Why does checking your credit score lower your credit score?

I assume it is a clear indication that you plan to take on more debt than you previously were carrying.

It should be a clear indication that I’m shopping around for cheaper insurance rates to lower my debt.

I have no idea, it seems so absurd my only reasoning is that they need people with bad credit so they have to pay more in interest and such. But I really gotta get off these conspiracy theories.

Okay I just looked, and I found a link that says if multiple inquiries of the same kind are made within 14 days, it counts as 1 inquiry. It is dated 2005, however, so I am not sure it is still accurate.

http://money.cnn.com/2005/03/23/real_estate/homeguide_creditscore/index.html

now stop telling me my answers suck :)

@Imadethisupwithnoforethought Thank you for researching that for me. Did I say your answers suck? ʘ‿ʘ

@chyna how would your researching your credit score be an indication (of any kind) that you’re “shopping for cheaper insurance”? I can see where an insurer might use that as one of several indicators of your risk-worthiness (now that I think about it), but “checking credit scores” is generally an indication that you want to “use” your credit score – to obtain a loan.

And GA, @Imadethisupwithnoforethought. I didn’t know that before.

@CWOTUS Thank you

I just checked that link and I added an extra “l” with spell check at the end. use:
http://money.cnn.com/2005/03/23/real_estate/homeguide_creditscore/index.htm
If you are interested

@CWOTUS I am actually shopping for cheaper insurance. When I call an insurance company they want to do a credit check before they will give me a rate. My concern was that if I call five insurance companies, I would have 5 checks on my credit. It was my understanding that each time your credit is checked, it lowers your score.

After reading what @Imadethisupwithnoforethought posted, though, that puts my issues to rest. That was written in 2005, but I assume it still stands.

I think first off we should realize, credit is a privilege, its borrowed money. It lowers your score because, not only are they checking your score, but seeing if you will be awarded. When creditors, insurers see more credits awarded to you, they take into account all those monthly bills you’re responsible for and your current annual wages. Incidentally, it becomes lowered when one has not been approved for a credit award as well.

Companies run a credit check before giving you credit and this logged in your credit rating as well as any credit they offer you. You checking your credit rating is no different that a company checking it. If you check your credit rating multiple times but dont take any credit then it can look like you’ve applied for credit multiple times and been refused. If companies think other people are refusing you credit they are more likely to refuse you or charge more for it.