QUOTE (investmart @ Dec 21 2007, 05:12 PM) If the current bank I`m working with says no and I try with another bank, will the 2nd credit check itself affect my credit report/score even if it is perfect? In other words is it true that having another bank check your credit report (for the same deal) can affect it negatively? or is it really not significant, nothing to worry about? THANKS.
Unfortunatly there is no magic formula that predicts how different actions affect ones credit score - what we have are general guidelines to follow, that can change. It is true that multiple hits will affect your credit score, however inquiries within a certain timeframe, though will appear as inquiries, will not impact your credit score. We are trying to confirm what this timeframe actually is, but its pretty safe to say that if its within 7 days of the last inquiry, it likely won`t affect your fico score. (its likely actually longer than that)
In any case, if you have good credit to begin with, one extra inquiry certainly won`t mean a decline for financing.