Why does verifying your credit score multiple times lowers its rating?

Public Comments

1. by whom, yourself or creditors?
2. When you are requesting credit from a company and they check your report/score that is called a "hard pull" and it lowers your score between 5-10 points. The inquiry stays on your report for 2 years. The more pulls you have the more "desparate" it looks like you are for credit and creditors start wondering why you need credit so bad. When you are checking your score yourself (lets say at annualcreditreport.com or with a monitering service) that is called a "soft pull" and does not show up on your credit report as an inquiry and therefor does not affect your score at all.
3. that is called a "hard pull" and it lowers your score between 5-10 points. I found interesting information about Credit Reports & options here. http://all-debt-consolidation-loan.blogspot.com/2007/08/credit-reports.htmlGood luck!
4. Tricky huh? What happens is banks and businesses can query your information to offer you cards and products this is what's known as a soft-pull which means it doesn't impact your score at all since usually its either Experian or Equifax selling your info to these businesses. It's not your fault so you don't get dinged. On the other hand when you apply for loans, credit cards, or sign a waver allowing a business like a rental company or your landlord to check your credit this is what's known as a hard-pull. Hard-pulls of your credit impact your score increasingly. So initially your score won't be impacted by a few every 4 or 5 months. But if you're constantly applying for credit cards or moving around a lot and have to have your score checked then it's likely to ding ya. Not by a lot though, I would say roughly from 3 to 10 points depending on the quantity. You should really try to keep your hard-pulls down to a max of 4 or 5 per 6-month period! Sucks, but it's true.. When you're trying to build a solid credit score it's important to get a comprehensive view of what is actually effecting it... Your Credit Score (also known as your MyFico score) is calculated with the following breakdown: * 35% -> History of Payments * 30% -> Debt to Credit Ratio (available credit) * 15% -> Credit History (inqueries and age of open accounts) * 10% -> New Credit (are you expanding your credit) * 10% -> Credit Types in Use (varied credit types from loans to credit cards) If you excel in one area and lack in another, only fixing the areas which you lack are going to improve your score. As you can see 15% of your score is credit history which means inqueries! Here are my 10 steps you can use to build your credit score quickly. I raised mine to well over 700 points fro 500 using these steps in less than a year: 1. Know and Track Your Credit Score (be sure to sign up for the free trial of your credit score monitoring listed on the article below. It really helped my get my score up.) 2. Never Miss a Payment, Starting Today 3. Never use more than 20% of your Available Credit 4. Keep Credit Cards that Have No Annual Fees Open For as Long as Possible 5. Extend Your Credit Limit on Cards You Already Have before You Get New Ones 6. Get Credit Cards that Have CashBack Rewards to Contribute to your Balance 7. Transfer Your Balance to a Credit Card with a Lower Interest Rate and a Higher Available Credit- 8. If You Think You Are Going to be FORCED to Pay a Bill Late Ask for an Extension or Payment Plan 9. Take out a Small Personal Loan and Repay it Over a Year 10. Ask Someone With Good Credit if They will Account Shadow you You can read more about these tips on my blog: How Can I Increase My Credit Score * http://millionster.com/articles/debt/increase-fico-credit-score/ You can check your info twice a year without an impact, just be smart. If you really need to know your score everyday use credit score tracker to monitor it -- this will help you avoid the problem you're having.. Good luck!