Step 4 - Protect Your New Credit - Manage it wisely. Several credit inquiries during a short period of time gives the appearance of you trying to open more than one new account and this can lower your credit score.
- The software used to score your credit can usually recognize when you are shopping for a single loan within a short period of time, such as a home loan or car loan. In doing so, if multiple inquiries are necessary, have them pullled as closely together as possible.
- Checking your own credit report does not affect your scores.
- If and when possible, you do want to try to open a few new accounts. Especially if you've had credit problems in the past. If you are able to do this be very sure to pay these new accounts on time and don't max out your credit limit.