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Trulia San J…, Home Buyer in San Jose, CA

Does pulling your own credit report affect your credit score?

Asked by Trulia San Jose, San Jose, CA Mon Dec 10, 2012

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Let’s go back to basics about Inquiries.

An inquiry is a record of any company viewing your credit report for the purpose of reviewing your credit history. The Fair Credit Reporting Act (FCRA) allows any organizations to view your credit file as long as they have permissible purpose.

Permissible purpose is defined by the FCRA as;
• Ordered by a court or a federal grand jury subpoena.
• Instructed by the consumer in writing.
• For the extension of credit as a result of an application.
• For employment purposes.
• For the underwriting of insurance.
• To review a consumer’s account.
• To determine eligibility for a professional license.
• In connection with child support.

Not all Inquiries are created equal.

There are two different types of inquiries; hard inquiries and soft inquiries.

Hard inquiries occur when someone checks your credit report for the purpose of extending credit.
Common hard inquiries are credit checks from:
• auto lenders
• mortgage lenders
• credit card companies
• landlords
• cell phone companies
• utility companies
• collection agencies

Soft inquiries, also known as an “Account Review Inquiries”, occur when:
• You check your own credit report
• An employer checks your credit
• A lender checks to see if you qualify for a pre-approved offer
• A current creditor reviews your report

Soft inquiries do not impact your credit score, in fact, they only appear on your consumer credit report. This means a lender checking your credit will not see any soft inquiries.

Hard inquiries account for 10% of your overall FICO score and remain on your credit report for 2 years from the date they were initiated. But the only hard inquiries which impact your credit score are those ran within the last year.

Quick Tip: To get the most positive impact from this category, try not to have more than 1 inquiry every 6 months.

Finally, we saved the best for last.

Inquiries ran within a one week time-frame within the same industry are grouped together and only count against your FICO score as one inquiry.

So if you went car shopping and your auto dealer sent your credit application to 12 different lenders who each ran your credit report; don’t worry, although all 12 inquiries will report on your credit history, they will only impact your credit score as a single inquiry.

http://www.creditfirm.net/blogs/what-you-need-to-know-about-…
0 votes Thank Flag Link Mon Jul 29, 2013
DOES A MORTGAGE LENDER PULLING YOUR CREDIT REPORT SEVERAL TIMES AFFECT YOUR SCORES
0 votes Thank Flag Link Sun Jul 28, 2013
No, Your credit report not affect on credit score for more information visit to this site http://www.pricemanager.com
0 votes Thank Flag Link Fri Jul 26, 2013
No, Your credit report not affect on credit score for more information visit on this site http://www.pricemanager.com
0 votes Thank Flag Link Fri Jul 26, 2013
No it does not.

Check the link from Experian.

http://www.experian.com/ask-experian/20120704-checking-your-…

Happy Holidays.

Ruth
Web Reference: http://ruthandperry.com/
0 votes Thank Flag Link Fri Dec 14, 2012
No. Your score can be affected by hard "pings" but these are only for requested credit. Pulling your own report or companies that send you notices stating that you are "selected to apply" have reported a soft "ping". This has no affect on your score because it is not directly resulting in the offering of credit.
0 votes Thank Flag Link Mon Dec 10, 2012
I'm not a credit score expert but surely the reason for running the credit report influences the effect on your credit report. I recently ran two credit reports about a week apart. Each time the report was run so that a car dealer would be comfortable exchanging the keys and title to a new car for a personal check. The second time the report was run, the credit score reported was about 25 points higher.

To be safe, if you are about to apply for a home mortgage, ask the lender(s) you are considering. A conversation with them may turn up other things you want to watch out for.

For a mortgage calculator and other basic information about mortgages please see
http://julianalee.com/reinfo/mortgage.htm

Juliana Lee, MBA LLB
Cell: 650-857-1000
Top 3 agent nationwide at Keller Williams Realty

Over 20 years experience
Over 1000 home sales completed in Santa Clara and San Mateo counties
-
Web Reference: http://julianalee.com
0 votes Thank Flag Link Mon Dec 10, 2012
I wrote an article on the topic of "the mysteries" of FICO scores and what effects them, with links to other helpful articles.

http://getrealrealtor.com/736091

Enjoy!

Stu Carson & Davlyn Giovanetti
408-209-0849
Stu@StuCarson.com
0 votes Thank Flag Link Mon Dec 10, 2012
No it does not. And if a lender pulls it, it is only a 2-3 point hit.
0 votes Thank Flag Link Mon Dec 10, 2012
No.

You can pull your own credit score and it will not count against you as a credit inquiry and it will not affect your credit score..


.
0 votes Thank Flag Link Mon Dec 10, 2012
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