ive heard people say that checking your credit score, has a negative effect on your credit. like the points go down. sound to ridiculus to be true, but then again, places charge you to quote your credit score.
2007-09-20 11:49:56 · 6 answers · asked by Anonymous in Business & Finance ➔ Credit
That is not true. It is considered a soft hit and has no effect at all. No points are taken away. That is why you are encouraged to do it.
2007-09-20 11:57:51 · answer #1 · answered by Anonymous · 0⤊ 0⤋
When you check your own credit, this is called a soft inquiry and it does not hurt you. From time to time, employers or lenders with whom you already have an account will also check your credit, but they cannot do so without written permission from you. These also do not hurt you. However, hard inquiries like those from lenders who may extend you credit do affect your score. If you apply for several credit cards all at once, it looks like you are trying to gain a huge amount of credit at one time and can have a negative impact. I got burned by this when I bought my first car. The dealer ran my credit by 13 different lenders and it hurt my score and also drove up my interest rate! Be aware of this and make sure you know how many inquiries are out there at all time. I recommend having a lender or two in mind when shopping for a house or car.
2007-09-20 19:16:33 · answer #2 · answered by scheduling_pro 1 · 0⤊ 0⤋
When you apply for credit, they do a hard pull which does ding your credit score. Too many hard pulls in a short timeframe will be a big ding.
But when you pull your own credit report, it is a soft pull and absolutely does not affect your credit score.
2007-09-20 18:56:10 · answer #3 · answered by bdancer222 7 · 0⤊ 0⤋
You should always check on your credit and look for mistakes. If there is a mistake, and you have it checked or corrected ASAP, that will show the credit co. that you are a good, reliable person who is interested enough to let them know if something is wrong.
2007-09-20 18:55:34 · answer #4 · answered by Pancake 7 · 0⤊ 0⤋
It has very little negative impact if you check it couple of times in a year. It's recommended to check it at least once a year to ensure complete accuracy. This is where i got my credit report for free http://www.creditcardsa-z.com/free-credit-report.asp
2007-09-20 19:03:55 · answer #5 · answered by Anonymous · 0⤊ 0⤋
yes, it does affect you score. The more you have your credit ran - it eventually lowers your score. once a year is what they say you should have a credit report done
2007-09-20 18:58:25 · answer #6 · answered by confussed 2 · 0⤊ 0⤋