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Is it true that everytime a lender checks my credit report it is noted and lowers my credit score?


I was told by a lender that everytime my credit report is checked, it lowers my score.

And not to question a finance person, but I am finding the 14 day rule doesn't apply anymore either.

I am a mortgage planner and I am seeing scores drop in days. Had a client who shopped me and he dropped his score about 60 points in 4 days.

And keep in mind that the score you pull from a consumer report (ie you get your own equifax score) is going to be different from the one that a mortgage planner or loan officer or finance person gets. Most consumer reports I am seeing have higher scores than what I am pulling? Anybody else notice this? Source(s): Certified Mortgage Planner -
Thats what I hear too.
Yes and no.

If you are submitted to a lender for a loan and they pull your credit, that's a hard pull and doe's count against you. Approx. 3-points. If on the other hand you already have a credit card and they are looking at increasing your credit line, that's a soft pull and doe's not count against you.

Also if you are shopping for a car or home, all inquiries are lumped into one if they are made within a 14-day period. They all show on your credit report but you only get dinged for one pull.

All inquiries show on your credit for 24-months.
Finance Manager for over 7-years.
You have soft inquiries and hard inquiries

Hard inquires affect your credit- EX applying for new credit

Soft inquiries do not affect your credit- EX credit check for employment, an existing creditor pulling it

Try to any credit site and it'll give you more examples, or you can do a YAHOO search and type soft inquiries vs. hard inquiries for more examples
It certainly does. It's what's called a "hard inquiry" that can lower your score up to 5 points, and although the inquiry doesn't affect your score after a year, it doesn't fall off your report until after 2 years
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