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15
You can avoid a reduction in your credit score when rate shopping by doing it over a short period of time.
If you are looking for a mortgage or car loan, several lenders can check pull your credit report without
your credit score being affected if it is the same type of loan and it is done within a short period of
time say 2 weeks.
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Up to five important factors are delivered with your credit score when a lender requests it. These factors
indicate to a lender why your score may not be high.
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Good a credit score is in the eye of the beholder. A lender may offer low interest rates to a
customer with a credit score of 650 while another may consider that a risk.
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Your hand writing can cost you big on your credit report. Errors can show up on your credit
report because someone may not be able to decipher your handwriting on an application to enter the correct
name or address.
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Another person’s loan or credit card information can inadvertently be applied to your account. This is why
it is important to check your credit report periodically.
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If buying a home or car, it is a good idea to check your score 6 months before rate shopping
to ensure everything on your credit report is enough and your credit score is highenough to afford your low rates. If it is not, 6 months is enough time to correct any errors and also raise your credit score.
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Ordering your own credit report will not affect your credit score.
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If you request your free credit report from Free Credit Report.com as opposed to Annual Credit
Report.com to request a free credit
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