credit checks make credit score lower?

Question

Hi,

I'm looking to renting an apartment. If i get my credit checked two times, how much would my credit score go down?

Answer 1

I don't know the exact number but that is true about it going down (unless it is done by you yourself). The theory is that the checks by lenders indicate that you are planning to get a zillion new cards and max them all out with more borrowing. It is a poor theory but lenders like the concept anyway.

I think if they see that the new checking is being done by alternative places to live they will take that into account.

Answer 2

There are codes in place to prevent this from happening when looking for an apartment. Basically, the codes differentiate from checks due to your application for credit (which indicate an attempt to increase your available liabilities) and checks for verification purposes like renting an apartment or applying for a job where good credit is required (such as a bank).

If there is a credit check due to job check, the score is not decreased at all. If it is a check for residential purposes, your score is only deducted once the agency reports confirmation of a contractual obligation, along with the amount each month you've obligated yourself for.

Answer 3

It's hard to tell, but two times isn't bad and usaully they lump them all together if thier done in the same day or sometimes two week period. At least thats what Experian told me. I went to a car dealership that did not pull their own reports (wich I found out is not that unusaul). When I was buying a home I tried to get my credit up as much as possible for intrest purposes. I found my credit was pulled 12 times in one day. I was really worried and called experian and checked my credit score, and they explained it only counted as once and combined with the other two dealers I went to who pulled my credit it only reduced my score by half a point. However, they told me if I was appling for all types of credit cards and getting denied it would have more substantial effect.

Go to myfico.com they give a free 30 day trial. You can watch your score without effecting it and get a lot more information.

Answer 4

A few years ago we were shopping around to reduce our auto and homeowners insurance.

I was surprised to find they run your credit report before they consider you for insurance.

Answer 5

Yes if you have to many
Try this site http://www.financialsource.org

Answer 6

Not significantly.