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tater03 10-21-2006 12:49 PM

Credit Scores?
 
I was wondering if this is true. I was told that everytime you fill out an application for any kind of credit that it can lower your score. Is this true and why is that? I just don't understand why trying to get a credit card would lower your score? Thanks

brian 10-30-2006 08:16 AM

Re: Credit Scores?
 
I don't believe simply applying knocks down your score, but it does get noted - and if rejected, that would show, too.

Simply as I understand it, which isn't all that experienced.

2c.

taiarain 10-30-2006 10:43 AM

Re: Credit Scores?
 
A high number of credit inqueries (which comes from applying) can have a negative impact on your score. I'm not sure what the reason is, but I imagine it has something to do with there being increased risk in granting credit to someone suddenly applying for a bunch of it.

riskey58 01-20-2007 06:22 PM

Re: Credit Scores?
 
I have never really paid much attention to my credit scores. But I have been hearing so much about it on tv I would like to find out what mine is. How do I go about doing this?

taiarain 01-21-2007 01:57 PM

Re: Credit Scores?
 
You can generally order it for a fee from the various reporting agencies. Or you can ask to see it when you open a bank account.

nangel78 01-21-2007 02:01 PM

Re: Credit Scores?
 
I am aware that it gets noted if you check for the score.

taiarain 01-21-2007 02:47 PM

Re: Credit Scores?
 
Credit inquiries from you don't affect your report and aren't visible to creditors. Credit inquiries related to applications do.

dwalliz 01-24-2007 11:03 PM

Re: Credit Scores?
 
Quote:

Originally Posted by riskey58 (Post 1226)
I have never really paid much attention to my credit scores. But I have been hearing so much about it on tv I would like to find out what mine is. How do I go about doing this?

You able to check your credit report for free and all you have to do is to use google and type free credit report.

nangel78 01-25-2007 10:34 AM

Re: Credit Scores?
 
Thanks for the info Dwall. That is useful to know. Sometimes to get a free credit report, you have to sign up for something so be careful on that.

taiarain 01-29-2007 05:28 PM

Re: Credit Scores?
 
Quote:

Originally Posted by nangel78 (Post 1266)
Thanks for the info Dwall. That is useful to know. Sometimes to get a free credit report, you have to sign up for something so be careful on that.

In the United States, you are entitled to one free copy of your credit report from each of the 3 reporting agencies every twelve months. The key is using the correct website (https://www.annualcreditreport.com/cra/index.jsp) to request it. Other sites can and do try to hook you into various purchases.

nangel78 01-29-2007 10:43 PM

Re: Credit Scores?
 
I remember hearing that. You usually do not get your score, but you can see what is on your report.

kelkat 01-30-2007 01:25 AM

Re: Credit Scores?
 
A couple of things. First, inquires into your credit doesn't necessarily hurt your rating. It's when you apply accessively for credit that you'll take a hit. If you are searching for a mortgage, all inquiries in a one month time span will count as one inquiry, so don't be afraid to shop around.

All these credit card companies and loans looking into your rating with out your request does NOT hurt your rating.

It's a good idea to check your credit history regularly. The three main companies all provide free reports (per the federal government) so check one out every four months.

riskey58 02-20-2007 07:46 PM

Re: Credit Scores?
 
Thank you for all the information it has really helped. I sent for my credit rating for the first time. I think it something good to know.

sunshine 03-09-2007 10:11 PM

Re: Credit Scores?
 
I dont believe that alone can lower you credit score, there must be something your leaving out.

Amyk 04-01-2013 02:12 AM

Re: Credit Scores?
 
Hard inquiries are the type of inquiry that negatively affects your credit score. It is true that applying for several credit will lower your score because the credit company will have to pull out your credit report and pulling it out will be considered as a hard inquiry. If you are applying for a bunch of credit, make sure that you apply within the allowable period of time to minimize the number of points deducted from your score. For example, when a hard inquiry is made, several credit companies or lenders can keep pulling your credit report for a certain period of time. When they do this within that period, it will only be considered as a first pull which would only lower your credit score once. Make sure to check your credit report during this time so you can keep track of your score.


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