Does applying to rent a location, and letting them check my credit, hurt my credit score?
So, I'm applying to rent an apartment and they want to check my credit - will this hurt my score? And if I allow 2-3 different management companies check my credit - is this even worse?? Thanks!
Public Comments
- there just checking for good credit it doesnt make it worse. But if you pay all bill on time and dont have a credit card that your in debt to then you have good credit and theyll accept you.
- An inquiry affects 10% of your credit score. It is ok to have a few inquirys per year. Do not let anyone check your credit unless you are serious and you will be fine.
- 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!
