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8 • New Credit Shopping
Can cost you credit rating!

FICO chart series

New Credit monitoring contributes 10% to your credit report calculation! Opening a new account responsibly and paying it off on time will raise your credit score in the long term. However, each application for credit costs you heavily, up to fifty points, off your credit score.

Credit calculations can distinguish between a search for a single loan and a search for many new credit lines, in part by the length of time over which inquiries occur. If you have to, do your rate shopping for a given loan within a very focused short period of time. However, shopping for credit is never advisable. Keep in mind its in the creditors best interest to keep your credit low to charge you higher rates, so don't count on this being fair to consumers.

You get credit education and guidance with Programs to Fix Your Credit!