steve.hewit
Level 1

Credit score

Here are some thots:
(1) When I make a request for a copy of my "CREDIT REPORT" from the 3 big CRAs (considered a "SOFT HIT"?), am I not getting a copy of my "CREDIT FILE"?
(2) What is the difference between the "CREDIT REPORT" that I request from the 3 big CRAs (considered a "SOFT HIT"?) and the "CREDIT REPORT" that lending institutions request from the 3 big CRAs (considered a "HARD HIT") when I apply for credit from them?
(3) If the lending institutions are receiving the same info I am from my "CREDIT FILE", via the "CREDIT REPORT", then should I not be able to give them a copy of the "CREDIT REPORT" that I requested, thus saving my "CREDIT FILE" from suffering the "HARD HIT" that it would if the lending institutions requested a copy?
(4) I raised an issue with EQUIFAX when my HELOC (at $68K) secured by my real estate property (dwelling & land) as collateral, was lumped with my unsecured CCs (at $8K, because it skewed my credit available to credit used ratio, causing a 50 point drop to my credit score. When my HELOC was removed from being lumped with my CCs, my credit score raised 35 points over 2 months. AND, when I paid off my CC balance, my credit score raised another 15 points over 2 months, which put my credit score back where it was before the lumping occurred...
(5) Irrespective of the total amount of credit one has available, when that total amount is used, and not paid back by the time the 3 big CRAs query your credit lending institution(s), the credit used/credit available ratio is 100%... AND, this promulgates a very rapidly deployed large reduction in one's credit score over a very short period. Paying off this credit used as fast as possible is a good way to raise one's credit score, albeit a much slower process than when the credit use was maxed out. In fact, even if it were possible to pay back the large balance owed all at once, it would still take a much longer time to raise your credit score than it did to lower it.
(6) Altho it could take years to repair the credit damage due to foreclosures, collections, garnishments (and whatever else caused the decline of one's credit score), once that time frame is behind (and payments are not), it does appear that a good (albeit time-consuming) way to get to and to keep a good credit score is to have a long credit history with a favorable credit available/credit used ratio (<30% is kicked around, but reality dictates <10%)...
(7) An even better (faster) way is to employ the method used in (6) above, but pay off the balance owed EVERY BILLING CYCLE!
SO, that's my story & I'm stick-Intuit! (Yah...I can almost hear your groans...but I think this form of punishment is far less severe than what we are made to suffer from the 3 big RCAs should we not jump thru their ever-smaller flaming hoops...)