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Answer me for asked question please.

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shekhar

shekhar

shekhar

Joined: 30 Mar 2009
shekhar's page
Posts: 41

529 Magic Points

Subject: Answer me for asked question please.

Fri Apr 10, 2009 4:12 am

Hi,

Can credit monitoring decrease my Credit score?

Can anyone like to tell me will credit monitoring hurt to my credit score.
If any one know about that please Reply me .

Thanks
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carol

carol

Joined: 27 Jun 2006
carol's page
Posts: 1308

28489 Magic Points

Fri Apr 10, 2009 6:39 am

If you pull out your credit report yourself and for your own use, it is called a soft inquiry and it does not affect your credit score. But if you apply for a new line of credit and the creditor pulls out your credit score, it is called a hard inquiry and it remains on your credit report for two years from the date of entry in your report and affects your score.
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Richard
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Richard

Richard

Joined: 27 Jun 2006
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Posts: 126

4998 Magic Points

Fri Apr 10, 2009 10:02 am

Yes, I agree with Carol. Each hard inquiry may reduce your credit score by as much as 5 to 10 points. Moreover, if you have more and more hard inquiries, it would mean that you are credit hungry which is not looked as a positive item by the creditors.
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