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How many points does each loan inquiry take away from your credit?

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βˆ™ 2006-09-21 01:40:17

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There are 2 types of credit "hits". A hard credit check in which the"loan" company inquires about you to all the 3 major bureau"s . This type of credit check takes away 4 points or so ( points that take months to get back if you always pay existing loans or cards on time ). A "hard" check is necessary when applying for personal loans, mortages, major credit cards ect. A "soft" hit tkes away 2 or 3 points. A retail store credit card, a gas station card , a cell phone account, ect ect. I also found out that NOT applying for any credit ups your score by a few points every quarter.( hey; you don"t even have to do anything). If you don"t pay your existing cards on time that negatively affects your score by a few points. I do know for sure that if you want any kind of a personal loan in the future with a decent interest rate, you must have the "points" to back you up. Anything less than 600 and you will be paying a "loanshark" for years. (this is true for Canada)

2006-09-21 01:40:17
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Q: How many points does each loan inquiry take away from your credit?
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Related Questions

How many points does your credit score go down for a loan inquiry?

2-3 points each inquiry.


Will an inquiry on a persons credit report lower their credit score rating?

Yes, each inquiry lowers your credit score. You can pull your own credit report for free at www.freecreditreport.com from all 3 credit agencies and it does not affect your credit score. Also if you have ever been denied credit for any reason, you can request a credit report for free.


How many points will your credit score increase with each negative item removed?

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It can be anywhere from 1-3 points depending on how many times the credit has been pulled for unlike or like products. i.e if shopping for a car at a dealership, 1 "pull" can be shopped to as many as 12 companies to pull your credit resulting in multiple hits. each individual company can lower your credit 1-2 points.


Is it bad to have too many credit inquiries listed on your credit report?

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Does pulling credit report multiple times count against you?

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How can I get rid of all the inquires on my credit since it's affecting my credit score Who should I contact?

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How many points will your credit score drop if you go over your credit limit?

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No, unfortunately each credit bureau works individually, you will have to dispute the item with each one, however if you have worked out a deal with the creditor and you have a letter in writing, then it can make the process a little easier, because when they contact the creditor they can just verify your information without having to make an inquiry.


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