Do credit checks affect your credit score?

Answer 1

each credit check will lower you score unless you are pulling your own credit

Answer 2

I work in a finance dept at a pretty big company, and as far as I know every time someone opens your credit report two-four points are deducted from your score. When you add something, like a car or a credit card, your score goes down even more until you start making on-time payments.

Now you can go on-line or call a credit company to request a copy of your report for yourself. Even though they are generally always free for the first copy your score will still be deducted the two-four points. The only negative with the free copies is that your beacon score is not included...you have to pay for that.

The only time your credit is not affected is if you are shopping around and several creditors are pulling your credit within a certain amount of time. The bureau will catch that and you will not be penalized for multiple credit checks.

Answer 3

All depends who is checking your credit...

A Hard inquiry is when you are applying for a credit card, car loan, bank loan, or anything in this sort of nature. Basically you authorized a lender to check your credit score.

A Soft inquiry is when you check your own credit, a business or company check your credit to give you service or goods, and employers who do a credit check to hire you (prospective employers).

The hard inquiries affect your credit score, the soft ones on the other hand do not affect your credit score.

Answer 4

The only inquiries that work against you are the checks done upon your request, your applications for credit. Inquiries done for preapproval purposed, not authorized by you do not affect you score, checking your own credit does not affect your score either. To see what does and doesn't affect your credit score check out http://creditwisdom.blogspot.com/2006/09/fico-breakdown-how-your-credit-score.html

Answer 5

Yes every-time, some one does a credit check it raises your score. So every time you fill out a form for a credit card or any type of line of credit, your score will get higher. Anytime someone says they did a credit check on you it will raise your score, this will also affect your interest rate on a house or in getting a car.

Answer 6

credit checks do not lower your score but they add note every time there is a request for your rating.this is done to keep track on how much you are seeking more credit. they believe if you keep applying for more credit there might be a problem that you are having problems with your bills and need more credit to keep up with bills.. a good distance in applying for credit is every 6 months to a year for credit cards and a large loan for big purchase, auto, furniture, etc. is every 3 to 5 years

Answer 7

No, certainly not. Credit Score indicate your creditability, and Credit Checks are exercised by lending Bank / Institute while allowing / fixing Credit limit to a individual or to commercial organization.

Answer 8

Any check not done by you affects your credit. But if your are shopping for a house or some other large item, many inquiries in a short period of time (I think 2 weeks, could be wrong) will not affect you credit adversely.

Answer 9

not always, if the credit checks is iniciated by you (credit application, credit increase) yes that does afect your credit score.
There are sometimes when a company runs a credit check on you for the purpose of sending you those pre-approved credit cards, those do not count against you because you did not initiate it.

Answer 10

I believe shamieya is correct. Several hits in a short period are not supposed to affect the score.

I believe Tarabeara may mean lower your score instead of increase. A higher score is better and more hits negatively affect your score.