Here are some of the things you may wanna know:

Tips for Improving Your Score

• Monitor your credit report and dispute errors. Errors in your report will usually translate into a low score.
• Pay your bills on time even if it means you can only pay the minimum amount due.
• Low balances are a positive factor in scoring models. Don't use all your available credit.
• New credit applications can detract from your score. Even an application for a department store card can lower your score. Multiple applications can have a devastating effect on your score, especially around the time you are shopping for major purchases like a car loan or mortgage.
• Old accounts (even those you haven't used for a long time) can help your score. Scoring models look at not just how to use credit today but also how long you have used credit.
• Consolidating balances or moving debt around may make for one easy payment, but this can have an adverse effect on your score. Shuffling of balances could be especially harmful to your score if you close established accounts and open new accounts to consolidate your debt.
• Ask your lender what scoring model it uses. With new scoring models like the credit bureaus' VantageScore, it is easy to get confused. A number score alone will not tell you where you stand.
• Know the going interest rates. Current rates for mortgages, car loans, and other consumer credit are published in daily newspapers or can be found online at such sites as www.bankrate.com. If you have a good credit score but are not offered a good interest rate, ask questions, negotiate, or shop elsewhere.

Do Credit Report Inquiries Lower Your Score?

Your credit report includes more than your record of paying bills. One section of the report lists inquiries. These are records showing who has accessed your credit report. There are various purposes allowed for companies to look at your credit report.

The only credit report inquires that can lower your credit score are applications for new credit.

Lets look at another example here:

I'm shopping for a new car and have applied to several lenders. Will these inquiries lower my score?

According to Fair Isaac, multiple inquiries to automobile or mortgage lenders within a short period of time (usually 30 days) generally count as a single inquiry. Thus, a little shopping for the best interest rate should not hurt your credit score.

However, when shopping for a big-ticket item or going on a shopping spree in a department store, it is probably wise to pass up the 10% discount offered by many retailers for opening a new store account.