Whenever you apply for a loan or credit card, the lender will access your credit file to determine your creditworthiness. This request may have an impact on your creditworthiness depending on whether it is a hard request / hard pull or a soft request / soft pull on your credit report.
If the creditor wants to determine the risk of offering you a loan or a new line of credit, they will do a tough query. This is a serious investigation as lenders use the information to make decisions about whether or not to grant a loan and what terms they offer. Such inquiries are recorded in your credit report and, according to credit bureaus, can cause your creditworthiness to drop by between one and five points.
Examples of hard inquiries are mortgage applications, credit card applications, car loan applications, or student loan applications. Multiple tough inquiries within a certain period of time when buying a home or a car are usually counted as just one inquiry, which can minimize the impact on your overall credit rating. Typically, a hard query will stay on your credit report for a year, but it can take up to two years.
On the flip side, a mellow request is when a company is reviewing your credit report as part of a screening process, such as an employment, to verify your identity. Background checks and credit card offers are examples of soft requests. These types of inquiries do not affect your creditworthiness. Applying for an increase in the credit limit can be either a hard or a gentle request depending on the lender’s guidelines.
In short, a hard query has little impact on your overall credit rating, while a soft query has no impact on your credit rating. It is a good idea to monitor your credit history
Ratings so you can determine if credit inquiries are being made on your account and why.
Many banks, along with companies like Credit Karma, offer free credit monitoring services.
Once you have your credit monitoring in place, it is a good idea to freeze your credit. This way, scammers and thieves cannot create new credit on your behalf even if they receive your personal information.
Mega Millions Scam Text
Several local readers called to report they received text allegedly from the Arizona couple who won the Mega Millions jackpot of $ 414 million.
The text reads: “Your phone number was selected through a random computer-dialing system submitted to us by the US Telco database in order to benefit from our giveback project during this pandemic. A US $ 1 million donation will allow you to empower your personal problems and generously serve the less privileged orphans and charities in your area. “
The message then tells you that you can contact their attorney, Mr. Bentata, with your name and other information. The message is in poor English, but to add credibility to that claim, the message included a link reporting that a couple from Glendale, Arizona, contributed $ 410 million (not $ 414 million) in June 2021 who won the Mega Millions lottery.
Unfortunately, like almost all of these types of messages, this text message is a scam according to the Arizona Lottery. Don’t click links as scammers can steal your personal information. It is best to delete the SMS and not reply.
Veterinary prices
A Post Falls reader recently contacted me about a recent veterinary experience that he thought was strange; I agree, but you make up your own mind.
The reader picked up his dog because of a common dog problem and after an examination by the vet he was presented with an estimate. But the odd thing about the estimate was that he had three awards that were a good, better, and best approach to treating his pet.
Neither the reader nor I have heard of any veterinary practice that makes a tiered estimate of care. It seems like a veterinarian should only advise you on what it will take to heal your pet. Instead, the reader felt that the bill had been driven up unnecessarily and was modeled on the owner’s desire to do whatever it takes for their beloved pet.
To make the approach even more worrying was the fact that some of the tests this vet suggested had to be sent to an outside laboratory rather than being done in-house; in other words, he would be billed for some tests that might be necessary but wait days for results. This begs the question, how important were these tests really?
I hope this approach to veterinary care does not extend to other practices or the human world. Can you imagine your doctor giving you the same options when you are in pain and agony? When presented with this pricing approach, I would wonder if my pet’s best health is a priority.
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Remember: I am on your side.
If you have encountered a consumer issue that you have questions about or that our readers should know, please email me at terridickersonadvocate@gmail.com or call me at (208) 274-4458. As The CDA Press Consumer Gal, I’m here to help. I’m a copywriter working on marketing strategy with companies, columnist, veterans advocate, and consumer advocate based in Coeur d’Alene.
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