So what happens if you want to shop around?  This is actually taken into consideration.  By the way, shopping around is actually the sign of a frugal and responsible consumer.  You actually are granted a shopping period, but this only applies to large and important loans like mortgages and auto loans.  You will not be grant such leniency when applying for credit cards.  These are not important loans and will be count every time you apply.

The term to define applications for credit is inquiries. It is better put as a viewing of your credit report and there are two different ones

• Hard Inquires – These are used when applying for credit.
• Soft Inquires – These are usually seen as everything else.  When you check your credit report.  When an employer or insurance company checks your credit report.  When a creditor checks in the effort to offer you credit.  (You know the ones, all those credit card offers you get in the mail)

An important Point : Only Hard Inquiries will count against your credit report.  All others will not matter.

Your credit score considers the following :

• How many applications for credit have you had recently?
• How many new accounts have you opened?
• When was the last time you applied for credit or opened an account?

The important thing to remember is shopping around will not hurt your credit score as looking like several inquiries in a short period of time, if the loan is for a house or car.  Get you shopping for this type of loan done in the grace period allowed.  And don’t go apply for 10 new credit cards next month.  This will hurt your score tremendiously.  It is OK to check your credit report.  It doesn’t count as a hard inquiry.  Review your inquires to see if they sound right and dispute the one you believe to be wrong.  Maybe you will get a little boost to your credit score.

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