Credit Report Inquiries
This is the place on the credit report that will show who has accessed your credit report. every time you apply for anything that requires your credit to be pulled it will show up here. it will tell you who pulled your credit, and the date your credit was pulled.
a lot of people don't know is that the number of times you apply for credit in a certain time period could have an adverse affect on your credit score.
The scoring system allows for unlimited inquiries during any on fifteen day period to count as one. In this way the system allows borrowers to do due
diligence in shopping for credit without being penalized.
It is ok to have some inquires on your credit report when shopping for a mortgage. You need to shop around to protect yourself from high cost lenders.
Inquiries only account for 10% of your credit score, but inquiries can lower your score enough to put you in a different credit tier that may increase your interest rate or reduce the maximum loan-to-value that you can receive.
"The scoring system allows for unlimited inquiries during any on fifteen day period to count as one. In this way the system allows borrowers to do due
diligence in shopping for credit without being penalized."
My understanding is that the unlimited inquires within the 15 day period is only if it is a mortgage or auto loan inquiry.
The Fair Credit Act allows up to five credit inquiries when refinancing your home before your Fico score drops.
Not all inquiries count toward your FICO score.
When you check your credit report, you may notice that a number of credit inquiries have been made, sometimes from businesses that you don’t know. But the only inquiries that count toward your FICO score are the ones that result from your applications for new credit.
* Inquiries that count toward your FICO score.
There is only one type of credit inquiry that counts toward your FICO score. When you apply for a mortgage, auto loan or other credit, you authorize the lender to request a copy of your credit report. These types of inquiries, prompted by your own actions, appear on your credit report and are included in your FICO score.
* Inquiries that don’t count toward your FICO score.
Your own credit report requests, credit checks made by businesses to offer you goods or services, or inquiries made by businesses with whom you already have a credit account do not count toward your FICO score. Credit checks by prospective employers also do not count. These types of inquiries may appear on your credit report, but they are not included in your FICO score.
The inquiries must be for the same purpose for them not to count against your credit score. If you apply for a mortgage but then apply for several credit cards and a car loan the inquiries will be treated as separate and probably will adversely affect your credit score.
Credit inquiries have prevented people from receiving loans. Granted the way they now affect your fico score is much better then in years past. However if your currently involved in the loan process do not
acquire any more inquiries.
To many inquires that count against toward your Fico can prevent you from refinancing or purchasing a new home
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Information listed above is to be used for educational purposes only and is not guaranteed