Will requesting an insurance quote negatively affect my credit score and cause it to decrease?
No, requesting an insurance quote will not negatively affect your credit score and cause it to decrease. Insurance companies check your credit during the quote process, but they use a type of inquiry called a soft pull, which does not affect your credit score. Soft pulls are only visible to you and do not impact your credit score or lending decisions. This means that comparing multiple insurance quotes from different providers will not lower your credit score.
It is worth noting that some auto insurance carriers use a credit-based insurance score to calculate premiums in states where the practice is allowed. This score is based on your credit history and may impact your premium. However, obtaining an auto insurance quote will not hurt your credit score, as insurance companies only do a soft pull on your credit during the quote process. Overall, you can shop for insurance without worrying about negatively impacting your credit score.