Shopping for credit can have serious hazards to your credit report. Every time you apply for a loan, credit card or line of credit it results in a credit inquiry being posted on your credit report. Those individual inquiries can have a negative impact on your credit score. “The mean consumer has no thought that each of those inquiries could be dragging down his or her credit score 1-2 points.” While a few inquiries are fine, too many can cost you big time.
<huge>Creditors or potential lenders look at too many inquiries as “desperate” and base part of their credit choice on those excessive inquiries. In addition, the potential creditor has no thought that those inquiries have not resulted in a recent loan which could exclude you from being approved. But even more troubling is the fact that those inquiries could be costing you the lowest possible interest rate. You could very well have an exceptional payment history and a low credit score as a result of inquiries. In today’s credit markets the interest rate you pay is based on your credit score. So a lower credit score could cost you hundreds if not thousands of dollars.
“Gone are the days when your credit worthiness was based on your ability, stability and credit.” Today it’s all about your credit score! Yes, those old school factors are still vital just not as vital as your credit score.
The good news is now there is a “small known” process to remove unwanted/unauthorized credit inquiries in a matter of hours! More importantly, this process allows for you to have your credit score recalculated in real time! This means you could see your credit score go from 620 Monday morning to 660 Monday afternoon which could result in big savings depending on the lender. For example a 620 score is considered to be poor and a 660 is considered to be excellent. And best of all, it’s completely free. Anyone wanting to improve his or her credit score and save money can benefit.
<huge>This process of removing unwanted/unauthorized credit inquiries is quick, safe and 100% legal. “The Credit Bureau doesn’t advertise this to the general public but the process can increase your Equifax credit score 10, 20 even 40 points in a matter of hours.” If you are plotting to finance the buy of anything in the near future then this is something your can benefit from!
Even a small increase in your credit score could save you thousands? A simple increase of 5 points could go you into a completely different loan and rate praise category.