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Is it true that if you have more than one credit check in 3 months your credit rating goes down?

I'm thinking of buying a house and getting a mortgage, so my idea is to go to speak to a few banks and see what they're offering. However, I have been told by a friend who has been through this that each time I get a credit check it gets recorded and if I have more than one in three months the amount I will get offered will reduce because they will assume my other credit checks were for loans, etc. Is this true? Thanks in advance for your help.

Public Comments

1. true. it shows up as an credit inquiry and that may affect your score.
2. You can get a copy of your own credit report without it affecting your score, and see if there's any reason why you might be refused, and address it before you apply anywhere. Most online banking sites will have mortgage calculator tools, advising you about what you could expect to borrow, given your earnings, and how much your repayments will be. It's a good idea to have a look at these, because it unfortunately does you no good to have refused applications on record. Good luck.
3. Yes.......They consider all the checks that you have had in a year not just three months.
4. Every time you run your credit report, your credit rating goes down, especially if you are denied the credit, your credit rating it goes down for any inquries, if you are gonna do a credit report, do it once a year to see where u stand, but here is a tip for your score to go up, if you have any credit cards and you ask them to give a bigger spending limit, your credit score goes up:)
5. It does get recorded each time you get a check, and it can affect your credit rating for a lot of them. However, this mainly applies to things like applying for a load of credit cards in a short space of time. Its to stop you taking a huge amount of credit out at once, which you probably couldn't afford to pay back. There are however different types of check, there is a preliminary check which you can ask the lender to do, which is recorded but doesn't damage your rating, as its not saying your taking out a loan. You have to specifically ask for this though, but is designed for these sorts of situations.
6. Your friend is partially wrong. The credit score will allow you to check (shop around) for the best rates, but the inquiries need to be made for the same thing (all for a house or all for a car, not some for a house and some for a car) and within 14 days of each other, not 3 months. Anything outside of that 14 days will have a negative effect on your score. Any new inquires for mortages made within the last 30 days of your report being pulled will not be calculated into your score.
7. if you apply for several forms of credit in a short space of time, it does plummet your credit score.