CC Change Acquistion for 0% offer

Community Leader
Registered: 08-25-2006
CC Change Acquistion for 0% offer
6
Thu, 04-12-2012 - 6:42pm

My "opt out" must have expired, because I have been getting solicitations again for 0% transfers and unsecured loan offers in the mail again.

I have 5 offers from my current CC company for 0% for 18 months.

Serenity
iVillage Member
Registered: 12-31-2010
Thu, 04-12-2012 - 8:05pm
Good job in going for it to try to lower the rate. It takes time and you have to know your credit score, so you can work them over a bit.
We are also getting rates of 0% and 1.9% on cards we have paid off. I heard on Bloomberg today that credit is starting to ease.

I just pulled my credit report and saw that my Cabellas card has done 4 hard inquiries within a year - out of 5 inquiries, 4 are there's and it said that I had a high number of inquiries on my credit report. We have no balance on the card, have had a balance in full in the past, but paid it off within months both times (I use it to get discounts at the holidays.) I want to call Cabellas (World Foremost Bank) and tell them to take their card and shove it if they are going to do this without my permission or authorization. BTW every hard inquiry costs you about 3 points on your FICO score, so they have cost me 12 points and I have not even used their card in the last 3 months.
#Marie
iVillage Member
Registered: 01-12-2008
Fri, 04-13-2012 - 9:19pm
Marie,

What is a hard inquiry? I've never heard of it.

Thanks!
Photobucket
iVillage Member
Registered: 12-31-2010
Mon, 04-16-2012 - 3:04pm
A hard inquiry is when a company does an inquiry on your credit report to give you credit - say if you go in and ask for a car loan, they would do a hard inquiry. Generally when you look at your own credit report, it is a soft inquiry, not something that shows on your credit report.
You should really not have more than about 4 hard inquiries a year as that makes it look like you are searching for new credit because you are in a bind.
Now when you are looking for a car loan and try several banks or lending companies in the same couple days, they say the credit companies treat that as a single hard inquiry because they realize you are just shopping a loan for a good rate.
Does that answer your question?
#Marie
iVillage Member
Registered: 01-12-2008
Mon, 04-16-2012 - 5:10pm

Yes it does! So your CC can do a hard inquiry without you approval, even if your not asking for a credit increase, or a lower % rate?

Photobucket
iVillage Member
Registered: 12-31-2010
Mon, 04-16-2012 - 8:13pm
Yes, and that was a new one on me. My credit report (the actual report, not the free one you can get) shows that they did inquiries in each quarter, resulting in a lowering of my score.
I am calling them and asking that they stop this practice.
#Marie
Community Leader
Registered: 01-03-2004
Tue, 04-17-2012 - 9:07am

Hi,

You notify all three credit reporting agencies that you wish NOT to receive these solicitations. Visit their websites and their FAQ section to find out how each asks you to make this request.

Good luck.