Valuable Lenders are those lenders that are reputable nationwide. We see lots of advertising from some not so valuable lenders. They are not so valuable because they don’t show all the information needed on a credit report that will allow our scores to be the highest possible. For instance, if your account shows the “high balance” but not the credit limit, as soon as you use that card you have a debt to credit ratio of 100%. This can lower your score dramatically. This is an example used by many, not so reputable lenders such as major credit card companies.

Valuable Lenders are those lenders that are ethical in their practices and are national or international banks and financial institutions.

“Avoid excessive inquiries – A large number of inquiries occurred over a short period of time may be interpreted as a sign that you are opening numerous credit accounts due to financial difficulties or overextending yourself by taking on more debt than you can easily repay.”

OK, let’s interpret this statement. What the facts really are is this… The credit bureaus weigh the number of times you go “shopping” for credit because of the above reason, but they are also aware that many financial savvy consumers go shop for the best loan, interest rates and terms. Recently they have become more lenient with inquiries, but within standards. Here are some rules to live by. When “shopping” for loans, rates and terms for a house, a car or business loan, etc., be sure to do your shopping within a 14 day time frame and don’t go over 5 inquiries. More than this and you risk a heavy point loss on your credit reports. Also, be sure that you are really going to get your loan or the 5 inquiries will count against you, up to 30 points lost because you didn’t actually get the loan that you shopped for. It’s good and bad news, just be sure that you are going to get the loan when you start to apply.

Inquires hurt your good credit scores more when under a 720 credit score than over a 720 credit score.

Here’s proof that our program works and truly does help folks.  On 4-7-09 I enrolled Allison P. and sent in her paperwork on high priority, super rush, mach 4!  She was closing on her home the first week of May and needed a judgement deleted to fund her loan.  We barely had 30 days to try and help.  The judgement was obviously erroneous after hearing the story, but she had been fighting it for years with no success and wasn’t about to pay it.  This was the only negative on her credit report.  She took a leap of faith and hired us in the hopes we could help.  Everyone at Member Services jumped on this file for us and sent out her disputes in 2 days.  WELL IT WORKED!   On Monday she received her TU report deleting that judgement, the LO gave it to the Underwriter, and even without the other 2 credit bureaus response the judgement was waived and the bank funded her loan.  THIS IS EXCITING STUFF!

There are 3 types of inquiries to know about as you look over your credit report. It’s important to understand them and how they affect your credit scores because they can affect your credit scores very seriously. I have seen a couples credit scores drop over 120 points because of “shopping for credit” and not realizing their inquiries were costing them points.

The third type of inquiry is an investigation inquiry for companies who are looking to see if you qualify for their loan program or their credit card.  You don’t initiate it and if you do qualify, then you will probably get a letter in the mail for a special credit card offer, a special car loan or mortgage loan offer.  Basically junk mail offers.  If you are looking for credit, then these might be helpful but if you already have established credit then these might be a nuisance.

You can “Opt Out” of this program to send you junk mail.  To do so, you can call or go to their website…  The phone call will opt you out for 5 years – 1–888–567–8688.  To opt out permanently go to www.optoutprescreen.com.