Does it really make your credit score go down if you do too many credit checks???
2006-11-15 04:44:27 · 12 answers · asked by jrramirez71 2 in Business & Finance ➔ Credit
Yes, it does hurt your credit score. But not for the reasons these guys are telling you.
Visit http://www.myfico.com for more info on how your credit score is calculated.
The reason you are being hurt is because if you get too many credit cards (even if you don't use them) you are accumulating a huge amount of unused credit.
So, for example, if you go to apply for a car loan, and they see you have 15 cards with $100,000 in available credit limits....and you only make $30k a year...that scares the crap out of them! What happens if you get that car loan then start running up your credit cards?
This fact is reflected in the credit scores, and it will keep it low. It is generally recommended that you have no more then 3 credit cards. You may want to consider canceling some of them, but do it carefully. If you do too many at one time it will also hurt your credit.
2006-11-15 11:55:39 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Your score won't go down if you check your own credit. Creditors are not given disclosure on how many times you've checked your credit. So you can check it as many times as you want. However, your score will go down if you apply for too many credit accounts at one time.
2006-11-15 13:06:32 · answer #2 · answered by Celeste 6 · 0⤊ 0⤋
Yes, It appears you are applying all over town and new lenders fear the report is not showing these new accounts yet. Also, multiple inquiries without new accounts appearing will reflect credit denial.
I write a blog on the subject of credit management, mortgages, real estate trends, etc. Check it out for more information that may be helpful.
2006-11-15 12:57:07 · answer #3 · answered by Anonymous · 0⤊ 0⤋
NO!
It will show up how many times you checked it though. Underwriters will wonder why you check it so many times. It must mean that you have credit problems. Rule of thumb- Check your Credit every 6 months or so, no need for more than that.
2006-11-15 12:54:20 · answer #4 · answered by Jonathan 2 · 0⤊ 0⤋
when I set up the mortgage loans on my house, the bank teller told me too many credit checks can lower your score. I think it makes it look like you are asking for credit all over when there are too many checks.
2006-11-15 12:47:17 · answer #5 · answered by pet friend 1 · 0⤊ 0⤋
If companies are inquring alot, then yes, becasue it showing you need alot of credit terms to afford what you want. If you as a person check them then I think it affects a little. The best thing to do is sign up for credit monitoring and the company will send emails whenever there is something new added.
2006-11-15 12:46:17 · answer #6 · answered by Curious Person 2 · 0⤊ 0⤋
No. The more inquiries you have, the lower your score would be. People who have more than 6 inquiries in a two year period (and the inquiries where not made to the same bureaus within a 14 day period for the same purpose) are said to be more likely to file bankruptcy.
2006-11-15 22:40:32 · answer #7 · answered by Mariposa 7 · 0⤊ 1⤋
No it doesn't make it go down but if you have too many people checking it in a 3 month span then it will deter creditors.
2006-11-15 12:47:38 · answer #8 · answered by auntieuhoh828 2 · 0⤊ 0⤋
Ab-so-lute-ly!!! A couple of points I believe for each credit check done, so be careful.
2006-11-15 12:48:12 · answer #9 · answered by char_donnayy 2 · 0⤊ 0⤋
Absolutely. They're called inquiries and they are recorded each time you apply for something...They stay on for two years.
2006-11-15 12:57:44 · answer #10 · answered by Anonymous · 0⤊ 0⤋