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Fair Isaac CEO Offers Insights Into Credit Scores

Wednesday, January 12, 2011 - 5:24 PM
There are often concerns about hard credit inquiries when you open checking or savings accounts. These can ding your credit score. In an interview for this Yahoo Finance article, the Fair Isaac CEO wasn't asked specifically about hard credit inquiries, but he was asked about how one's credit score is affected when applying for a loan. According to the CEO "it depends on the kind of product you're shopping for." He said that applying for 5 car loans over a short time span won't have an effect, but applying for 5 credit cards would since that implies you're in need of credit. Based on this, you would think it shouldn't ding your score for applying for deposit accounts.
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Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
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