Re: How Credit Checks Impact your score...

Posted by Smokie (64.122.25.66) on June 16, 2003 at 17:11:13:

In Reply to: How Credit Checks Impact your score... posted by Tosca on June 16, 2003 at 15:58:22:

FICO scores only consider the voluntary inquiries listed on your credit report from the past twelve months.These include mortgage, credit card, auto loan and other requests for credit you may have made. FICO scores are engineered so that your score is not lowered from the multiple inquiries that may occur when you shop for the best auto or home loan. Consumers seeking and obtaining new credit are generally riskier than consumers who are not. The impact on your FICO score will vary depending on your current credit profile. The score takes into consideration the level of your existing credit history (recently opened files vs. more mature files for example), the amount of recently opened credit you currently have on file and other factors.

Bottom Line: Only apply for credit that you really need. The sudden ramp up of new credit in a short period of time can have a more substantial impact on your score.

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