Is it true that your FICO score is affected if you check it too many times?

[magnate]

[bjl584]

I believe that is true to a point. I think that if your credit history is run too many times in a certain time period it can drop a bit. I don't know all the specifics. I'm sure that someone can clear it up for you.

[vsjhoc]

If you personally get your credit report (from http://www.annualcreditreport.com) or directly from the credit bureaus, it has no effect whatsoever on your FICO score.

If you apply for credit, every application generates an "inquiry," and more than a few inquiries per year can lower your FICO score. There's an exception for rate shopping for mortgages or car loans -- if you apply for several within a 2-week period, they are counted as one inquiry.

[poundwise]

Originally Posted by magnate

Is it true that your FICO score if affected if you check it too many times?

No.

From myFICO.com:

"Not all inquiries count toward your FICO score. When you check your credit report, you may notice that a number of credit inquiries have been made, sometimes from businesses that you don’t know. But the only inquiries that count toward your FICO score are the ones that result from your applications for new credit."

"Your own credit report requests, credit checks made by businesses to offer you goods or services, or inquiries made by businesses with whom you already have a credit account do not count toward your FICO score. Credit checks by prospective employers also do not count. These types of inquiries may appear on your credit report, but they are not included in your FICO score."

"Your FICO score is not affected when you check your credit. Checking your credit reports regularly to be sure they are accurate and error-free is a good idea. In fact, maintaining accurate credit reports is a part of good credit management, which can help to improve your FICO scores over time."

"You can order more than one of your credit reports with FICO scores right here at myFICO.com. Checking your score at myFICO does not count as an inquiry and will not hurt your FICO score."

[safari]

If you order your credit report yourself, it won't affect your credit score. Only if your credit check is a result of you applying for a loan, credit card, etc., then your score will suffer if you do it many times.

[vsjhoc]

Ooooops, my apologies, I thought you were asking if your FICO score was affected if you check your credit reports too often (which is the question I answered). True it is that checking your FICO score does not affect it (although it does affect your wallet, because you either have to pay for each score or for a reporting service.)

[kv968]

One credit pull that you have to be aware of though is one done by online banks when signing up for their services (ie. money market accounts, cd's, etc..). They do a credit check on you to make sure that you're who you say you are however they may do either a "hard" or "soft" credit pull. If they do a "soft" pull it will just be treated like an inquiry and not affect your credit score. However, if they do a "hard" pull it will show up as if it was an application for credit and may affect your score if too many are done. So it's good to ask the bank before applying for an account which pull they use.