If this is true how many points will it go down? Also he never filed bankruptcy so no bankrupt answers please.He does not have a bunch of bills anymore either he paid them all off when he sold his house.So no answers about owing money.Thanks!
2007-08-20 07:56:00 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
No...personal inquiries don't make your score go down.
2007-08-20 07:59:41 · answer #1 · answered by Jai 1 · 2⤊ 0⤋
Yes...recent credit inquiries do pull your score down. There is no way to tell how much or by how many points. Past (6 months or before) inquiries do not have any effect either way.
Never let anyone shop your credit application when applying for a car. There was a new law passed for mortgage lenders that you can shop up to 5 mortgage companies without your score being affected. Any more than 5 mortgage companies, and it does affect it.
2007-08-20 08:03:14 · answer #2 · answered by Tina 4 · 0⤊ 1⤋
If he is pulling his credit report online (such as the free credit report available), then it will not affect the credit score. If he is having lots of loan merchants run his report then that could affect his score. The online reports for your own use does not ding the credit. The report that someone uses to determine whether or not to extend him credit can (if he is doing a lot of them).
One thing to watch out for is the addons that some of these online places will throw in. There are many different reports that will include a credit monitoring service. You have to read the user agreement carefully to find out about it.
2007-08-20 08:01:35 · answer #3 · answered by A.Mercer 7 · 1⤊ 0⤋
No. When you pull your own credit it's whats called a soft pull and does not count against you.
It's only when you apply for credit and someone else pulls your credit then it's a hard pull and it counts 3-5 points.
The exception to this is when you are looking for a vehicle or a home. Then all pulls within a 14-day period are lumped together and only count as one. They all show on your report but you are only dinged once.
2007-08-20 08:04:28 · answer #4 · answered by ? 7 · 0⤊ 0⤋
If your above statements are true, I would say there is too many open lines of credit. Even if you don't owe much on debt but have access to large sums of money, the credit score can be negatively effected due to the potential risk.
Close existing credit lines that aren't needed.
2007-08-20 08:07:18 · answer #5 · answered by Anonymous · 0⤊ 1⤋
You only need to pull your credit report once a year (and it's free!), twice if your anal about.
And as far as I know, when you pull your own report, IT DOES NOT REDUCE YOUR SCORE. However, that being said, if he applies for a loan from every place in town, they'll be hitting his report so often that yes, then his score will be hurt, but only by a couple of points per agency requesting it.
2007-08-20 08:02:28 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Him looking at his own credit report should not have any effect. Each time that someone else looks at his credit report because he has applied for credit from them, there is a slight negative effect.
2007-08-20 09:07:47 · answer #7 · answered by StephenWeinstein 7 · 0⤊ 0⤋
No. This does not hurt your credit. If you want to learn more about credit you should get the free e-book on credit repair offered at http://www.your-credit-solution.com .
2007-08-20 08:14:52 · answer #8 · answered by Anonymous · 1⤊ 0⤋
agree w/1st answer- no points lost for personal
2007-08-20 08:02:19 · answer #9 · answered by jennie 4 · 0⤊ 0⤋