Q45d: How will frequently applying for new credit affect your credit score?

Demographic and experience categories Positive No effect Negative Do not know
All respondents 11.4 ( 0.9) 9.9 ( 0.9) 59.9 ( 1.4) 18.8 ( 1.1)
AGE GROUP        
18 to 24 7.5 ( 2.2) 10.3 ( 3.3) 59.8 ( 4.9) 22.4 ( 4.0)
25 to 34 9.3 ( 2.0) 5.7 ( 1.6) 73.5 ( 2.9) 11.5 ( 1.9)
35 to 44 12.7 ( 2.1) 10.8 ( 2.3) 61.9 ( 3.3) 14.5 ( 2.3)
45 to 54 11.2 ( 1.9) 11.1 ( 2.1) 58.9 ( 3.2) 18.9 ( 2.4)
55 to 64 10.4 ( 2.2) 8.5 ( 2.0) 64.6 ( 3.5) 16.5 ( 2.6)
65 and older 16.3 ( 2.4) 12.9 ( 2.3) 44.1 ( 3.3) 26.7 ( 2.7)
INCOME        
Less than $25000 17.3 ( 1.7) 7.9 ( 1.3) 44.2 ( 2.3) 30.5 ( 2.0)
$25000 to $49999 11.3 ( 1.9) 12.6 ( 2.2) 60.1 ( 3.0) 16.0 ( 2.1)
$50000 to $74999 10.0 ( 2.1) 10.1 ( 2.2) 67.8 ( 3.3) 12.1 ( 2.3)
$75000+ 7.1 ( 1.6) 6.9 ( 1.7) 77.7 ( 2.8) 8.2 ( 1.9)
EDUCATION        
Less than high school 21.4 ( 3.0) 7.9 ( 2.2) 21.2 ( 3.2) 49.5 ( 3.7)
High school 15.5 ( 1.8) 11.8 ( 1.7) 52.2 ( 2.5) 20.5 ( 2.0)
Some post-secondary education 9.5 ( 1.5) 11.5 ( 2.0) 65.4 ( 2.7) 13.6 ( 1.8)
BA or more 5.4 ( 1.2) 7.2 ( 1.4) 75.8 ( 2.3) 11.5 ( 1.7)
ETHNICITY        
White 9.1 ( 1.0) 10.2 ( 1.2) 66.1 ( 1.8) 14.6 ( 1.3)
Black 17.8 ( 2.3) 8.7 ( 1.7) 54.2 ( 3.0) 19.3 ( 2.3)
Hispanic 14.7 ( 2.1) 7.9 ( 1.7) 35.5 ( 3.0) 41.9 ( 3.1)
Other 17.2 ( 4.6) 14.4 ( 4.5) 57.5 ( 6.2) 10.8 ( 3.3)
SEX        
Male 11.4 ( 1.4) 12.1 ( 1.6) 61.5 ( 2.2) 15.1 ( 1.6)
Female 11.2 ( 1.0) 7.9 ( 1.0) 58.8 ( 1.7) 22.1 ( 1.4)
EMPLOYMENT STATUS        
Actively employed (FT or PT) 9.2 ( 1.0) 9.4 ( 1.2) 67.8 ( 1.8) 13.6 ( 1.3)
Student 7.0 ( 3.7) 16.2 ( 7.9) 64.3 ( 8.4) 12.5 ( 4.6)
Not employed (homemaker, retired, unemployed) 15.1 ( 1.7) 10.2 ( 1.5) 46.6 ( 2.4) 28.1 ( 2.0)
Other 16.3 ( 4.4) 9.5 ( 3.6) 45.2 ( 6.4) 29.0 ( 6.3)
GEOGRAPHIC RESIDENCE        
Resident of a free report state (CO, GA, ME, MD, MA, NJ, VT) 10.4 ( 2.0) 7.4 ( 1.6) 66.1 ( 2.9) 16.1 ( 2.1)
Resident of another state 11.5 ( 0.9) 10.2 ( 1.0) 59.0 ( 1.6) 19.2 ( 1.2)
FINANCIAL AND CREDIT REPORT EXPERIENCE        
Obtained a credit report 10.4 ( 1.1) 9.3 ( 1.2) 69.7 ( 1.7) 10.6 ( 1.1)
Did not obtain a credit report 12.7 ( 1.3) 10.7 ( 1.4) 46.6 ( 2.3) 30.0 ( 1.9)
         
Obtained credit score 10.5 ( 1.5) 6.1 ( 1.2) 75.7 ( 2.1) 7.8 ( 1.2)
Did not obtain credit score 11.8 ( 1.0) 11.7 ( 1.2) 52.3 ( 1.8) 24.2 ( 1.4)
         
Disputed information on credit report 6.5 ( 1.3) 7.5 ( 1.9) 74.6 ( 2.9) 11.4 ( 2.1)
Did not dispute credit report information 12.4 ( 1.0) 10.4 ( 1.0) 56.7 ( 1.6) 20.4 ( 1.2)
         
Had an auto or mortgage loan 10.6 ( 1.0) 10.4 ( 1.0) 65.1 ( 1.6) 14.0 ( 1.1)
Did not have an auto or mortgage loan 14.1 ( 1.9) 8.3 ( 1.8) 42.7 ( 3.0) 34.8 ( 2.7)
         
Was a victim of identity theft 15.2 ( 3.0) 5.4 ( 2.0) 65.2 ( 4.0) 14.1 ( 2.8)
Was not a victim of identity theft 11.0 ( 0.9) 10.4 ( 1.0) 59.4 ( 1.5) 19.3 ( 1.1)
         
Obtained credit report due to an adverse action 11.6 ( 2.8) 9.4 ( 3.5) 67.1 ( 4.8) 11.9 ( 2.9)
Did not obtain credit report due to an adverse action 11.4 ( 0.9) 9.9 ( 0.9) 59.3 ( 1.5) 19.4 ( 1.1)

Percent estimates totaling 100% within each demographic and experience category, with standard errors in parentheses
 
GAO-05-411SP Credit Reporting Literacy Survey Data
Full Report: GAO-05-223