Hi, my question says all of it for the most part. If the number of credit checks in the past sixth month can negatively affect my credit rating, what if I'm shopping for car insurance and i'm getting quotes left and right? All insurance companies are checking my credit report when they run my quote. Wouldn't that be unfair if that lowers my credit score?
Thanks!
2006-11-03 10:11:28 · 6 answers · asked by sillygoose 1 in Business & Finance ➔ Credit
Unfortunately, any time your credit is checked you are lowering your score. It always fluctuates, depending on payments and how many open accounts you have.
It is unfair, but it's just the way it is.
Just as an FYI, if you are looking to buy a house, don't use lendingtree or anything like that to help you search for a great rate, that also sends checks to your credit score for like ten companies. It hurts your score alot.
2006-11-03 10:14:53 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Insurance quotes do NOT affect your score. I received my credit report today and it gave me a list of companies that checked my credit but did not affect my score. Insurance quotes are one of those companies. Be careful when applying for credit though, because that does lower your score.
2006-11-03 16:58:15 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Only Fair Is sacs and Co. knows their method of computing credit scores. It certainly unfair to have your score decreased for responsibly looking for the best value in insurance, but it is unlikely that your score will be significantly reduced for such inquiries. Keep in mind, however, that your insurance rate will be adversely affected by your credit score. There is more reason that one to maintain a high credit score. You can find out how to maintain a high credit score or how to repair your current credit report by going to www.MoneyExposed.com.
2006-11-03 10:46:48 · answer #3 · answered by Maddy Waddy 2 · 0⤊ 0⤋
Credit checks from the same bureau for the same purpose within 14 days does not effect your score.
2006-11-03 13:17:03 · answer #4 · answered by Mariposa 7 · 0⤊ 0⤋
yes it hurts your credit but not enough to really worry about it because we all need to check it its I belive like 10% of your score so dont worry or stress about it to much have a great day
2006-11-03 12:51:15 · answer #5 · answered by Anonymous · 0⤊ 0⤋
a matter of fact I just asked a professional about that and if you get it checked more then one time a month yes you will hurt your credit.
2006-11-03 10:16:34 · answer #6 · answered by Paige 1 · 0⤊ 0⤋