| Your credit score plays a crucial role in your ability to | | | | credit score. For some, one inquiry will not lower their |
| obtain a loan, whether it is a small personal loan, an | | | | score at all. For others, however, it may lower the |
| auto loan, or a home or business mortgage. New credit | | | | score by a few points. Multiple inquiries can add up in a |
| (or your pursuit thereof) is one of the main factors that | | | | hurry when it comes to lowering your score, so be |
| determine your score. When your credit score is being | | | | careful how often and with whom you apply for credit. |
| calculated, then the most recent credit on your report | | | | Some companies will send your credit check through |
| will account for about 10 percent of your score. Within | | | | multiple finance companies to find the "best deal" or |
| that "new credit" category, there may be what's called | | | | the best interest rate. This can harm your score |
| hard credit inquiries. That's why inquiry removal can | | | | tremendously because each individual finance |
| greatly affect your credit score in a positive manner. | | | | company will show an inquiry into your credit report, |
| Let's explore how this works. | | | | especially if you shop around at various locations for |
| Credit Inquiries Explained | | | | an extended period of time. |
| A credit inquiry is displayed whenever a business (with | | | | Hint: When shopping for the best interest rate for an |
| permission according to the federal Fair Credit | | | | auto or home loan, try to decide on a loan company or |
| Reporting Act) requests a copy of someone's credit | | | | bank within 30 days of your initial inquiry. Credit |
| report. Some inquiries called "hard inquiries" will count | | | | reporting agencies do allow for rate shopping and will |
| against your credit score, while others called "soft | | | | ignore all mortgage and auto loan inquiries made in the |
| inquiries" will not. Hard inquiries are those created when | | | | 30 days prior to scoring. |
| you actively apply for new personal credit, whether it | | | | Beware! There are also unauthorized inquiries, which |
| is through a bank or credit union, credit card company, | | | | are hard inquiries made by companies without your |
| finance company, or even a retail outlet. These are | | | | permission. These can lower your score as well, so it's |
| inquiries that result when you need to borrow money | | | | a good idea to get help with inquiry removal in these |
| for credit cards, mortgages, car loans, furniture | | | | cases. |
| purchases, high-end electronic purchases, boat loans, | | | | Benefits of Inquiry Removal |
| etc. | | | | Inquiry removal for credit repair can help boost your |
| In inquiry removal and credit repair, the goal is usually to | | | | credit score tremendously. And even if it's only by a |
| remove as many of the hard inquiries as possible so | | | | few points, these points can make or break your ability |
| your credit score will gradually go higher. There are | | | | to obtain a loan. Inquiry removal may enable you to |
| also involuntary credit inquiries, which are pursued by | | | | obtain better interest rates on a mortgage or auto loan. |
| businesses with which you did not apply for credit. | | | | You might be able to obtain a line of credit for |
| These will not count against your score. Inquiries made | | | | personal or business use. A better score arms you |
| by companies with whom you already own a credit | | | | with the ability to obtain credit cards with higher limits. |
| account do not count as well. Credit checks that are | | | | Removing 10 recent inquiries can boost your score by |
| performed by a potential employer do not count | | | | up to 50 points, so inquiry removal is well worth the |
| against your score. Although these types of inquiries | | | | effort! |
| will not affect your FICO score, they will appear on | | | | If you're seeking ways to boost your credit score, |
| your credit report. | | | | check out online inquiry removal and credit repair |
| How Credit Inquiries Affect Your Credit Score | | | | professionals. A credit repair specialist can help you |
| New credit inquiries may or may not affect your FICO | | | | get back on track with your credit. |