Credit Report?

I think I had heard somewhere that each time you have your credit report run, it has a negative impact on it?

Any truth to this?

TIA!

Re: Credit Report?

If you have your own credit report done, there is no negative effect.

If you have lenders generating credit inquiries, it does. However, the industry realizes that when mortgage shopping there will be multiple inquiries. So, if you are mortgage shopping, it is best to have your mortgage credit reports generated within 30 days. It counts them all as one inquiry.

HTH!

Re: Credit Report?

It depends. If you are applying for new credit cards yes every inquiry will drop your score a few points. If you are shopping for a mortgage or auto loan I think it doesn't affect the way lenders view you because they naturally expect you to shop around for these types of big loans. It might stilll affect your FICO though. A good website is www.creditboards.com and also www.myfico.com. They have a monitoring package for Equifax that notifies you every time your FICO score or anything on your Equifax report changes. For some reason, they only offer the monitoring for Equifax but you can pull your FICO scores for all 3 bureaus. FYI: If you pull your own credit report to check it like a "soft" inquiry that doesn't affect your score. Sometimes companies also do "soft" inquiries that don't affect your score either. A "hard" inquiry like applying for a new AMEX will though.

Re: Credit Report?

Your credit isn't affected when they pull your credit for mortgages/loans. They could pull it everyday and nothing would happen. It may go up one day and down the next, but so slightly, it would hardly be notcied.