This page will go over questions shown on a credit report indicating a company has asked for a copy of the report. "Hard" credit inquiries arise from a company looking into your credit record after credit application submission. Conversely, companies with whom you already have a connection do "soft" credit inquiries. Eliminating questions from your credit report can benefit your credit restoration effort.
Are you looking for a credit card with a rather decent rate? You could have been looking around for some time to get the greatest offer. Although you could have come across a few cards you like, chances are you did not like some of them. You will sometimes come upon one you like but have to pay an annual fee. Other times you will discover one without a yearly price but with really expensive late fees or other extra charges.
However, you should not be applying for all of these cards. Looking through all of the terms for each one of them is one thing, but applying for all of them is another. Were you aware that making several inquiries could hurt your credit score? Well, it can and could end up doing quite a bit more damage than you would think.
However, you should not be applying for all of these cards. Looking through all of the terms for each one of them is one thing, but applying for all of them is another. Were you aware that making several inquiries could hurt your credit score? Well, it can and could end up doing quite a bit more damage than you would think.
The truth of the matter is, that every single time that you apply for a credit card or inquire about any type of loan or store credit, the information will show up on your credit report. This is called a “hard inquiry”. Many times, people will apply for different kinds of credit while they are completely unaware that the inquiries are going against their credit score. It is too bad that this information is not given to these individuals upfront so that better choices may be made. Removing these can help when it comes to credit repair.
Another common misunderstanding is that requesting a copy of your credit report can hurt you. However, this type of inquiry is called a “soft inquiry” and should never count against your credit score. If this kind of error ever shows up on your credit report and it is showing against you, you must go through the steps to resolve the error immediately.
Mortgage Inquiries
The credit repair agency has made one exception. Knowing that today there are so many mortgage companies you can go to for a home loan. They have made it so that multiple mortgage inquiries made within 14 days are treated as one inquiry. You should try to do all your “rate shopping” within 30 days. These inquiries are generally not counted against your score.
Many creditors will look to see the exact amounts of credit inquiries that you have on your credit report. Depending on the guidelines of each creditor, four or more inquiries within a certain time frame of six to nine months can be considered to be quite an excessive amount. If they do deem this amount of credit inquiries excessive, they could end up denying your credit request. This request and denial will then show up on your credit report along with any others that you may have. All of these inquiries will hurt your credit score. So choose what you apply for carefully and think about whether or not this new credit card or loan is worth dropping your credit score by a few points.
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