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I am trying to find a mortgage lender and I have had 2 different lenders tell me 2 different things:
1: Checking your credit hurts it by 3 pts. everytime it is checked…
2: You have 30 days to check your credit on 1 thing at a time… mortgage, auto, etc. The first time, it hurts it 3 pts. but during your 30 days, you can check it as many times as needed (as long as it is for the same reason) and it doesn’t hurt it at all. When the thirty days is up, it hurts it 3 more pts. if you run your credit again! Which is right? Either?

5 Thoughts on How does checking your credit hurt your score?
  1. Reply
    BlindedByReason
    August 26, 2011 at 5:47 am

    Other things that hurt your credit:

    1. Using conditioner
    2. Walking your dog
    3. Eating at Taco Bell
    4. Playing the piano
    5. Watching a sunset

    The list goes on…

  2. Reply
    The Guru
    August 26, 2011 at 5:50 am

    If YOU check it yourself, it does no harm. Lenders and the like doing a “hard inquiry” harms your credit score by an amount that is trademarked through the FICO credit scoring system and is proprietary information.
    If you’re applying for a loan, check it yourself and print it out and bring it to the lender. That way they won’t be harming your score.

  3. Reply
    VanJohn ♫
    August 26, 2011 at 6:09 am

    Your question is a request to know “why” it happens and how do the credit bureaus look at multiple requests. I would like to offer you the follow site that answers those questions. In particular, see page 12 for the specific answer to your question. But the following link may open directly to12.
    http://www.myfico.com/Offers/myFICO_UYCS%20booklet.pdf

  4. Reply
    SZ
    August 26, 2011 at 6:26 am

    if your credit score is so poor that you need to be concerned about 3 points you have bigger problems to worry about, like improving your score! Nevertheless, you are not penalized for checking your own credit report. Also it is anticipated that you will have creditors run a check on your credit when appling for credit, so they understand. However they are going to look at how much credit you have out there and if you are appling for lots of credit at ocnce. You should avoid applying for other credit in the months prior to applying for and closing on a mortgage or other large loan.

  5. Reply
    spifiman1
    August 26, 2011 at 7:06 am

    First of all, when you check your own credit it’s considered a soft pull which doe’s not harm your credit score.

    If you go out and apply for 12-credit cards in one month, then you will have 12 hard pulls on your credit and they will count approx. 3-points each.

    If however you go and apply for a auto or home loan, the system is set up to know what you are doing and the inquiries while still showing up on your credit only count as one pull costing you approx. 3-points.

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