Credit report inquiries: over 30 in a year? - Posted by attila

Posted by Tony_PA on November 05, 1998 at 13:42:18:

Samething here. I just received my credit report 2 days ago and it was full of phone companies and home equitiy companies doing inquiries. But there was a line saying they would only show up on MY report.

Credit report inquiries: over 30 in a year? - Posted by attila

Posted by attila on November 04, 1998 at 17:28:08:

I finally pulled a credit report from esperian, it lists over 30 inquiries from other credit card companies. I didnot sign or authorize them. Will these inquires hurt my credit rating score? Can I write a letter stating that I didnot authorize them and have them removed?

Any help would be most appreciated.

Re: Credit report inquiries: over 30 in a year? - Posted by Redline

Posted by Redline on November 05, 1998 at 11:54:59:

I’ve read somewhere the only credit inquiries that lower your (stupid inane useless) FICO score are the inquiries that you initiate yourself. All the others are companies checking you for whatever reason.


Re: Credit report inquiries: over 30 in a year? - Posted by roger

Posted by roger on November 04, 1998 at 21:47:08:

Heard a neat idea from a DR. Richard Powellson at RE club meeting. How to get a huge credit line. keep a bumch of those “pre-approved” credit apps you get in the mail. get copy of your credit report,current! copy it and send it and letter to each. Do NOT sign the credit check authorization line. Say…"I’m planning on buying a house and don’t a lot of inquiries in my report to mess up my Beacon Score. If you would care to use this credit report to issue a card, please do so, if not, destroy this app. thanx, etc. If they DO pull a credit app on you, you didn’t sign the authorization. Keep records, and you can have it removed. HMMMM–may give this a shot someday.
Opened a Corp bank account today, bank wanted to run credit report. I said if I’m putting money in, why?
“Policy”… they claim it will show up as an inquiry, but will show that it is not for purpose of credit application. We’ll see next month when I pull my credit report again.

Re: Credit report inquiries: over 30 in a year? - Posted by Cathryn

Posted by Cathryn on November 04, 1998 at 20:17:53:

I recently ordered a credit report on myself so that I could correct any errors before I went deal-hunting. There were about ten inquiries on the report from companies I’d never dealt with – mostly long-distance phone companies, celluar phone companies and home equity companies. I presume they were checking my credit before making a telemarketing sales pitch.

On the report, there was a notation that these inquiries would appear only on a credit report send to me, not on any reports sent to anyone else asking about my credit. You might check with the credit bureau you used and see if that’s what they’re doing in your case as well. Good luck!

RE banks running credit 4 corp accts… - Posted by raelynn mitchell

Posted by raelynn mitchell on November 05, 1998 at 09:29:59:

Shop around, as not all banks run credit when they open corporate accounts. They all DO, however, run ChexSystems, to see if you have ever bounced checks and left someone holding the bag by not making good on the check.

To my knowledge Wells Fargo Bank does not, and I know U.S. Bank does not. I don’t think Bank of America does, either.

Do you think someone runs Bill Gates or Lee Iococa’s (sp?) report every time they open a corporate bank account? Why should they treat you any different when you’re just OPENING the account, unless you’re applying for overdraft protection?


Re: Credit report inquiries: over 30 in a year? - Posted by JohnBoy

Posted by JohnBoy on November 04, 1998 at 23:23:02:

It will show up as an inquiry the same as all inquiries show up. An inquiry period! Inquiries are not broken down into catagories as to what they were pulled for. Each additional inquiry reduces your credit score regardless of the reason it was pulled for. Of course if the inquiry is for a car or mortgage loan then all inquiries pulled for that purpose with-in the past 90 days is suppose to only count as one inquiry. But I’m not sure if that has gone into effect yet. It was supposed to have started earlier this year.

Some banks want to run credit checks for a personal checking account. I tell them if they must do that then I’m at the wrong bank! Ask them if they will let you run a credit check on them? After all your trusting them with your money while its in your bank. Would they let you audit their books and evaluate all the credit apps they gave loans too? I’ll go to a another bank that doesn’t require it. It doesn’t make any sense to me to have to pull a credit report to open a checking account. If they were going to give me a line of credit for overdraft protection or something then I could see it. But to just open an account that I’m putting my money into serves no purpose to pull a credit report. If I was to go off on a check writing spree writing checks when there wasn’t enough funds in the account, the bank would not clear the check. They would send it back to the party I wrote the check to as non-sufficient funds, therefore the bank does not loose.

If the bank is concerned about me writing a lot of bad checks then they could go through telecheck. Thats what that service was designed for, to report people that write bad checks. Most if not all banks belong to this service so there shouldn’t be a need to pull credit reports unless your taking the banks money out in the form of a loan or some sort of overdraft protection.