Just curious how many times your credit can be 'checked' before it becomes detrimental? does anybody know? The reason I ask is that I thought I could get the best rate from my local credit union. However, due to a technicality in their policy they say it's about a full % point above what I would normally get. So, I'd like to check out Peoplefirst.com but I don't want to fill out another app if it's going to make me look bad. Anybody...?

Thanks in advance for your info and advice.
Matt

 

2 within a short period should be fine. When I moved to the States, I couldn't get a credit card because I didn't already have one. After a while, I started getting rejected because I'd had too many applications (if someone would have GIVEN me a card, I'd have stopped applying for them!).
I was told then that more than about 4 or 5 in a 6 month period is a flag.

 

Related inquiries in a 14 day period all count as 1. This is for car loans and mortgages. This is to allow people who want to shop rates.

 

Thanks for the info. That makes sense but the whole system is so
convoluted (sp?) you never know what's up for sure.

I'll proceed with confidence.
Thanks,
M

 

On the area of credit, I suggest running a report once or twice a year. When I was rejected for a home depot charge card (for a 10% discount 1st time buyer) I was like "WTF"? Good credit, plenty in the bank, a decent assets, little debt???

So I found out that my local credit union (run by morons), had entered my canceled credit card! I Canceled because when I started work a $1000 limit was to risky for them- like a $500 limit is a lot, so I told them where to stick it!???...
They put my into Visa as "canceled and deceased"!

Also, sometimes credit card agencies for "pre-approved" cards run your credit score. Be careful, creditors are much more powerful than people think!

Tho most credit unions are good, check around. Assuming all stays the same, I'm getting a 4.50% APR 48/mo loan from my other credit union in Jan. Tho this requires 20% down...

Caio,

-Matt