Credit Report hit

[Thrif-t]

Need to get the 411 from the experts If I'm filling out an online questionare for a car insurance quote and they say they need to pull my credit report will I take a hit for that? I thought anytime there was an inquiry or someone pulled your report that it wasn't good. What say you?

[poundwise]

The insurance sites like Progressive, GEICO, etc. only pull an insurance score. It is considered a 'soft pull' and does not effect your consumer credit report or score.

[Thrif-t]

Originally Posted by poundwise

The insurance sites like Progressive, GEICO, etc. only pull an insurance score. It is considered a 'soft pull' and does not effect your consumer credit report or score.

ok thanks

[jIM_Ohio]

Even if it affects your score, it's temporary. Go another 6 months and you should be OK...

for example if you refinance a house and use a place like Lending tree, it's possible 3-5 lenders will be pulling credit. By the time the 5th lender pulls credit, the credit score will decrease. In 6 months the credit should be repaid.

The (cheapest?) easiest way to monitor your credit is to apply for a large loan once a year (or so) and have the car agent tell you your score.

[vsjhoc]

Originally Posted by jIM_Ohio

Even if it affects your score, it's temporary. Go another 6 months and you should be OK...

for example if you refinance a house and use a place like Lending tree, it's possible 3-5 lenders will be pulling credit. By the time the 5th lender pulls credit, the credit score will decrease. In 6 months the credit should be repaid.

The (cheapest?) easiest way to monitor your credit is to apply for a large loan once a year (or so) and have the car agent tell you your score.

If you apply for a mortgage (or an auto loan at a car dealer or bank), the FICO score considers all hard credit pulls for a mortgage (or auto loan) during a 14-day period as a single inquiry. So it doesn't matter if you apply for one car loan or ten during the 2 weeks. A hard inquiry stays on your report for 2 years but is only counted in your score for one year.

The cheapest, easiest, and most effective way to monitor your credit is to get your three free annual reports from http://www.annualcreditreport.com, and don't worry about getting the score.