Does your credit rating worsen the more often you get a credit check? - GoFuckYourself.com

Quotealex · 03-25-2007, 05:27 AM

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?

Jace · 03-25-2007, 05:47 AM

yes, it hurts every time

Quotealex · 03-25-2007, 05:47 AM

Quote:

Originally Posted by pornopete

Equifax keeps record of everything. Everytime you apply and get declined it looks bad on you.

What if don't get decline but often shop around for better deals!

Masterchief · 03-25-2007, 05:57 AM

hard pulls (eg, when you apply for credit) hurt, but soft pulls don't

V_RocKs · 03-25-2007, 06:03 AM

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.

SexualDragon · 03-25-2007, 07:04 AM

Quote:

Originally Posted by pornopete

Equifax keeps record of everything. Everytime you apply and get declined it looks bad on you.

I heard the same thing from several institutions over the years

btw I have good credit

DaddyHalbucks · 03-25-2007, 07:07 AM

Yes, I believe it is called an "inquiry."

KrisKross · 03-25-2007, 12:27 PM

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.

Lensman · 03-25-2007, 12:36 PM

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.

JFK · 03-25-2007, 01:12 PM

Frequent applications will brand you as a credit seeker, not a good thing to have on record

Jon Clark - BANNED FOR LIFE · 03-25-2007, 01:15 PM

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!

Jon Clark - BANNED FOR LIFE · 03-25-2007, 01:19 PM

To confirm sign up for one of them credit report systems and monitor the activity....

Persignup Qon · 03-25-2007, 01:29 PM

yes... i guess they figure if u keep checking, creditors are saying "no"

GigoloMason · 03-25-2007, 01:51 PM

Quote:

Originally Posted by Alex from Montreal

What if don't get decline but often shop around for better deals!

Still bad, it makes you look like you need credit as far as the CC companies are concerned.

03-25-2007, 05:27 AM	#1
Quotealex Confirmed User Join Date: Sep 2001 Location: The Global Digerati Village Posts: 6,265	Does your credit rating worsen the more often you get a credit check? 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?

03-25-2007, 07:07 AM	#7
DaddyHalbucks A freakin' legend! Industry Role: Join Date: Feb 2004 Location: Las Vegas, Nevada USA Posts: 18,975	Yes, I believe it is called an "inquiry." __________________ Boner Money

03-25-2007, 12:27 PM	#8
KrisKross Confirmed User Join Date: Jan 2006 Location: Canada Posts: 5,025	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. __________________

03-25-2007, 01:12 PM	#10
JFK FUBAR the ORIGINATOR Industry Role: Join Date: Jan 2002 Location: FUBARLAND Posts: 67,374	Frequent applications will brand you as a credit seeker, not a good thing to have on record __________________ FUBAR Webmasters - The FUBAR Times - FUBAR Webmasters Mobile - FUBARTV.XXX For promo opps contact jfk at fubarwebmasters dot com

03-25-2007, 01:29 PM	#13
Persignup Qon Confirmed User Join Date: Jun 2005 Location: HeLL Posts: 853	yes... i guess they figure if u keep checking, creditors are saying "no" __________________ OnProbation.com \| PerSignup.com - Now Paying PPS and RevShare! {{ Portfolio: TKME \| AC \| BGDINT \| ESP - More Here... }} If You Really Get Paid in Adult, You Should Be Getting Paid By Us!

03-25-2007, 05:47 AM	#2
Jace FBOP Class Of 2013 Industry Role: Join Date: Jan 2004 Location: bumfuck, ky Posts: 35,562	yes, it hurts every time

03-25-2007, 05:57 AM	#4
Masterchief Confirmed User Join Date: Jun 2006 Posts: 530	hard pulls (eg, when you apply for credit) hurt, but soft pulls don't

03-25-2007, 06:03 AM	#5
V_RocKs Damn Right I Kiss Ass! Industry Role: Join Date: Dec 2003 Location: Cowtown, USA Posts: 32,421	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.

03-25-2007, 12:36 PM	#9
Lensman GFY Chaperone Join Date: Jan 2001 Location: Adult.com Posts: 9,846	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.

03-25-2007, 01:15 PM	#11
Jon Clark - BANNED FOR LIFE North Coast Pimp Join Date: Dec 2005 Location: 304-534-757 Posts: 9,395	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!

03-25-2007, 01:19 PM	#12
Jon Clark - BANNED FOR LIFE North Coast Pimp Join Date: Dec 2005 Location: 304-534-757 Posts: 9,395	To confirm sign up for one of them credit report systems and monitor the activity....