The Credit Score Information Site

Credit Score Myth 4: Shopping Around For Best Rates Will Hurt Credit Score

This is another myth that might have been propagated by businesses who do not want consumers comparing prices. The FICO formula actually does not take into consideration any inquiries that are related to mortgage or automobile applications, especially those made within 30 days. This means that even if there are several inquiries while you were looking for the best deals in cars, if you get the loan even before these 30 days is over, then your credit score will not get hurt.

For more convenience and to be sure as well, you can always compare lender rates online. You should also check what kind of deal you can get based on your current credit score. This way you will have an idea what to expect.

Further Reading: See below for more information on Myths About Credit Scores

Myths About Credit Sores: Introduction 
Myth 1: Boost Scores With Lower Credit Limits
Myth 2: Closing Accounts Will Improve Credit Scores
Myth 3: Consumers Can Hurt Credit Score By Checking Their Report 
Myth 4: Shopping Around For Best Rates Will Hurt Credit Score