Posted on April 2, 2009 at 6:33 pm Did you know that the more often your credit report is checked, the worse your score? I was told by several different loan officers that if you go to diffeent institions to apply for a loan, each time your score and report are looked at, it negatively impacts your score. I am not sure what the reasoning is, but this is what I have been told. Do any of you know the reasoning behind this?

Posted on April 3, 2009 at 9:30 pm

Checking your FICO score can hurt your credit

Unfortunately, I heard this one from a mortgage broker who is otherwise pretty smart. He was confused about which type of inquiries hurt your score and which don't. Applying for new credit is generally what hurts your score. Ordering a copy of your own credit report or credit score doesn't count. Those mass inquiries made by credit card lenders, who are trying to decide whether to send you an offer for a pre-approved card, also aren't going to hurt you, either -- unless you actually take them up on their offers. If you want to minimize the damage from credit inquiries, make sure that when you shop for a mortgage you do so in a fairly short period of time. The FICO score treats multiple inquiries in a 45-day period as just one inquiry and ignores all inquiries made within 30 days prior to the day the score is computed. borrowed from: http://articles.moneycentral.msn.com/Banking/YourCreditRating/4creditScoringMyths.aspx

Posted on April 4, 2009 at 1:03 pm We are entitled to one free copy of our credit report from each credit reporting agency once a year. If you apply for multiple loans at different lending agencies, each agency will check your credit, I think the negative impact comes from the assumption that multpile inquiries happen because the lending agencies have denied credit for one reason or another.

Posted on April 4, 2009 at 1:09 pm It does not hurt your credit if you check your own credit score.  Make a habit of knowing what your credit score is as well as what is on your credit.  By checking your credit report, you will note any unusual activity and will be able to take care of it right away. 

Posted on April 4, 2009 at 1:54 pm I didn't know that. But i think it is senseless and unjust.

Posted on April 4, 2009 at 3:12 pm This is the first time I have heard about it.  Thank you for sharing the information.

Posted on April 5, 2009 at 9:12 am Wow.. thats the first time I hear that, thanks for sharing this info.

Posted on April 6, 2009 at 9:45 pm OMG, it terrible, I got it . thank you a lot!

Posted on April 6, 2009 at 10:25 pm I had no idea that such a thing happened. I'm sure that this does not happen in all countries.

Posted on April 9, 2009 at 2:17 pm information is interesting, I do not know the reasons