different banks, which could also lower their scores, if FICO didn’t operate this way.

 

Accumulation of new credit or new inquiries on the report, accounts for 10% of the total credit score,  It is important that you know this, so you can minimize the amount of inquiries that are put on your report further, thus maximizing your scores.

 

Call us to have a 1 one 1 Free Consultation with one of our Credit Experts today at 866-932-3999  

Posted by: Kevin Foster AT 08:30 am   |  Permalink   |  0 Comments  |  Email
Tuesday, December 09 2014

Dun and Bradstreet is the biggest of the three business credit reporting agencies. 

Clients that purchase Business Credit Building Services don't actually need to or have to purchase anything from D&B to establish their business credit profile and score.

If you ever speak with Dun & Bradstreet you should know that D&B, will ALWAYS try to sell you  something. 

D&B might tell you that you HAVE to pay for the DUNS number, that you HAVE to pay for your credit file activation, and that you HAVE to pay for other things.  In reality, you DON'T have to pay for these things at all.

As part of the TRW Biz Credit Builder Suite, you can set up your D&B profile and obtain your DUNS number for free.  This saves you almost $800 from what D&B would charge you directly.  

All you needs to do is follow the instructions in step 3 to setup your DUNS number. Once you have your 4th vendor account setup and reporting to D&B, the credit profile will then be automatically activated for you at no cost.

It will take you up to 30 days to get your DUNS number in the mail. You can get it faster, but only if you elect to enroll and pay for the D&B credit monitoring service. You don't need this service, but some of my clients get it to receive the DUNS number faster and to monitor the D&B credit profile and score.

One of the benefits for our clients in having the TRW Biz Credit Builder Suite is that you have the assistance of your advisor to know what to do and what not to do. This alone will save you thousands of dollars, insuring that you are not misled by the bureaus, and help you quickly build your business credit the right away.

We have taken the guess work out of the business credit building process, insuring it is easy for you to build your business credit quickly and successfully.

Posted by: Kevin Foster AT 10:40 am   |  Permalink   |  0 Comments  |  Email
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