Ok, Im new to the credit realm of things. I have just gotten through my BK in March and now Im looking to get somewhere. I am curious how bad inquiries effect your rating. I am looking to refinance my vehicle for a lower rate, yet I do not want to screw up my stuff in the process, any suggestions ?
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I moved your question to this Section of the Forum as it is more appropriate here and will get better responses.Filed Ch 7 - 09/06
Discharged - 12/2006
Officially Declared No Asset - 03/2007
Closed - 04/2007
I am not an attorney. My comments are based on personal experience and research. Always consult an attorney in your area to address concerns related to your particular situation.
Another good thing about being poor is that when you are seventy your children will not have declared you legally insane in order to gain control of your estate. - Woody Allen... -
You can have a few inquiries. If your looking for a loan, and it's for the same reasons, you have a window to shop (I think it's 30 days) and it counts as one hit on your credit score. On the other hand, do not get out of control by applying to every lender out there. Be wise while you shop, make lots of phone calls and ask questions before you apply for anything...and don't let them talk into applying. Then, when you've broken it down to a few different lenders, then you can apply.
MAJOR THING FIRST THOUGH, have you pulled your credit report to make sure everything is reported correctly. Before you apply for any loans or credit, you should have any errors corrected on your credit report first. This step does help.Last edited by BassBoy; 10-10-2006, 12:40 PM.Bankruptcy History:
Chapter 7 filed - 10/12/2005 - Asset
Discharged - 02/16/2006
Case Closed - 11/08/2007
A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain
All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.Comment
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According to the fico score simulator on myfico.com used towards my credit scores, each individual inquiry or group of inquiries in a 14 day period that are counted as one, can hit you for about 5 pts. So if you were to stack up endless inquiries year round (26-2 week periods) that could hit you for about 100 pts on inquiries alone.Comment
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