FINEX wrote:
I have two queries:
1. are FICO scores effected by the numer of times a credit report gets checked?
Depends on who is checking the report and if it is a soft or hard inquiry.
Hard inquiries are those done by creditors that you have given permission to check your credit and these inquiries do affect score and are viewable by anyone who sees your reports.
Soft inquiries are done for promotional purposes, account reviews, pre-approvals, and when you check it yourself. These do not affect score and are only seen by you.
2. if after opening a retail store credit card you cancel does this impact FICO scores?
Closing it doesn't unless it increases your util due to a decrease of total CL. However, if you get a hit for a new inquiry and a hit for a new account, and then close the account shortly after opening, it won't be open long enough to give enough positive to offset the negative you got for opening it.
Opening accounts dilute your average age and closing them doesn't reverse that, unless they are removed.
