As opposed to what a lot of people probably think, getting a free credit report is actually a cakewalk. Gone are the days when consumers would have to wait in line or spend hours on the phone before they can get a hold of their credit report. With the technological advantage of Internet, one can gain access to his credit report just by a few keystrokes and mouse clicks. Best of all, these credit reports come for free — a privilege granted by the US government to every consumer.

The accessibility of credit reports is made possible by the Fair and Accurate Credit Transactions Act (FACT), a bill which was passed on December 4, 2003 by the US Congress. This act, which is sanctioned by the Federal Trade Commission or FTC, allows every consumer to obtain a free credit report once in a period of twelve months. Similarly, the FACT also ensures the privacy and accuracy of the information that the various credit reporting companies hold. Under this act, the FTC, together with the three credit reporting companies namely Experian, TransUnion, and Equifax, have set up a website where people can log on to check out their annual credit scores. Read more about credit card score at:

Maybe not as much as people on here are saying. Paying bills on time is still the most important factor in your credit score. And then the amount of credit line available to you. So yes it may hurt a little, but if you are saving alot in interest it would still be worthwile to do that. That type of credit damage can be easily repaired.

Their basic response is similar to others here about excessive inquiries but at least theoretically it can be done with minimal impacts.

I think all agree that it is a dangerous game to play and if something is missed, there will definitely be big impacts.

Good Luck.

You are:

Racking up inquiries
Lowering the account history/length (they want you to keep the same crads for a long time!)
Messing with your “utilization ratio” which is balance vs. limit by opening and closing cards.