Inquiries and Your Credit
October 6, 2016
Several factors make up your credit score. Many experts debate whether credit inquiries have an impact on your score. Credit inquiries do have an impact on your credit score and can lower your score, but only in certain circumstances. There are two types of credit inquiries; hard inquiries and soft inquiries. To understand the type of impact they have upon your credit score, you must first understand the difference in the two types.
Hard inquiries, or those that are initiated when you apply for credit, only impact your score for the first 30 days after they are made. After 30 days, these inquiries still remain on your credit report, but they don’t impact your score. Soft inquiries, or those initiated when you set up credit monitoring or get pre-approval for credit, appear on your credit report but are only visible to you. Creditors and potential creditors do not see these inquiries and they have no impact upon your credit score. As you can see, it’s important not to apply for credit unless you absolutely have to, as it can impact your credit score for the next month.
If you do need to apply for credit pick just one place and wait and see first whether you qualify or not before applying to a back up. We often see client’s credit reports that multiple inquiries on them due to them applying at several places at once when they tried to get a loan.
If your credit score is lower than you would like, it is time to enlist the assistance of a professional credit repair specialist. This individual can help you clean up your credit report, dispute erroneous information, and add positive entries to your credit file. If you are in need of these services, we have the most highly trained expert credit repair analysts that will pull your report on the call and devise a plan to have your credit score improved within just 6 months. Give us a call at 888.799.7267.