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Could multiple inquiries into your credit lower your score?

February 26, 2014 by · Leave a Comment 

Yes it could, but if it is happening over a long period of time. Let’s say that you are applying for credit at department stores when they give you a 10 percent discount. If you keep this practice over a long period of time at various stores, multiple inquiries into your credit could result in lowering or affecting your FICO score. However, if these inquiries are taking place within a short period of time, it might not affect your score. Let’s say that you are looking into buying a home and tried several lenders for a better rate. If all lenders check your credit at one time so close to each other’s inquiry, this will not have a negative impact on your FICO score. Some say it could lower your score by five points. Also, multiple inquiries from auto, mortgage, or student loan lenders within a short period of time will not affect your score negatively. Applying for credit within a short period time also represents a greater risk and therefore, it could affect your score. One clear way to avoid inquiries impacting your score to do your credit shopping within a short period of time and follow other practices to keep your score high.