I was just shopping rates and terms for a refinance loan on my mortgage. I filled out an online form to get quotes that authorized Quicken to contact me. I was contacted by a representative who initially gathered information about me including my social security number. As soon as he got the SSN he ran a hard inquiry on my credit history without asking. I had no intent of allowing anyone to run my credit because I was going to pay off all credit card debt first to get the best FICO score possible and therefore the best rates and terms available to me. I knew I was in trouble when he quoted me my score. Since the damage was done already, I let him contact the credit dept of Quicken so I could get their input on the best way to pay off the credit and get the highest score. They told me to pay off 3 instead of all 5 cards and leave $10 on each, which I did.
Later in the process, the rep was giving me options on different loans and I told him I wanted the lowest mortgage payment and interest rate I could get when he proceeded to tell me that it was a stupid financial decision because everybody refinances later on. He maintained his position even after I explained I was on a fixed income and would not be refinancing my refinance I obtain now. He told me nobody with any brains would advise me otherwise and he tried to make me feel bad about my credit score (currently near 700 on true FICO scores and should be over 700 when all of my card payoffs post), like I would be fortunate to get a loan from Quicken, as if nobody else would deal with me. Then he went for the good faith deposit and I rejected him. I contacted the consumer complaint department of Quicken twice. The first time was voicemail with no return call even after a week.
The second time was this morning when I got a live body who wasn't at all concerned that the rep called me stupid, nor was she concerned about the credit advice I recieved... on the credit report without authorization issue, she told me that giving the rep my social security number was permission to run my credit. The inquiry will negatively impact my score for a year which could cost me thousands of dollars!!!! This can't be legal!!! Unfortunately I have to wait another month for my best FICO scores because when I came to my senses and paid the remaining accounts, the credit companies had just posted to the credit bureaus before my payments posted. So yes... I am stupid in my financial decisions... Not for wanting low interest rates and low mortgage payments, but instead for giving my social security number to a Quicken representative believing he would ask before running my credit and for initially following the credit advice I received which will prevent me from getting the best rates and terms for an additional month!!!!