In order to acquire and maintain access to credit, one must have a working understanding of how credit works – namely, how credit scores are established and tracked by the three major credit bureaus.
Inquiry Myths
As discussed in “The Larry Rule,” people who repetitively apply for credit are viewed with suspicion by the credit agencies. However, there are some caveats to the Larry Rule. First, multiple inquiries for the same purpose – shopping for the best deal on a home loan, for example – count as just one inquiry. Secondly, it is never harmful for you to check your own credit report – only applications for credit (not mere inquiries) count against you. Third, and most importantly, inquiry data is only kept on file for six months. So in other words, the Larry Rule has a six month statute of limitations.
The exceptions to the Larry Rule outlined above are all good news for consumers. Unfortunately, not everything contained in this article is so pleasant. For example, you may believe that your permission must be given in order for someone to check your credit. Unfortunately, this is a myth, except where it applies to...
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