Credit Report Check

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Report Check


Updated: April 26, 2017

Credit Report Check
November
10
This content is not provided by Citi. Any opinions, analyses, reviews or recommendations expressed here are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by the Citi.

The increased delinquencies rates and stressed lending industry made banks more choosy and careful accepting new applications. The essential point for the bank's approval/denial decision is still the customer's credit score contained in his/her credit report. The three-digit expression of your creditworthiness plays a factor when you take out any loan and apply for a plastic card. The better the score, the better the card rates as usual.

You may have heard that ordering credit report, which is essential to do if plan to apply for a loan, may lower your score. That sounds as if you shouldn't have any credit report checks to preserve a good FICO score. While this is true, there are some exceptions.

A personal credit check, or personal inquiry, does not affect your the score. You need to regularly order the report from the three national bureaus - Equifax, Experian and TransUnion - to stay informed of any changes or inaccuracies that may show up and affect your eligibility for a major loan or a good bank card. Credit score tracking agencies can also access your report without affecting the scores.

Credit report check to obtain a loan or a plastic card (also knows as hard inquiry) drops your FICO scores by a few points. While it is a slight drop, several applications within a short time period may take down chances for best interest rates and terms. If you've found an attractive card offer online and like to make an application, make sure the last hard inquiry was at least 3 months ago.

Note top 10 card issuers offering application services online: Bank of America, American Express, Capital One, Chase bank, Citibank, Discover, HSBC, US Bank, Wells Fargo and Washington Mutual. All of them will pull the bureau report as you send in an application. If the bank rejects you due to limited payment history or bad payments with previous issuers, your FICO scores will get a more significant hit. Applying with several banks at a time will also pull the score down. A good strategy to keep the score least affected is to shop for a bank card within a short period of time, preferably 14 days, according to myFICO.

Credit report check to pre-approve you for a credit card (or soft inquiry) is harmless, though it shows up in the list of inquiries. There may be lots of soft inquiries on your report but it does not affect the scores.

Other types of inquiries, such as those made by employers and landlords to evaluate risk, do not damage scores if the inquiries are recorded as employer searches.

These are the major reasons to access your report and ways it can affect your FICO scores. You see that hard inquiries pose the greatest risk to the score, so be careful shopping and applying for your next loan or card. Good credit score will help you qualify for lowest rates, balance transfers, great credit rewards and other benefits regardless of the tougher lending requirements caused by the credit crunch.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.

Related Research:

Top 5 Cards for Travel from Our Partners: Spring 2018 – Expert Choice

Top 5 Cards for Travel from Our Partners: Spring 2018 – Expert Choice

Posted: February 12, 2018

Days are getting longer, snow is melting and you already feel the lightest breath of warm breeze on your face - spring is here. Summer holidays are looming, and so is Easter with its shopping. You can lift in spirits and let CreditLand ... Continue reading
Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Cash Back or Travel Rewards? Here’s How to Decide On The Right Card

Posted: February 10, 2018

If you're trying to find the perfect rewards credit card, you might feel like you're drowning in options. There are just so many out there, and many of them look similar. This can make it tough to decide on a card. One thing people often ... Continue reading
Price Protection: Credit Cards That Will Refund a Price Drop

Price Protection: Credit Cards That Will Refund a Price Drop

Posted: February 8, 2018

Those who often find themselves buying stuff and then discovering that they could pay less for the same item they've just bought, will appreciate this credit card benefit – price protection. This is the least known and the most neglected ... Continue reading
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!