What Is A Credit Inquiry
Everytime you apply for credit, the company you apply with pulls your credit. This called an inquiry. More than a few over a 1-2 year period can decrease your credit score. (Consumer requests do not effect your score, i.e. you order your own credit report)
If you are looking for a loan or mortgage, this is factored in. Multiple inquiries of the same type (mortgage, auto loan, etc..) at around the same time are consolidated for credit scoring purposes and usually count as one. This is know as loan shopping.
Because of this, it is important not to apply for credit too often or you will affect your credit score and credit rating.
When you check your own credit this is a consumer inquiry and will not affect your credit score.
If you check your credit you may notice inquiries which start with PRM or other letters, these are caused by mailing list generators of credit card companies looking for consumers to market to. These do not lower your credit score.
| Quick Credit FAQ |
| Up to 60% of people who check their free credit report find errors. |
| Credit Professionals recommend a credit check at least 2x yearly. |
| You may obtain a free credit check if you've been denied credit in the last 60 days or once annually. |
| There are 3 credit bureaus which collect information from major creditors. Equifax, TransUnion, Experian. |
| Your credit report lists all the accounts and payment history for the last two years; liens and judgements for 7 years; bankruptcy 10 years. |
| From your information a credit score is calculated. Credit Scores range from about 400-820. A score of 700 or above is very good. |
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