I heard that the more often they check your credit rating (i.e. for loans), the the more they reduce your credit rating. Any truth to that?
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yes, it hurts every time -
What if don't get decline but often shop around for better deals!Originally posted by pornopeteComment
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hard pulls (eg, when you apply for credit) hurt, but soft pulls don'tComment
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It requires a lot of checking to lower your credit rating even a few points.
What it does do is tell lenders you have been looking and/or turned down previously.
The idea is this:
You load up a CC and need another to spend more money you don't have.
You apply three times and get 1 new card.
But that isn't enough... so you apply 3 more times.
Now the 3 you just applied to see the other requests and that you now have 2 maxed out cards...
Their response is, FUCK NO!
Because it is obvious you are going to fuck them over too.Comment
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I heard the same thing from several institutions over the yearsOriginally posted by pornopete
btw I have good credit
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Mastercheif is correct. There are two types of hits, a soft hit and a hard hit. A soft hit is used mostly for age/ID verification (applying for a job, apartment, etc). A hard hit is when you apply for credit.
A hard hit will lower your score slightly, but not significantly. The hit will, however, show on your file. And like V_Rocks said, other creditors will see those hits and use them in their decisioning process.
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A credit inquiry costs 7 points. Related ones, such as multiple car dealers within a week or two don't lower it any more.
They drop off after about 6 months.
Of course Alex, if you are in Canada, I have no idea.Comment
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Frequent applications will brand you as a credit seeker, not a good thing to have on record
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From someone that used to be in the mortgage business... No... They do not hurt your credit at all, they are however reported, but no points are deducted!Comment
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To confirm sign up for one of them credit report systems and monitor the activity....Comment
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yes... i guess they figure if u keep checking, creditors are saying "no"OnProbation.com | PerSignup.com - Now Paying PPS and RevShare!
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