Does your credit score go down if to many credit lenders look?

I am looking to buy a house and want to seek a few different options before buying. If I have them all pull my credit will this cause my score to decrease? Please tell/show me how you know this.

In general, yes. The more lenders pull reports, the lower the score, but under the new FICO-2008 formula that is supposed to change. The new formula is supposed to go into effect in a few months (I just read an article on it 2 weeks ago).

If all your lenders are pulling reports at the same time (within a week or two), a lower score won't show up immediately -- they should all see the same (higher) score.

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Yes it does but not significantly, by just a few points. The best thing to do is get one lender to pull it for you, have him print it out so you can take it to other lenders and see what kind of interest they can give you.

It may decrease it by a microscopic amount, nothing to be overly concerned about.

Your score may go down slightly. Some people say that you have a window of time to shop around and your credit score wont' be affected, other people say that your score will go down for sure if multiple people look at your file in a short period of time.

Okay now for the full answer. Your score will decrease every time your report is pulled by a creditor. The exact amount will vary based on several factors. However, in most cases it will be in the 3-8 point range per inquiry.

The exception to this is if you are looking at a major purchase. In the case of looking for a house it actually ignores all inquires within the last 30 days. If it is past 30 days then every pull in a 30 day time is only counted as 1 inquiry. If you happen to be looking for an auto the window is 14 days.

Read the following link from Fair Issac, the people who do the FICO score. Look at the section on "rate shopping".

Yes and No. 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!

Everyone wants a solid credit score, so 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

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 (length 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.

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/

I hope this helps!

when you apply for loans, and credit cards it does impact your credit score and if you are turned down a lot, close credit cards it will also give you a negative mark for each loan and card turned down/closed.

Multiple inquiries into your credit could cause your credit score to go down. My advice for you if you want to get the best rate and terms, is to find a mortgage broker, they deal with hundreds of banks and will evaluate your credit and get what's best for you. My mortgage broker saved me 3% on my interest rate. That's a heck of a lot of money on a 30 year mortgage.

Your credit score will go down when it gets a hard hit. This is when YOU request either a credit card or mortage and the credit card company or mortgage lender needs to see your credit history. A hard hit will decrease your score. On the other hand a soft hit, when a company looks at your record to see if they want to send you a credit card app. does not drop your score. In short, only when you approve a company to access your record will it go down.

Yes, but not by much. And for mortgages or car loans, the one category of inquiries is lumped into one on the credit report if it's all in a certain time limmit. So if you do 5 mortgage applications in two weeks...it counts as one inquiry not five. Now, if you do five credit card applications then you have five inquiries and this can look bad. But if you get the accounts and are good with them (making payments on time etc) then your score should rebound fairly quickly.

Yes, the more people look at your credit, the score goes down. The first place you allow to view your credit, get a copy for your records and don't allow anyone else to see your report until you found a lender you are ready to sign with.

# What information goes into calculating a credit score?
# Credit scores use information from three key areas of your credit report: account information (such as credit cards, auto loans, student loans and mortgages), public records (such as tax liens or bankruptcies), and inquiries (requests by lenders to view your credit). Information such as race, gender, where you live, and marital status are not used in credit scores.

YOU ARE ALL WRONG. EVERY SINGLE ONE OF YOU. And it cracks me up that you all position yourselves as experts. Goes to show you just how shallow the credit scoring brain trust really is. Read this link: http://www.myfico.com/CreditEducation/CreditInquiries.aspx What to know about "rate shopping." Looking for a mortgage, auto or student loan may cause multiple lenders to request your credit report, even though you are only looking for one loan. To compensate for this, the score ignores mortgage, auto, and student loan inquiries made in the 30 days prior to scoring. So, if you find a loan within 30 days, the inquiries won't affect your score while you're rate shopping. In addition, the score looks on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If it finds some, it counts those inquiries that fall in a typical shopping period as just one inquiry when determining your score. For FICO scores calculated from older versions of the scoring formula, this shopping period is any 14 day span. For FICO scores calculated from the newest versions of the scoring formula, this shopping period is any 45 day span. Each lender chooses which version of the FICO scoring formula it wants the credit reporting agency to use to calculate your FICO score.

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