Clinica Sierra Vista WIC

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When it comes time to buy that next home or car, folks sometimes worry that applying to too many places for the same thing might hurt their credit score. But according to Susan Chichester, owner of Financial Fitness, it’s all in how you do it.

“Many inquiries can lower your score; however, mortgage and auto loan inquiries within a 2- week period will be counted as just one hit for FICO scoring purposes, and mortgage or auto loan inquiries made within one month of an application will be disregarded,” Chichester said. “So, the moral to the story would be, once you start shopping, don’t procrastinate; hit them all at once.”

And, in case you’re wondering how that all-important final number is arrived at, Chichester said there are 5 categories used to determine your FICO score: payment history (35%); debt/credit ratio (30%); length of credit history (15%); types used (10%); and new credit (10%). 

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