HERE IS A LINK TO PART 1 FOR REFERENCE
HERE IS A LINK TO PART 2 FOR REFERENCE
MTHY #3: ONE WILL LOWER THEIR SCORE IF THEY CHECK THEIR FICO SCORE
There are people in the mortgage industry that will inform their consumer that checking ones credit score will decrease their credit score. Obviously, this person was confused about which inquiries hurt ones credit or the ones that do not hit the credit score.
The only time it hurts ones credit is when applying for new credit. I am sure many of you receive credit card solicitation in the mail. This will not hurt ones credit score unless you take them up on their offer and sign up for the credit card. Again, it is fine to review ones credit every six months to check for errors in order to keep the credit report up to date.
I have seen people's credit report go down when shopping for automobiles. The car dealerships pull the credit each time in which this case will lower the credit score. The credit card agencies treats multiple inquiries in a fourteen day window as one inquiry and does not notice all inquiries made within thirty days for which the score is calculated. Normally, each inquiry will reduce ones credit score by five points. So, that is not a big deal in most cases when it comes to obtaining conventional financing.
If you need further assistance when it comes to financing, please CLICK HERE.
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