Credit Karma is here in Detroit at Campus Martius Park Today, Wednesday July 20, 2016 as well as Tomorrow July 21, 2016 from 9 am until 4pm. I'll be here getting info and snagging my freebies! 😁
This is the just of credit reporting and why it is IMPERATIVE that you Monitor YOUR CREDIT.
YOU CANNOT DEPEND ON THE CREDIT REPORTING AGENCIES TO DO IT FOR YOU!!
In a perfect world we would be able to apply for credit without anyone or corporation knowing about it, but that just isn't the case. As I've previously explained, applying for credit leaves an inquiry on your credit report to let you know who've you applied to as well as who's been looking at your credit. And yes for each one of those little notes your credit score will be penalized should you go over the magic number of pulls. No one knows what that number is but to be on the safe side, do not go beyond 2-3 inquiries in a two-year period. You're probably thinking! Creditrehabaddict, that's impossible, and while it seems difficult, there are people who it. However, if you're trying to rebuild your credit or optimize reward cards, this can be problematic...unless of course you've found yourself here!
Now what I'm going to show you is a trick called 'the shopping cart trick," which essentially allows a person to get credit cards with minimal credit limits, and let us not forget, you won't get a hard pull on your credit report. The shopping cart trick has gotten positive reviews, and you can find people talking about it on almost any credit board. Now before I explain the actual method for achieving the credit card without the hard pull, let me remind you of this....
The amount of "new credit" makes up roughly 10% and "length of credit history" makes up 15%, giving you a whopping 25% affect on your overall score so be careful. The upside to this is that the "amounts owed" category is 30% of your score and since 30% is more than 25% you may see more of a positive effect but please be mindful of the potential changes!
Here's the short version of the list this works on (the asterisk is where I've had luck)**
Comenity Bank Store Credit Cards
Abercrombie & Fitch
Bath & Body Works
HSN (MUST GO TO THE VERY END OF CHECKOUT PROCESS)**
King Size Direct
New York & Company
One Stop Plus
Overstock (may ask for full SSN, reports as a soft pull).
Before doing the Trick Please be sure to turn off pop-up blocker. Also, make sure that you are opted in to receive offers from lenders and insurance by visiting Optoutprescreen.com (I know it says opt out but you must visit the same place in order to opt in!)
HOW TO DO THE TRICK????
SHOPPING CART TRICK Info courtesy of Doctor Of Credit Click here to visit!
The basics of credit inquiries are knowing the difference between a Soft inquiry (or pull) and a Hard one and just like it sounds a soft inquiry doesn't hurt your credit score, as it doesn't cause it to change. However, a hard inquiry is just the opposite; every time it happens it dents your credit score but ever so slightly. Now if you have more than three of them then you can expect a major decrease to your score. Soft inquiries are more-less informational/promotional pulls on your credit, where a potential lender may request your credit (if you haven't opted out) to offer you a personal loan or something to that extent not requested by you.
A hard inquiry occurs when you're at the cashier at Walmart with a "50 Flat Screen, and they say "apply for a Walmart credit card and get no interest for 12 months", which is followed by a sure; a request for your credit report then a little note left on your credit report that says WALMART WAS HERE! Well, it's not that dramatic, but you get my point right?
Hard inquiries do not have a significant impact on score unless you have too many of them. As I stated above, more than three in a two year period can be seen by potential lenders as a desperate need for credit, not to mention each inquiry after three may account for a 3-5 point reduction in your score NOT TOTAL but EACH! So let's do the math: you have eight queries, 8x3=24 or 8x5=40. That is essentially a 24-40points reduced from your overall credit score!.
Moral of the story is by reducing the number of times you apply for credit you minimize the number of dings to your credit score and ultimately reduce your risk of overextending your finances. Two or Three inquiries per year are good, anything more than that and you'll be left wondering why you're not in the 700 club; believe me I KNOW!
FYI: credit inquiries are a statement of fact; therefore, they can remain on your credit report for up to 2 years. So if you're wondering is there a way to get credit without a hard pull? ABSOLUTELY! Check out my upcoming blog post to see how! If you want to know if inquiries can be removed? SURE CAN, just leave fill out the contact box to see how!
Have you ever wanted to know what credit score is needed before you apply for that Barclaycard or a car loan? Well, you may want to visit CreditBoards.com, credit pull database. They offer a comprehensive list, where users provide info regarding who gave them credit (or not) as well as offer up details about the pros and cons associated with the application. For instance, " I have a bankruptcy and three collection accounts but my score is 755, and Capital one approved me!" It's worth taking a look, after all, a little recon work to increase your chances of getting approved never hurt anyone!
To visit click the link provide above or copy and past https://creditboards.com/forums/index.php?app=creditpulls
As if trying to maintain good credit isn't difficult enough. Your eyes are not deceiving you; you read the title correctly. Facebook and credit are definitely a thing; they are linked or will be shortly! Please check out the article from the most trusted LEXIS-NEXIS. While I never intended for this to be my first blog post, I felt compelled to share it with you all considering Facebook has 1.55 billion users as of January 2016 , many of whom struggle with their credit. Click on the LexisNexis thumbnail to read the article. News You Can Use!
Semere, S. (2015, December 15). To Like or Not to Like: Social Media and Credit Scoring. Retrieved March 06, 2016, from http://insights.lexisnexis.com/creditrisk/2015/12/15/to-like-or-not-to-like-social-media-and-credit-scoring/