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Can one of my in house experts please explain how 3 inquiry removals added up to a 48 point increase?? Believe me I'm not complaining but Nanna always said "if it's too good to be true then it probably is!" Any input would be appreciated.
My head hurts. Any feedback is appreciated.
TL;DR: House shopping. Credit union claims they have pulled my credit report(s) and received rather bad scores. I can find no evidence of either the pull or a reason for the bad scores.
Background: My lease is up at the end of January and the goal is to have bought and move into a house by then (it is sooooo much cheaper to buy in my area vs. renting.) I figured I had adequate credit--not great, but no significant bad guys like collections or anything. My credit cards have always had low limits but I never really cared. I never carry a balance and I have a year and a half of student loan payments made on time ($21kish principle.) A credit union recently denied me preapproval with the following blurb:
"I reviewed the information on the application and as part of a prequalification , I pulled the credit report. Unfortunately, your credit scores do not meet our minimum requirement of 620. Your scores were Beacon 469, Fair Isaac 571 and Fico 656. We take the middle score for the minimum. At this time you file will be forwarded to our denial department. You will receive a copy of your scores in the mail. You may want to request a copy of your credit report from Equifax."
I understood that to mean they used FICO plus two other credit scores with only my Equifax report as input, but another poster here (shifter) has said that Beacon and Fair Isaac are code for Experian and Equifax, so I dunno. I'm curious about this, but at this point it is secondary.
Ex and Eq put me through hell re: verifying my identity, but I finally got both paper reports (Ex as my free annual, Eq on the basis of denial of credit.) My annual Transunion report is ~8 months old, so I am disregarding it (but it doesn't have anything worth mentioning.)
* Experian lists no inquiries whatsoever.
* Equifax lists only inquiries from "Equifax", :"ND-Equifax", and "AR-Equifax". Equifax and AR-Equifax both have pulls on 11/6, whereas I received the above email on 11/5. Conceivably, there could be some kind of international date line weirdness going on here? That seems to be a bit of a stretch, though. There's no other inquiry anywhere near the timeframe in question.
* I've just now signed up for USAA CCMP. No inquiries listed whatsoever on all three reports.
* Note that I opted out years ago.
* Experian's FAKO gives me 709 for all three reports, which they say is a bit over 43rd percentile. For whatever that's worth.
* The only derogatory thing I can see are two late CC payments, not consecutive, about two years ago. As stated previously, I've been paying my student loan on time for the past year and a half (before that, it was in deferral) and the reports show this.
* The credit union claims to have sent me a letter confirming those scores. I may have tossed it aside (though not in the trash) without opening it, or it may never have come... I can't recall. I plan on tearing the place apart looking for it when I get home.
* Re: identity mixups, I have a fairly unusual name. There is not a single other individual alive with my first, middle and last name--I think I would bet my life on it. I would not quite bet my life, but at least my life's savings, that no one else with my first and last name exists.
* Up until a couple months ago, my credit reports had been frozen for several years.
* Immediately after I unlocked my reports (before the mortgage application), Comcast did a credit check on me and there was some kind of problem that required I go down to the office. The person in online chat said their system uses Equifax but I couldn't get them to be more specific about the nature of the issue. The person at the office frowned a bit, fiddled around for 2 or 3 minutes, and then said "oh!" and did something on his computer and the issue was fixed. I was out the door before I could think to ask what the problem was. ***There is no Equifax inquiry matching this date.***
* I just got approved for Home Depot's sorry-we-really-suck-at-computers credit report freebie thing, but right now I don't see the point in seeing the same story laid out for a third (or rather, the 7th, 8th & 9th) time.
* Equifax made no comment on my claiming denial of credit. I sent them a sharply worded letter because of the runaround they were giving me re: identity verification and they interpreted it as an address dispute and sent me a dispute resolution based on that. (Which is weird because I wasn't trying to remove an address--I was essentially trying to add one.) So I could have received a report for that reason, though I am also due a free annual report from them.
I just wrote a polite but somewhat sharply worded email to the credit union, but I thought I would ask 'round here before I send it. It's easy to assume a cockup on their end but... this is just too weird. There were apparently/supposedly two people personally overseeing my credit check (I got exasperated earlier about an unrelated red tape issue and complained hard-yet-politely enough that they suddenly started treating me with kid gloves in a way that only potential mortgage customers are treated. And millionaires, one assumes.) How could this have possibly happened? And what about the Comcast thing? I feel like I am missing something and I am too strung out, overworked and sleep deprived (10 month old... still colicky) to figure out what it is.
Does anyone know how sensitive some creditors are about inquiries? New accounts? For instance, does Citi care about inqs or new accounts that are 6 months old? Cap 1? Amex? When do certain creditors stop caring, 6 months? 12 months, or do some of them hold it against us for the full 2 years?
I have gotten Cap 1 Ventures with a 15 inqs on Ex, 5 on Eq and 3 on TU and a lot of new accounts when they pulled the reports. Does that mean they don't care about inqs on 1 of the 3, or are they doing some kind of averaging since they pulled all 3?
I have a few soft inquiries from three CA's.
I can not think of any reason for them pulling my credit. I get no correspondence from any of them. I do have a list of phone numbers that call me (I do not answer and they don't leave a message) and two of them are on the list ( Ol' Ed and First Nat'l).
Law Offices of Ed Overcash
Account Discovery Sys
First NTL Coll Bureau
None of these show up as collections or anything on ANY of my CR's. There's only two things they can be calling about, one is for $127 for an insurance premium that I will probably never pay and the other is for, yes again, insurance for around $85. That's another story in itself for another time
I was just wondering if I should call them and ask WTF are you pulling my credit for? And maybe cause them to hang themselves (my state allows me to record as long as one person >>>ME<<< gives permission to record the phone call). I don't think they would actually sue for $127 or $85 so I'd send them a limited C&D letter. It's just puzzling because there are no baddy's on my CR's related to them.
Or should I just let sleeping dogs lie as the saying goes.
I'm in the final throes of Escrow (Cross your fingers) and wanted to report on some weird Inquiry info they're pulling/reporting. This doesn't look like it"ll have any negative impact on my loan. I'm just reporting for information only and out of curiosity.
Before the packet was submitted to the UW for conditional approval, I was asked to write a letter of explanation for the single inquiry on EX. The enquiry was over a year old for a CC I currently have. But the joint tri-merge the bank pulled showed the Inquiry with a different date. On their report it was dated just a few months back. This is not the case for any of the various sources I pull, including my real report.
Last week, before submitting my final packet with Conditions to UW in order to get "clear to close" the processor said 2 more inquiries had popped up for which he needed letters of explanation.
One was for a 8 month old CC that I have but the Inquiry date they have is September 2014. The Inquiry was B* from TU last spring.
The other was from my only "shopping card trick" card from a year ago. As such, there was never an inquiry that I know of. It also shows an inquiry date of sometime in September 2014 (but different from the one above.)
They're also pulling from additional sources.
Shopping cart cards get a hard inquiry on some other place
Tri-merges are inaccurate, even for banks
The bank has only disclosed that they use the big 3 CRAs
I saw the initial report in October with the initial incorrect inquiry date. At first I thought the bank must have made a typo...