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Five Shocking Facts About Credit Cards That Pull Transunion Only 4 | credit cards that pull transunion only 4

Will credit cards that pull from Equifax and Trans Union to be in existence by 2020? Well, not officially. The Federal Trade Commission has not gotten an official answer as of yet as to whether or not credit card companies will be forced to pull their credit reports from Equifax and Trans Union once the Fair Credit Reporting Act goes into effect.

What happens now is that all FICO credit scoring is done by the Experian credit reporting agency. This is where the FICO credit score is determined. It is based on a mathematical algorithm. This algorithm is updated every six months. Therefore, your credit score changes every six months at the least. A person's credit score ranges between 625 and 725.

If you have had your credit report for about a year, you are considered to be “very good” on credit. If you have had your credit score for seven years, you are considered to be “very good” on credit. After seven years of credit scoring, you can have your FICO credit score changed by as much as the other credit scores have. You can check your credit score at any time during the year.

However, if you are trying to apply for credit right this instant, the information on your credit report is not completely ready yet. You will need to wait for up to three years. While waiting, you will receive a collection of letters from different credit companies or collection agencies. In some cases, these letters may contain negative items such as a judgment entered against you. You must be prepared for such letters.

You can expect these letters to get longer over the next year. If you do go through with getting credit, it will most likely come after you have gone a year without making default payments. The credit company will review the new information and make a determination. They may approve the loan or not. If they do approve the loan, the interest rates will go up quite significantly.

If you decide to apply for cards that pull TransUnion credit reports, you will need to be prepared for the interest rate increase. The longer it takes them to access the information, the higher the interest rate will be. The longer it takes them to approve your loan, the higher your interest rate. It may take up to two months for the credit company to find out whether or not the information on your report was accurate. So you may want to start putting financial plans in place to prepare for this.

In the event that your credit has been pulled by one or more of the major credit reporting agencies, you can still apply for cards that pull TransUnion credit reports. The information is free and will not affect your credit score in any way. You will, however, receive the lowest interest rate available on your new loan. Make your monthly payments on time, and before the end of your loan term, you should be enjoying an introductory lower rate that will allow you to pay off your debts in a short amount of time.

If you are currently working with a credit card company and want to know if they use TransUnion to pull your credit report, request a copy from each agency and compare the results. If the results show more than one listing for the same name or birth date, you should stop using that credit card. Also, if you are working with a loan company and want to find out if they pull your credit report with TransUnion, get all of the information you can. It is possible that you are just one of millions of people who have their credit pulled by several different lenders.


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