Quote:
Originally Posted by Mo707
doesn't checking your score make it go down?
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I think it depends on who and why.. here is a copy/paste from
http://www.myfico.com/crediteducatio...inquiries.aspx
How much will credit inquiries affect my score?
The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a small impact on one's FICO score. For most people, one additional credit inquiry will take less than five points off their FICO score. For perspective, the full range for FICO scores is 300-850. Inquiries can have a greater impact if you have few accounts or a short credit history. Large numbers of inquiries also mean greater risk. Statistically, people with six inquiries or more on their credit reports can be up to eight times more likely to declare bankruptcy than people with no inquiries on their reports. While inquiries often can play a part in assessing risk, they play a minor part. Much more important factors for your score are how timely you pay your bills and your overall debt burden as indicated on your credit report.
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I try to tell my kids that the absolute number 1 thing to keep in line is your credit score. That's the number 1 killer for car loans, home loans and even insurance. I feel bad for family members that have to pay high interests rates. It's almost counter intuitive that people without a lot of money and poor credit get hit harder making it more difficult to survive. I do understand the risk premise to the lender though, so it is what it is...
My Discover card gives my score monthly as well for free, but it's nice to compare....