Having a good credit score can make or break your ability to buy that new home you’ve been dreaming of, which makes credit scores intimidating to think about. We’re here to bust some of the myths surrounding credit scores and hopefully set your mind at ease with regard to checking, improving, and monitoring your credit score.<\/p>\n\n\n\n\n\n\n\n
Does having my credit check hurt my score?<\/strong> Having a good credit score can make or break your ability to buy that new home you’ve been dreaming of, which makes credit scores intimidating to think about. We’re here to bust some of the myths surrounding credit scores and hopefully set your mind at ease with regard to checking, improving, and monitoring your credit […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[287],"tags":[3,5,2,4],"yoast_head":"\r\n
If your [FICO Scores] change, they probably won\u2019t drop much. If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk, but most credit scores are not affected by multiple inquiries from auto, mortgage or student loan lenders within a short period of time. Typically, these are treated as a single inquiry and will have little impact on your credit scores.
Does having my credit checked by more than one lender hurt my score?<\/strong>
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, FICO Scores ignore 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\u2019t affect your scores while you\u2019re rate shopping. In addition, FICO Scores look on your credit report for mortgage, auto, and student loan inquiries older than 30 days. If your FICO Scores find some, your scores will consider inquiries that fall in a typical shopping period as just one inquiry. 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 Scores.
After my credit is checked, why is the lender telling me that the score is different than what I see from my credit card company, bank, or credit karma<\/strong>
These companies are showing scores that are calculated for short term lending purposes like credit cards and auto loans. The credit bureaus use a different scoring model to provide credit scores for a mortgage. Although it gives you an idea of your score, most of the times your credit score used for mortgage approval is going to be different.
How do I increase my credit score?<\/strong>
\u2022 Pay bills on time.
\u2022 Keep balances low on credit cards and other revolving credit products.
\u2022 Apply for and open new credit accounts only as needed.<\/p>\n","protected":false},"excerpt":{"rendered":"