Is it true everytime a company checks my credit score the score will get lower?

Is it true everytime a company checks my credit score the score will get lower? Hi guys! Right now I am looking for a used car, and of course, everytime I go to the company they always want to check my credit score. But. I heard that everytime a company checks my credit, my score will get lower. Is it true? I need to know because this is crucial.

Other Answers (6)

The best way to avoid the lowering of your credit score due to multiple agencies checking your credit is to complete your rate shopping within a short amount of time (I believe the period is two weeks, but you will need to check to be sure). When multiple credit checks are done within a short period of time, it is understood that the person is probably rate shopping and it will not affect your credit by much. If a credit reporting agency sees multiple credit checks done on you in a longer period of time, it will definitely affect your credit and lower your score because they will see you as more of a risk. Good luck. I have published online articles related to this topic.
Okay, note these 2 things:

~Soft Inquiry: This is when a company jumps to see your credit report which DOESN%26#039;T harm your score at all.

*example: a company does a soft inquiry when you get a credit card packet in the mail saying you%26#039;re %26quot;PRE-APPROVED%26quot;

~Hard Inquiry: This is when a company jumps to see your credit on your approval. It does slightly harm your score! If you have multiples within a 30 day period, they will take away a small amount of your credit score. because...

*example: this is when you go to a bank and want a loan...they look at your credit score on your approval to see if you have the money to pay for what you want to get a loan for...

If you have multiples of this example within a 30 day period...lets say your bank shopping for the best loan, they will take less score away from you.

Hope it helps! Church credit seminar
Shopping around for a car loan, mortgage or the best credit card will not affect you as much if you do them all within a week. When you do this it is only considered one inquiry but doing otherwise will hurt your score each time the report is pulled.
Yes, it will lower your score if you have several inquires. Only allow the credit check once you have found the car you which to purchase and are ready to make a deal.
No....one hard inquiry should not significantly affect your score....What you want to avoid is filling out applications for new credit all at once...that can really damage your credit

Answer Over!
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