Does checking your credit score lower it?

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dfm990
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Does checking your credit score lower it?

Postby dfm990 » Fri May 20, 2011 5:24 pm

Hey guys :) i was wondering, i've heard that checking your credit scores and reports is in fact bad and lowers it. I currently have the Bank of America Privacy Assist service, that gives me the 3 Credit Bureaus Credit Reports and scores every 4 months ($12.99/Month). I also have a Credit Kama account that gives my credit score (estimated, i think they get their info from just TransUnion) whenever i want ($0/Month). The point is, is there any truth to the whole points being deducted and lowering your score for using these services often or at all. Thanks for any help on the matter. :D
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raspyboy
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Postby raspyboy » Sat May 21, 2011 12:41 am

I thought that checking your credit score did NOT lower it. Am I wrong on that?

dfm990
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Postby dfm990 » Wed May 25, 2011 1:38 pm

I wouldnt know... i hope its not
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Mogul of Pineapples
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Postby Mogul of Pineapples » Sat May 28, 2011 5:21 pm

Does checking your own credit score lower it? Absolutely not. This is a persistent myth that doesn't seem to go away and I have even read some dubious sources incorrectly claim it does lower your score. If you are the one initiating your own score through a credit score monitoring service like MyFico it will not be affected. But if you initatiated a check by applying for a credit card, loan, etc then that will result in a hard inquiry, which might adversely affect your score in the the short term, depending on how many other hard inquiries you have during the past 12 months.
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citizensoldier
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Postby citizensoldier » Sun May 29, 2011 3:53 pm

In defense of the guy asking the question I have heard the same thing, that checking your own credit score lowers it. There is a lot of misinformation out there.

dfm990
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Postby dfm990 » Tue Jun 28, 2011 10:54 pm

Thanks Mogul of Pineapples :) i was really wondering about that, i already knew about the hard inquiries. But like citizensoldier said as well a lot of people out there just give out wrong information.
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nwcdrfinancial
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Postby nwcdrfinancial » Fri Jul 01, 2011 12:49 pm

yes and when they check your credit at a dealer, your score goes down too.

Dulcinea
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Postby Dulcinea » Wed Jul 13, 2011 3:51 pm

Not 100% in line with the question, but an additional (free) way to check your credit report is after a denied credit request. You will usually get a letter saying you have 60 days to request your free credit report. You can do this from annualcreditreport.com online or by contacting them over the telephone. (This information and other useful info about credit reports is available at the Federal Trade Commission's website here: Your Access to Free Credit Reports )

By the Fair Credit Reporting Act (FCRA) the three major credit reporting agencies, Experian, TransUnion and Equifax, are required to provide you with a free copy of your credit report every year. That's one credit report from each of them for free. Some people prefer to get one from each agency in turn every four months so that they can monitor their credit throughout the year. Note that this information will NOT contain your credit score, you have to pay to get that (and if you're interested in those, I recommend you get them directly from each credit agency separately, don't accept the offer to 'bundle' them - it works out less expensively to do it separately).

dfm990
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Postby dfm990 » Wed Jul 13, 2011 6:28 pm

hmm cool :)
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Discover It $22500 (12/13)
Bank of America Cash Rewards $7000 (3/13)
Amex BCP $6000 (12/14)
Walmart Store Card $3050 (2/10)
Capital One Platinum $2000 (3/11)
Chase Slate $1000 (1/16)



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