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What Credit Inquiries Do to your Credit Score There are good and bad credit inquiries, some can take points off your credit score with each inquiry, while others have no effect at all. Too many of the bad inquiries and your credit can be destroyed, taking with it your chances for receiving a home, mortgage or personal loan. Think back to all of the times you went out shopping for items like a new car, cell phone, home, apartment or insurance company. Each of these companies probably pulled your credit report and took a few points off of your credit score at the same time. Although most credit inquiries take less than five points each time, this can still add up- especially if you have more than a few inquiries. Losing points on your credit score can cost you a lot of money over the years because you'll end up paying higher interest rates and annual fees. If you're out shopping for cars and have applied at a few different dealerships in a two-week span, you don't have to worry about your credit score dropping each time. You should only get up to a five point deduction because credit bureaus will count all inquiries in this time frame as one. But if you're out shopping in a two week span for unrelated items- say a new car and an apartment- credit scoring will be affected with each inquiry. Credit scoring is not affected at all if you are making inquiry as to where you stand. Whenever you order reports or request your one free copy per year, no points are taken off your credit score. You are not penalized for wanting to know what your credit history looks like, so take advantage of this. You should always know what your credit score is because it will give you a better idea of your chances for credit and loan approval. It will also alert you to fraud or any potential mistakes listed on your credit report if you experience a sudden point drop for reasons unknown to you. Credit inquiries will remain on your credit report for up to two years. After this time period has passed, you can request they be removed. You can contact each of the three major credit bureaus- Equifax, Experian and TransUnion- to have this done. To keep your credit in good standing, pay your bills religiously each month, keep your balances down and keep your credit inquiries to a minimum. Doing so will ensure lenders view you as someone they would be glad to do business with, rather than a huge credit risk. Article written by Dennis T. Cary.
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