Inquiries
- How they affect your credit
Inquiries:
Inquiries are caused by companies looking at your credit report for the
possibility of issuing you credit. This may be from a credit card company,
a mortgage company, or a utility company. Some companies don't place inquiries
on your report, but it is rare. The way in which inquiries hurt your credit
is that it take 30-60 days for credit to show up on a report, sometimes
longer. A credit issuing company is very skeptical of someone who has
applied to a lot of credit recently because they don't know what you were
accepted for or not. For example, say you applied for 5 credit cards all
at once and got all of them. You then have 5 new credit cards which haven't
shown up on your credit report, yet the inquires have. So rather than
risking giving another credit card to a customer and risking abuse, they
would deny you for excessive inquires.
Solution:
Inquiries usually fall off within 6-12 months and do not have a lasting
affect on your credit. They are not negative marks, but more of an instant
guide for the creditors to protect themselves from fraud.
Untitled Document
What Causes
Bad Credit:
Inquiries
Late Payments
Charge
Offs
Repossession
Foreclosure
Judgements
Bankruptcy
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