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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)

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βˆ™ 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 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?


How many points will come off your credit score after an old credit card account has been settled?

Each credit reporting agency can have different rules. When I did it, I bumped up somewhere between 5-10 points, but it took a month or so for it to register.

Can I get a rewards credit card from Sainsburys?

Yes you can get rewards if you have one of their credit cards. The points are doubled with each card type when you shop at Sainsbury's and you also get one nectar point for each 5 you use elsewhere. The credit cards don't have fees.

How many points are deducted for others who check a credit?

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?

Of course it is! Each inquiry is worth 1-3 points and if a creditor is refusing to investigate it, that probably means they have no way to verify it and they know it impacts your score, so when the bureaus delete them...VIOLA! Your score just jumped upto 100 points possibly! Try it, dispute the inquiries that you did not authorize, it may take you 3-4 times of sending in disputes, this is a delay tactic from the credit bureaus. Dont give up! After all, creditors seem to think they have Carte Blanche of your credit file, and this is your file and you are entitled to have accurate information on them!

Does pulling credit report multiple times count against you?

There are two types of inquiries. Soft pulls and hard pulls. Soft pulls are when you look at your own credit. They don't get counted as far as your credit score. However hard pulls are when you apply for credit. This can effect your score 2 - 5 point for each inquiry.

How often should your credit score change?

Your credit score is never really static. It is calculated each time there is an inquiry, using the contents of your file at the time. The contents of your file are subject to updates at any time, as activity in your relevant accounts is reported.

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

If the inquiry occured and the inquiring entity had a lawful purpose, you can't get rid of them because they are valid. If you believe the inquiries to be unlawful you can dispute them with each of the 3 credit agencies: Equifax Experian Trans Union

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

Make sure that you stay below 30% of the credit limit if you want to have a decent credit score. There is a scoring module that Credit Reporting Agencies go by that we as the consumers don't know about. I will tell from experience that your score could decrease anywhere from 10 - 20 points from each bureau that your account is being reported with.

Is there a central place for disputing credit report errors?

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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