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?

yes, it hurts every time

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

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

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.

I heard the same thing from several institutions over the years

btw I have good credit:thumbsup

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

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.

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.

Frequent applications will brand you as a credit seeker, not a good thing to have on record:2 cents:

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!

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

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

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