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Does checking my credit score lower the score?

Asked by tycoon over 2 years ago, 1 answer.

I was told yesterday that if I check my credit score too much then it lowers the score and denies me for credit if I am trying to get it. I need to buy a new car and I want the best rate I can get, but if my credit score tanks then I want to wait till...

it comes back up. Does the score go up from not checking it or is this some sort of myth?

Answered by dcook22 on Dec 22, 2006, 07:23AM

Actually Mr. Smedheader is wrong. Pulling your credit for the same type of transaction within a 14 day period caounts as one pull. So, if you want to shop around for a a car loan, then go right ahead, but do it all within a 14 day period. The credit bureaus don't expect you to take the first deal that comes along. they know you want the best deal so they give you leeway.

Mortgages are even better. you can pull your credit for a mortgage as many times as you like in a 30 day period and it counts as one pull.

Here's where the damage comes in. If you get your credit checked for a mortgage on 12/5 and 6 other times before 1/5, that's fine. But if you've found your dream home, and while shopping for a mortgage, aaply for a home depot card, and a circuit city card to get the deal on the plasma TV and you realize you're going to have lowwer payments than you thought, so you go car shopping, and at the same time apply for life insurance to cover your mortgage should you pass away...now you're killing your score to the tune of 5 - 10 points per pull. It's temporary and will bounce back in 30 - 90 days, but that's a long time in the world of credit.

So no, it's not a mystery, it's just bad information out there. good luck car shopping.

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