What are things that can lower your credit score?
by Author on Tuesday, August 17th, 2010 | 4 Comments
What are things that can lower your credit score? I heard that if you go shop of cars or furnitures and the stores check your credit that can lower your credit score. Is this true? How many credits are taken off per each credit check? What about cosigning for someone with bad credit? Can that lower my credit score?
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Those would be called inquiries and yes they can lower your credit score. Multiple inquiries in one year can be looked upon as desperate for money. Especially if your credit is being checked by credit cards. And the average is about 5-15 pts.
If you co-sign with someone with bad credit it WONT lower your score. BUT, if that person lets-say, misses a payment on whatever you co-signed them with then YES it will negatively affect your score.
You can learn more credit education on http://www.myfico.com/CreditEducation/
=] hope that helps!
no, no and no.
Evert time your credit report is pulled in order to obtain a "new" line of credit, then it lowers your credit score 5-8 points. Too many inquiries in a short period of time is not looked upon favorably by lenders. and also lowers your credit score.
Looking for a mortgage, or auto 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, and auto 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. Multiple inquires for a car loan will only count as one.
Co-signing for someone with bad credit in itself does not hurt your credit score, what will lower it is the hard pull of your credit, you are applying for a new loan, even if you are co-signer.
Looks like the answers for the first 2 are taken care of..
but avoid cosigning at all costs… if they have bad credit and are unable to obtain a loan themselves then they (the multibillion dollar credit industry) obviously deem the risk of giving that person money is too great to follow through. Do not put yourself through that potential nightmare no matter how many promises they make you.. you will be fully liable for the loan amount if that person decides its not in their best interest to pay it back. This will destroy your credit much more than a few inquiries if it comes to this.