I've heard numerous different things from many "accredited sources" but I am looking for a definite answer, this is regarding the middle score or FICO.
2007-05-09 15:51:34 · 5 answers · asked by adam g 1 in Business & Finance ➔ Renting & Real Estate
Yes, every time your credit is checked for a potential loan, your credit score goes down a few points. (not your free annual self-check, it does not effect your score)
Where people are getting in trouble is applying for credit online from sites that sell your information to other lenders, each pull a credit report. If that site sells your information to 30 other lenders, you lose almost 100 points in credit score. That's significant.
2007-05-09 18:01:31 · answer #1 · answered by godged 7 · 0⤊ 0⤋
Certainly, if you have many inquiries in a short period of time.
However, a couple of checks within 30 days shouldn't have a huge effect on your score.
If you are loan shopping, try getting your own credit reports and the three scores and giving the loan agents a copy. That way, your credit won't be dinged and you can have the person that you select run the final report.
Try http://www.truecredit.com Cost is $14.95 for the three reports and scores. Just be sure to cancel after the first 30 days or it will be recurring monthly charge.
Good luck!
2007-05-09 16:01:04 · answer #2 · answered by KConsults 3 · 0⤊ 0⤋
Lenders of homes and cars ussually can tell if you are shopping for a loan or certain rate and will ovelook the hits on your report in a short period of time. I would not sweat it. Its the hits from cresit card companies that can kill ya
2007-05-09 15:58:04 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes - any time your credit is accessed it effects the score.
2007-05-09 15:59:29 · answer #4 · answered by Walking on Sunshine 7 · 0⤊ 0⤋
Yes it does every time.
2007-05-09 15:54:52 · answer #5 · answered by Anonymous · 0⤊ 0⤋