goeduck
Super Star Member
Soft credit checks (you checking) do not generally impact your score.
Hard checks (you applied for a loan, etc) generally do negatively impact your score.
Debit vs. Credit Cards
- Thread starter RSKY
- Start date
Hard checks (you applied for a loan, etc) generally do negatively impact your score.
Sigarms
Super Member
The only loan (and debt) I'm paying on at all is the loan for the renovations. That said, my (and my wife's) assets vastly outweigh the loan the amount. I took out that loan because I actually thought it would help our credit rating to put us back on the radar so to speak.
That said, I did take the loan out as a single individual. I know my wife's score wasn't hit.
Sigarms
Super Member
End of day you're correct. I just scratch my head over it.
Sigarms
Super Member
As mentioned, exactly why I took out that small loan.
JethroB
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At the local Federal Savings & Loan. My grandma got my toaster. I still have my little red pocket sized passbook somewhere. My dad opened the account for me when I was about 12.That reminds me of opening a savings account to get a toaster.
Remember those days?
two_bit_score
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As you probably know, you can get a free credit report from each of the 3 main credit bureaus every year and a credit score is included along with an explanation.
The banks we use include a running monthly credit score available online. Wells Fargo is the best.
Skagit
Silver Member
... mmkay...
They're constantly being sued for fraud but you know, what's a little bank fraud between friends?
Wells Fargo scandals: The complete list
Here's an overview of Wells Fargo's most notable scandals and missteps as CEO Tim Sloan testifies before the House Financial Services Committee.
And then the latest one
Torvy
Super Member
Actually, lots of companies use credit scores. Insurance, apartments and utilities just off the top of my head.
Some banks just use FICO, but most combine FICO with additional info gather by credit bureaus and provided by the applicants.
Shenandoah MF1760
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There are many ways they bring your score up or down.
My wife's score just took a hit because she had a card she hadn't used except once when she got it. And only then because getting the card gave a 20% discount on her initial purchase. She paid the card off and never thought about it again.
Since the card was not in use they informed her by mail that they were dropping her spending limit from $1000.00 to $500.00. So what, who cares?
Well... Transunion, Equifax, and Experion (The Greedae: Three Sisters Of Financial Fate) see that and your credit score goes down a few points because you are no longer able to go as deep into debt as you used to be able to.
So just having credit isn't enough, you have to be actively using it. This gives them data to work with and sell.
Oddly enough the term deadbeat is now used by financial people to refer to folks who payoff their credit cards monthly because they don't make any money off them.
Sigarms
Super Member
I have no doubt given the general population of our country, the credit card people are still making money on interest
