THE IMPACT OF INQUIRES ON YOUR CREDIT REPORT
Obviously, the more inquiries on your credit file, the more adversely it will affect your rating. However, different inquiries have different degrees of influence. Below are details of some of the more common inquiries that occur and their impact. There are several other main variables that effect credit scores.
When looking to rent an apartment, your credit is going to be
pulled by either the landlord or the rental agency. They want to
make sure that you will be a responsible tenant and will be
looking for any sort of negative marks on your credit file. All
of the information you list for your employers is also going to be checked,
i.e. phone numbers and addresses. If you have poor credit, it is very likely that you will either be
denied residency, or will be charged higher rent. You may also
have to leave a larger deposit or have someone co-sign the lease
for you .
The rates you receive for your financing are going to be
determined by your credit score. However, lenders are not going
to examine your entire credit history when determining whether
or not to grant you approval. As an alternative, they rely on
some fundamental information as well as your credit score. Obviously,
higher scores are going to result in lower interest rates. If
you have a poor credit score, but exhibit a recent positive
credit history, you will likely receive decent rates. Someone
with past and current bad credit are going to receive the least
Cell phone companies check your credit prior to deciding whether
or not to issue you a plan. People with bad credit are likely
going to have to leave larger downpayments and will also be charged
higher rates for their contracts. It is important to know that
there are now companies that offer cell phone contracts without
Not only are credit card approvals based on credit scores, the
interest rates you receive are directly affected. Those with
positive credit histories are going to receive the best rates.
Reward credit cards usually call for the highest credit scores
for approval. Nowadays, there are a wide variety of credit cards
for people with bad credit that are designed for rebuilding
You must grant any potential employer written permission prior to them pulling your credit report. Any type of negative information is going to be looked for. If you are not going to be hired because of negative information listed on your credit report, you must be informed of this and provided with a copy of your credit report.
**Your current boss can also run your credit, but must must also have
your permission to do so. Your credit will not be affected when
Did you know that over 85% of all auto insurance companies will utilize your credit information when deciding approval and rates. Therefore the better your credit, the better the rates you are offered.
Home loans are the largest type of loans. As a result, the review
process is much more thorough. All three of your credit
reports and scores are going to be reviewed when you apply for
any type of mortgage.
If you are looking to open a new phone, gas, electric, cable, or any other type of utility, your credit is going to be checked. People with bad credit may be required to have someone co-sign the account for them.