Will my Credit Rating go down by asking my Credit reports from many agencies like Equifax, Experion,?

Question

Will my Credit Rating go down by asking my Credit reports from many agencies like Equifax, Experion, Freecredit report.com etc.?

I am planning to buy a new Honda car and I want to get my own credit reports from various agencies instead of relying on Car dealer credit reports to get better price on car. Can you advice? which credit report i can rely and by taking many reports from various agaencies will effect my credit rating?

Answer 1

As long as you do it all on the same day, no. If you do it all on different days, then yes, you're score will drop slightly.

I'd recommend you go to your bank or credit union first. Don't rely on the dealer unless they have some great financing terms.

If you still can't get the rate or credit report you want I'd choose either Equifax or Experion.

Answer 2

If you pull your own reports (not going through the car dealerships to pull them) then you will not be penalized in any way.

BRING YOUR SCORE TO THE DEALERSHIP: Pull your reports, get your scores. If you have a good score - tell the dealership right up front so you don't have to go through all that b.s. Tell them that you know you can get the best rate offered.

PRE-APPROVAL: Get approved through your credit union or bank.

DON'T GIVE THE DEALERSHIP ANY INFO: They are evil. They all are. If they get your name and address or name and birth date, or name and social they will run a credit report. It's what they do. And they don't do it with your permission either.

The only time to give them info is if you've made a decision on the car and dealership you want to purchase it from. Then they can run your credit. See if they have the better offer or your bank does.

Don't give them your driver's license for any reason. (unless you've made your decision and you're doing all the paperwork)

Don't give them your keys to the trade-in (unless you're doing the paperwork, etc.)

Hell., I don't even give them my real name! Then when I do buy the car.. and they look at the paperwork and ask.. I say.. oh come on now, like you are being honest with me the whole time too - yeah right. ;)

Answer 3

IF you use myfico.com it won't count against your credit, you can get 1 credit report or you can choose to get the 3 reports with their score, there is a fee associated with it but it won't show on your credit versus having to rely on some car dealer or other loan agency doing it.

Answer 4

freecreditreport.com is not free. http://www.annualcreditreport.com is free and sanctioned by the Federal Government
To answer the first part of your question: No, your scores are not effected when you ask for your annual free credit reports. (Federal law). Go to http://www.annualcreditreport.com to get them instantly online.

To clarify the second part of your question. Dealerships will pull your credit report whether you have yours in hand or not. They will also be looking at your scores. You can ask for your credit scores but they are not free. If you have good credit, I recommend getting preapproved at your bank for a car loan. That's when you have full bargaining power at the dealer because, than, you are as good as paying cash.

Answer 5

If you pull your OWN credit reports, it will not affect your score at all. It will have an effect only if a creditor pulls the reports and they stay on your report for two years.