How often do credit card companies check your credit score? & when they do, does your credit score go down?

Answer 1

Having worked for a major bank for thirteen years I would advise you that a credit card company can only check your credit score when they process an application from you for credit or if you ask for an increase in your existing lending.
It is true to say that a bank in checking your score will not reduce your credit score as the score is based on your personal circumstances, such as income, time at address,occupation and so forth, however if you submit a few applications and they are rejected by the lender, or, if you decide not to proceed as you find a better offer, banks DO sometimes look at a number of applications submitted in a short period,without acceptance of the credit facility as suspicious, i.e why has this person approached 4 lenders and not been given the credit facility, they sometimes take the view, Have the other lenders discovered something we haven't. Hope this helps.
Kindest regards
Rich

Answer 2

A creditor pulling your credit report does lower your score slightly but your score will bounce back quickly as long as you don't have a lot of inquiries in a short period.

Different credit card companies have different policies for if and when to recheck your credit. Capital One definitely makes regular checks. I also think that the higher risk accounts get more frequent checks.

Answer 3

It depends, and varies from company to company. They normally do at the least a yearly evaluation to see if you deserve an increase in credit limit, a lower rate of interest, etc. Missed payments might raise a red flag that initiates a credit check just to see if the same problem is encountered by your other creditors. Unless done repeatedly over an extended period of time, credit checks doesn't necessarily lower your score.

Answer 4

Credit card companies cannot pull a full credit report on you without your consent. That's why you can be rejected even though you received a "pre-approved" thing in the mail.

Your credit score is affected by different things. Obviously having your credit pulled for a house is going to affect it more than having it pulled for a car, which is going to do more than pulling it for a credit card.

To keep a good credit score, just make sure that when you get a credit card, make your payments on time and don't run it up over the limit.

Answer 5

Checking your score doesn't lower your score, curmudgeon is right about that, however the check does leave a footprint, this can sometimes affect a banks, credit companies willingness to offer you credit, I think it's because if there are a lot of footprints, they think you are desperate for credit, therfore a bad risk!
I don't know how often your credit line is checked, I believe it's only checked when you ask for any form of credit, therfore you have to give consent!!

Answer 6

A financial institution or other place that checks your credit can lower your credit score but when credit card companies send out those papers saying that you are eligible for $10,000.00 they do not do a credit report on you until you would sign and return it. Then they would check your credit score and you might not be eligible for that $10,000.00 that they said or the interest rate might be a lot higher.

Answer 7

checking your score does NOT lower it.