Is it true everytime you ask for your credit report your score goes down?

Question

And if it does go down how many points does it go down?
Also does anyone know a good website to learn about credit?

Answer 1

When you ask for copies of YOUR credit score, these inquiries are never counted against you, and no one knows how many tiems you made a request for YOUR report.

Also keep in mind if you do several inquiries over a short period, say a week or so, such as looknig for a mortgage or car loan, they will only count as one inquiry as lenders will figure you are comparison shopping around. I did this when I was looking for a home.

To learn about credit, you can look at the major credit bureas web sites (equifax.com, transunion.com & experian.com). Also try sites such as Motley Fool, myfico.com and Yahoo! Good luck!

Answer 2

Hi Liera,

Your credit score will not go down every time you ask for your credit report to check your credit profile. The score can only be lowered if creditors make inquiries when you apply for new credit and those inquiries are displayed on your credit report.

There are other kinds of inquiries made by creditors but these do not affect your score. Often creditors and insurers may review your report in order to see if you qualify for an offer. Such reviews do not have a negative impact on your score. Your employer may also order your credit report when you apply for a job. But this does not affect your score negatively.

Thanks,

Mortgage Mentor
MortgageFit Community

Answer 3

I agree with the answer given by Kenteman. When you check your OWN credit, no effect on score.

If you are shopping (comparatively) for a car or home mortgage, those "hits" as they are termed, count as one inquiry. Score is adjusted accordingly.

If you are applying for credit at the gas station, department store,visa and mastercard, then you will get 4 hits, and score is adjusted accordingly.

Too many hits are negative factors on your score, but I've never been able to equate a "hit" with a number

Answer 4

It goes down when you have a flood of inquiries. Not when you have a few. This is a big myth.

This myth came around because morgage brokers did not want you to go to another broker and undercut them with the loan they were doing for you. They tell you don't do anything with your credit our your credit score will go down. It has now snowballed into a big thing that has everyone freaked out.

Answer 5

If YOU ask for your credit report it doesn't go down. If a lender, or credit company accesses it, then it does. I am not sure how much. I use mycreditkeeper.com - they are awesome and for $10 a month you can check your score and report and they give you tips on what is hurting and helping your score.

Answer 6

A credit is in step with a 12 month activity and is going up 5 to 10% according to month offering you're paying on time. in case you pay the steadiness owed, in ninety days the wear and tear would be performed and over with. Whoever you deliver the charge to, deliver a money order. In 3/6 months you would be the place you're able to be. basically be a sprint affected person.

Answer 7

It doesn't go down when you ask for a credit report, however, I know it goes down whenever you apply for credit cards, loans, etc and you get rejected

Answer 8

No, your score is not impacted when YOU request the credit report directly from Transunion, Equifax, and Experian.

If you use these 3 websites, you should be well on your way.

Answer 9

It doesn't go down when you ask for a credit report...

Credit Score Myths Explained
http://www.debt-loan-refinance-mortgage-credit.com/category/Credit-Score-Myths-Explained.html

Answer 10

It does go down so don't go around town and apply for credit. That's all I know.