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I'm calling around for insurnace and I guess they run your credit... To see what type of risk you are. And talked to some banks and they said that running your credit lowers your score. My Trans Union is a 698. A lot of the banks move up a tier at 700 credit score. That just plain SUCKS... I call for insurance for a motorcycle I'm getting in about a month and I get a $hitier loan rate because I have too many inquires. That make no freaken sense!!!
 

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working on that new bike
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actually during a specified time frame-like a month you can poll all you want and its not supposed to affect your Isaac score--i thought this same thing and found my score around 750 after buying a house 2 cars and bike and 2nd mortgage...the only way you can raise that score is too pay off something and let it sit and then your score will increase--suks i kno
 

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South Side Hitmen
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It's just another way for the insurance companies to make more money. What pisses me off about this is that the government lets them get away with this.
 

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Trackday Addict
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That's legit. It has nothing to do with the state you live in. Mortgage companies and insc companies among others run credit to assess risk. Sux sometimes but it's a reality.

Running a credit report is only supposed to drop your score 2-3 points with a repository.

The only time running it unlimited times in a 30 day period supposedly applies is when applying for a home loan. Then it's only supposed to hit your score once. How do you tell though???

Often times other factors have a bigger effect.

Aside from late payments / collections dragging down your score, the #1 thing I usually see is credit card balances GREATER than HALF of the card's limit. That's an easy fix.

If you have something like that, pay it down under half the limit and request a "rescore" based on the new balance. That ought to push you back up. I did it with 2 of my wife's cards and she went up about 30 points. All depends on your overall picture...
 

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working on that new bike
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is any other state as messed up as ohio

AZScorpion said:
That's legit. It has nothing to do with the state you live in. Mortgage companies and insc companies among others run credit to assess risk. Sux sometimes but it's a reality.

Running a credit report is only supposed to drop your score 2-3 points with a repository.

The only time running it unlimited times in a 30 day period supposedly applies is when applying for a home loan. Then it's only supposed to hit your score once. How do you tell though???

Often times other factors have a bigger effect.

Aside from late payments / collections dragging down your score, the #1 thing I usually see is credit card balances GREATER than HALF of the card's limit. That's an easy fix.

If you have something like that, pay it down under half the limit and request a "rescore" based on the new balance. That ought to push you back up. I did it with 2 of my wife's cards and she went up about 30 points. All depends on your overall picture...
interesting--i guess i need to find a job and pay those suckers off huh? lol

this rain today blows
 

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The World's Laziest
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The credit inquiry that your insurance company runs should not go under regular inquiry where your beacon score drops. It's classified as a personal inquiry which does not drop your credit score.

If you don't believe me...run your own credit report and look under inquiries. Anytime a consumer decides to run his own credit check (same thing as inquiring about one's credit) it does not drop the beacon score. If you have lenders running credit inquiries, yes. But if you're using it for personal use, FICO score remains the same.
 

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Don't give out your SS # and do not let them run a credit report. I've have always gotten low rates on insurance for every car and bike I've ever owned, and all with full coverage. Good luck.
 

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Go Boilers!!
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I worked at a bank this summer and ran credit reports, and running them doesn't lower your score, having crappy credit lowers your score.
 

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PurdueR1 said:
I worked at a bank this summer and ran credit reports, and running them doesn't lower your score, having crappy credit lowers your score.

I guess you didn't work at the bank long enough. Because what you just said made absolutely no sense and completely wrong.

Whenever a lender runs your credit...it will always lower your FICO score by a few points. Usually car dealerships are notorious for running customer's credit. Why people advise against running your credit at multiple dealerships.

And for you to get rid of the 'inquiry' it takes about 3-4 years clear. The whole thing about "having crappy credit lowers your score" is half-way truthful. Of course you'll have a crappy beacon score...your credit's bad, duh! But having 'excellent' credit doesn't shield you from losing points because a lender ran your credit.
 

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Go Boilers!!
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shyong said:
I guess you didn't work at the bank long enough. Because what you just said made absolutely no sense and completely wrong.

Whenever a lender runs your credit...it will always lower your FICO score by a few points. Usually car dealerships are notorious for running customer's credit. Why people advise against running your credit at multiple dealerships.

And for you to get rid of the 'inquiry' it takes about 3-4 years clear. The whole thing about "having crappy credit lowers your score" is half-way truthful. Of course you'll have a crappy beacon score...your credit's bad, duh! But having 'excellent' credit doesn't shield you from losing points because a lender ran your credit.
Might depend on your state, I don't think I'm wrong though when I asked the senior vice president of lending at the bank the question about your credit score dropping due to inquiries. Usually it will get ran multiple times by dealerships because people can't get accepted for a loan, and they already have bad credit, and the bottom of your credit score sheet shows who has ran the inquiry and when. Have you seen a credit report and what it looks like?
 
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