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Inquiries-How They Affect Your Credit Report
There are two types of inquiries: Internal and External.
Internal Inquiries are completely harmless and occur when your existing creditors check up on you and also when you request a copy of your own credit report. Internal inquiries are never seen by potential creditors.
another matter entirely.
"external inquiry" is triggered when a consumer applies for a credit
card, line of credit, loan or mortgage or gives permission to a potential
employer to make a credit check. Frequent external inquiries may be viewed as a sign of iffy credit.
See How To Erase Credit Inquiries
The reason is that lenders won't know the exact details of this inquiry for the next 90 days. All they see is that something else is going on, something that may perhaps make you a greater risk
Their thoughts may go something like this: "I don't know what this
is on John's credit report but I bet he's applied for more credit. If He's got a new credit card, I bet he's also got into more debt!
And If he's in more debt then he's likely not to pay us back if we give him a loan. Let's reject his application and play it safe."
Of course, the creditor could wait the 90 days to see what John had applied for, but usually, they won't. In this case, John had merely applied for a credit card and been rejected.
But paranoia got the better of them and now John's out of luck.
To avoid this trap, make sure there are no external credit checks within 90 days of
when you're ready to apply for a mortgage or loan.
To ensure no inquiries are made without your permission, you'll want to
put a stop to unsolicited "pre-approved" credit-card offers and the
like. Shred the ones you
receive before throwing them away. For More Details see How
Return To Credit Reports
From what I understand,
You have a credit card bill that goes back eleven years. Your original bill was for $600.00 and now a collection agency wants 1800.00 from you. You've asked me if there's a limit to how long they can collect on past due bills and if there's a legal limit on what they can charge you.
Normally credit cards have agreements which state that in the
event of a dispute, the laws of State ________ will apply. While the contract
may or may not be binding as to which SOL applies, play it safe. Look for the
credit laws and SOL in the state listed in your original agreement or loan
See Credit Laws (Consumer-SOS)