Quote:
Originally Posted by M Pulse
I believe everytime a lender does a credit lookup it has a negative impact on your overall score... it shows that you're constantly looking for credit and it sets off warning bells for other lenders.
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there are "hard pulls" and "soft pulls". Hard pulls are when you apply for credit limit increase or a house or car loan. Soft pulls are when lenders look at your history (unsolicited) to spam you with loan offers, or for consumer services that require contracts or longer term committments (apartment, cell phone, internet, Macy's store card)
Hard pulls effect your credit for a temporary amount of time depending on how many pulls are made in a certain time frame. Basically, you don't want to go to 10 dealers and ask for a $30k loan each and run the credit check each time within a week. But this resets over time.
soft pulls have no effect on credit.
OP sounds like even if you're at 720, you need to check all 3 major credit provider records to see if there are mistaken items that need to be clear. Also a 720 credit score doesn't mean you "make a lot of money", so to speak. 720 is good, but not steller. If they feel like you barely make say 70k a year, plus your rent/mortgage committments, plus past history, why would they loan you 60k+ today at <2%? I wouldn't, you're not even "liquid" in this case.