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Politics : Formerly About Advanced Micro Devices
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To: TGPTNDR who wrote (115081)6/8/2000 9:11:00 PM
From: chic_hearne  Read Replies (2) of 1571595
 
Re: Be careful of the on line credit application sites. I have heard that each time you access a site for a rate check your credit history is checked. Each credit history check is a negative for the next check. ( It is viewed as an attempt to gain credit that failed. )

Can anyone else validate?

tgptndr (how about an easier name?),

When I got my house last fall I unknowingly went through 7 credit checks in one month. None of them were on line applications. After I closed the deal, I wanted to set up my checking account with overdraft protection in case I was a moron and didn't leave enough cash for my mortgage payment. It was denied and it shouldn't have been. The banker showed me what happened, it was the credit checks. The bank I got the loan from did 3 in one day for some reason, then 2 a few days later. I also applied at 2 other banks so that was another 2 checks. It destroyed my credit record for at least 6 months (haven't applied for anything since). The banker knew what happened, but had no control over the situation because banks dictate credit based on an artificial intelligence program. Maybe in certain situations they can make a judgement call, but I'd guess you probably would've needed to know the banker for a long time.

chic
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