archenemy Posted August 24, 2005 Share Posted August 24, 2005 not looking for a spray fest arch...just would like to know what you've heard. I have a couple of friends who swear by the franchise thing. I know of no-one who's been screwed by one. I've heard it can happen...but I've never heard of it happening...so I'm just trying to gather more info! Gosh..why so defensive!! Spray fest!?! No no..that's you, your the queen of spray! Would never dream of challenging you for that crown...you'd KILL me!! I apologize for my unclear post. What I meant to say was that I am not going to condense two years of business school into a spray post for your amusement. Are we clear now? Quote Link to comment Share on other sites More sharing options...
Dru Posted August 24, 2005 Share Posted August 24, 2005 "icecream" is just a code word in this case. ...said the penguin. Quote Link to comment Share on other sites More sharing options...
rbw1966 Posted August 24, 2005 Share Posted August 24, 2005 I heard that if you request your credit score, it goes down... any truth to that? Yes. Bullshit. As part of the FACT Act, every consumer is entitled to a free copy of their credit report. One consumer inquiry on a credit report does not affect your standing. Several inquiries, however, does have a negative impact on your credit report. Quote Link to comment Share on other sites More sharing options...
archenemy Posted August 24, 2005 Share Posted August 24, 2005 I heard that if you request your credit score, it goes down... any truth to that? Yes. Why? They assume (usually rightfully) that when you are getting your credit checked, it is b/c you want to buy something on credit. Whenever you have purchased something on credit and you have an amount outstanding, your score is lower. It is not lowered with one hit (unless that hit was by the gov't or a debitor you are in arrears with), but it is lowered with multiple hits. Remember that the party checking your credit also shows on the report. Quote Link to comment Share on other sites More sharing options...
archenemy Posted August 24, 2005 Share Posted August 24, 2005 Right RBW, I did not read the question carefully enough. Thank you for pointing out that requesting your own credit record is a different story. My bad. Quote Link to comment Share on other sites More sharing options...
Ireneo_Funes Posted August 24, 2005 Share Posted August 24, 2005 If you're not guilty, you have nothing to fear. If your credit is good, you won't need to ask. I see... it's like if you're not a terrorist, you won't run from the cops. I know a lot of people who've had various identity-theft hassles - getting a copy of your credit report seems reasonable these days. Quote Link to comment Share on other sites More sharing options...
archenemy Posted August 24, 2005 Share Posted August 24, 2005 If you're not guilty, you have nothing to fear. If your credit is good, you won't need to ask. I see... it's like if you're not a terrorist, you won't run from the cops. I know a lot of people who've had various identity-theft hassles - getting a copy of your credit report seems reasonable these days. Absolutely. Again, ignore my hasty response to the question I misread. My pupils are square and my brain is mush. Mush I tell you. Quote Link to comment Share on other sites More sharing options...
sobo Posted August 24, 2005 Share Posted August 24, 2005 I heard that if you request your credit score, it goes down... any truth to that? Yes. Don't request your credit score (a.k.a. your FICO score), but you should be requesting (AND REVIEWING FOR ERRORS) your credit report every year. From your credit report, and a little knowledge of how it's put together (which you can get online at any of the "Big Three" credit reporting agencies), you can pretty much figure out where your score is on the FICO scale. I got all three of my credit reports, made an educated guess at my FICO score, and was pleasantly surprised to learn, when we applied for our home loan, that I had estimated quite a bit lower. We have zero debt, other than our new home loan, and we got the lowest interest rate available with no buying of points. Point is, do the math yourself, and save the damage you could be casuing yourself by not knowing what's in your file. And if you didn't already know, it will become law (already on the west coast) that you will be able to get your credit reports for free once each year starting next year or so. Click here to get yours. Quote Link to comment Share on other sites More sharing options...
minx Posted August 24, 2005 Share Posted August 24, 2005 I heard that if you request your credit score, it goes down... any truth to that? Yes. this is not true anymore. you can request your own credit score with no impact. Quote Link to comment Share on other sites More sharing options...
archenemy Posted August 24, 2005 Share Posted August 24, 2005 Oh My God-- How many times do I have to fucking repeat myself? I misread her question and thought she was asking about OTHER people checking her credit. CHECK YOUR OWN CREDIT AT NO PENELTY TO YOU. CHECK YOUR OWN CREDIT--IT WILL NOT COUNT AGAINST YOU. CHECK IT. NOW. WHAT ARE YOU DOING STILL READING THIS STUPID POST? Quote Link to comment Share on other sites More sharing options...
Thinker Posted August 24, 2005 Share Posted August 24, 2005 Yes, one's FICA score is lowered if it is checked often. I heard this from a real estate agent who is a good friend of mine. I confirmed it with a Wells Fargo mortgage consultant. There are some cases when this is NOT the case, though. A State Farm Insurance agent told me that inquiries from insurance companies are not supposed to lower your overall FICA score. Quote Link to comment Share on other sites More sharing options...
archenemy Posted August 24, 2005 Share Posted August 24, 2005 Well, did you check it? If you need help, I work at a bank. How funny is that? I feel sheepish. Quote Link to comment Share on other sites More sharing options...
rbw1966 Posted August 24, 2005 Share Posted August 24, 2005 Read the FACT Act people. As for Will's original question, franchises do in fact fail. Anyone remember Herfy's? How about A&W? Kenny Roger's Roasters? Boston Market? Quote Link to comment Share on other sites More sharing options...
Squid Posted August 24, 2005 Share Posted August 24, 2005 someone's losing it. Quote Link to comment Share on other sites More sharing options...
Ireneo_Funes Posted August 24, 2005 Share Posted August 24, 2005 I heard that if I ask for a copy of my credit report, the black helicopters will come down and stormtroopers will take my TV set... is that true? Quote Link to comment Share on other sites More sharing options...
Ireneo_Funes Posted August 24, 2005 Share Posted August 24, 2005 I feel sheepish. Don't let specialed know that you're feeling sheepish. Quote Link to comment Share on other sites More sharing options...
Squid Posted August 24, 2005 Share Posted August 24, 2005 Pat Robertson will get all fatwa on your ass and cap ya, beyotch! Quote Link to comment Share on other sites More sharing options...
sobo Posted August 24, 2005 Share Posted August 24, 2005 I think many people here are confusing their credit SCORE with their credit REPORT. You can get a free copy of your credit REPORT every year now, by federal law (in all but the eastern states and US territories as of now, as per the link I posted just above). Your credit SCORE is what lenders use to decide if, how much, and the terms under which they will lend to you. Please note that the more credit card accounts you open, CAN have a negative effect on your credit SCORE. Go to the friggin' site for chrissakes! And let this thread go back to willstrickalnd's original topic. Quote Link to comment Share on other sites More sharing options...
rbw1966 Posted August 24, 2005 Share Posted August 24, 2005 How many of you knew that when you apply for auto, home, motorcycle, renters etc insurance they run a credit score on you? Quote Link to comment Share on other sites More sharing options...
Squid Posted August 24, 2005 Share Posted August 24, 2005 where's CBS? he belongs in this thread somewhere Quote Link to comment Share on other sites More sharing options...
Ireneo_Funes Posted August 24, 2005 Share Posted August 24, 2005 Did Hugo Chavez make the mistake of asking for a copy of his credit report? Quote Link to comment Share on other sites More sharing options...
archenemy Posted August 24, 2005 Share Posted August 24, 2005 I heard that if I ask for a copy of my credit report, the black helicopters will come down and stormtroopers will take my TV set... is that true? Yes. Quote Link to comment Share on other sites More sharing options...
ChrisT Posted August 24, 2005 Share Posted August 24, 2005 I think many people here are confusing their credit SCORE with their credit REPORT. You can get a free copy of your credit REPORT every year now, by federal law (on the west coast only as of now). Your credit SCORE is what lenders use to decide if and how much they will lend you. And the more credit card accounts you open, CAN have a negative effect on your credit SCORE. so how do you figure your SCORE once you have the REPORT in hand? Quote Link to comment Share on other sites More sharing options...
Ireneo_Funes Posted August 24, 2005 Share Posted August 24, 2005 I heard that if I ask for a copy of my credit report, the black helicopters will come down and stormtroopers will take my TV set... is that true? Yes. Why? Quote Link to comment Share on other sites More sharing options...
Squid Posted August 24, 2005 Share Posted August 24, 2005 How many of you knew that when you apply for auto, home, motorcycle, renters etc insurance they run a credit score on you? Do I get a prize? Quote Link to comment Share on other sites More sharing options...
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