Feed: Do Credit Inquires Hurt Your Credit Score? - AggScore: 10.5
Summary: Do Credit Inquires Hurt Your Credit Score?
Mike Clover asked: A credit inquiry is an item on your credit report that shows with permission a creditor requested your free credit score report.Not all credit inquiries affect your credit score:You may notice when you pull your credit report there are inquiries on there from a business you are not familiar with. The only [...]
Do Credit Inquires Hurt Your Credit Score?
div stylefloatleft padding 12pxa hrefwpcontentuploads201011freecreditcheck33.jpgimg srcwpcontentuploads201011freecreditcheck33.jpg title alt adivdivemstrongMike Cloverastrong asked embrbrbrbrbrA credit inquiry is an item on your credit report that shows with permission a creditor requested your free credit score report.brbrNot all credit inquiries affect your credit scorebrbrYou may notice when you pull your credit report there are inquiries on there from a business you are not familiar with. The only inquiry that affects your credit score is the one where you are applying for credit. This is considered a hard pull on your report.brbrInquiries that affect your credit scorebrbrThere is only one type of inquiry that affects your score. This type of inquiry is applications for a mortgage, auto loan and other credit, by you authorizing these creditors to access your credit report. This type of inquiry prompted by your own actions ends up on your personal credit report and affects your score.brbrAn inquiry that does not affect your credit score Checking your own personal credit report or any business that offers goods and services that requests your report. A business that you already have a account with that requests a check. A potential employer that does credit checks. Some of these types of inquiries might show up on your report but do not affect your credit score.brbrChecking your credit report does not affect your scorebrbrChecking your credit report on a regular basis to ensure it is accurate and error free is recommended by Fair Isaac the inventor of the FICO Score. Maintaining a error free report is part of credit management which will improve your credit rating over time. Ordering your credit report at CreditScoreQuick.com does not hurt your credit score.brbrHow credit inquiries are factored in your Credit ScorebrbrThere are five types of information used to calculate your credit score. Each category accounts towards a percentage of your score.brbrPayment History 35brbrAmounts Owed 30brbrLength of Credit History 15brbrTypes of Credit in use 10brbrNew Credit 10brbrDont let inquires scare you. There is nothing wrong with shopping for a better rate, or better terms on a loan. As you can see in the about chart, payment history is the biggest factor in calculation process of your credit score. The second biggest factor is how much of your approved credit limits are charged up. But of course you dont want to go out and start applying for every credit offer out there either. Be responsible and have a good mix of credit, but stay away from too much credit as well You really on need 3 lines of credit reporting on your report.brbrExamplebrbr1. credit cardbrbr2. car notebrbr3. installment loanbrbrThis type of credit mix accounts for 10 of your score.brbra hrefLaurieadiv
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