Comments on: 11 Credit Report Myths http://www.finandom.com/blog/2007/04/11/11-credit-report-myths/ Tips to Achieve Financial Freedom and Retire Wealthy Mon, 15 Mar 2010 12:37:48 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Journey To Financial Freedom » Journey to Financial Freedom in Carnival this week! http://www.finandom.com/blog/2007/04/11/11-credit-report-myths/comment-page-1/#comment-2281 Journey To Financial Freedom » Journey to Financial Freedom in Carnival this week! Wed, 18 Apr 2007 14:25:46 +0000 http://www.finandom.com/blog/2007/04/11/11-credit-report-myths/#comment-2281 [...] 11 Credit Report Myth in Carnival of  Debt Reduction # 83 [...] [...] 11 Credit Report Myth in Carnival of  Debt Reduction # 83 [...]

]]> By: Wise Bread http://www.finandom.com/blog/2007/04/11/11-credit-report-myths/comment-page-1/#comment-2239 Wise Bread Mon, 16 Apr 2007 12:31:00 +0000 http://www.finandom.com/blog/2007/04/11/11-credit-report-myths/#comment-2239 <strong>83rd Carnival of Debt Reduction Webcomics Edition</strong> Welcome fellow taxpayers to the 83rd edition of the Carnival of Debt Reduction! To alleviate some of the tax day gloom, I randomly attached some links to webcomics throughout the posts. 83rd Carnival of Debt Reduction Webcomics Edition

Welcome fellow taxpayers to the 83rd edition of the Carnival of Debt Reduction! To alleviate some of the tax day gloom, I randomly attached some links to webcomics throughout the posts.

]]> By: Stephen Snyder http://www.finandom.com/blog/2007/04/11/11-credit-report-myths/comment-page-1/#comment-2172 Stephen Snyder Wed, 11 Apr 2007 20:57:13 +0000 http://www.finandom.com/blog/2007/04/11/11-credit-report-myths/#comment-2172 Just because FICO updated the newer versions of their scoring software with this 45-day logic (not 30) doesn't mean that you'll benefit...yet. If your lenders don't use the newer FICO score versions—then guess what? That's right...you're out of luck. This is why it's better to apply for auto loans and mortgages within the same 14-day period. It's the safest answer...because most lenders are not using the latest and greatest software from FICO, and it's difficult to find out exactly what version of software lenders are using. When this does become the standard it will be a good thing. We will have a lot longer to apply for auto or home credit and, overall, our FICO credit scores will be higher because we'll have fewer hard inquiries and we'll have a better chance of finding a lower interest rate before we sign on the dotted line. Just because FICO updated the newer versions of their scoring software with this 45-day logic (not 30) doesn’t mean that you’ll benefit…yet. If your lenders don’t use the newer FICO score versions—then guess what? That’s right…you’re out of luck.

This is why it’s better to apply for auto loans and mortgages within the same 14-day period. It’s the safest answer…because most lenders are not using the latest and greatest software from FICO, and it’s difficult to find out exactly what version of software lenders are using.

When this does become the standard it will be a good thing. We will have a lot longer to apply for auto or home credit and, overall, our FICO credit scores will be higher because we’ll have fewer hard inquiries and we’ll have a better chance of finding a lower interest rate before we sign on the dotted line.

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