Inquiries & their Effect on Your Credit Score

When a consumer seeks credit, the lender will report an inquiry on the consumer’s credit reports. When a bank sends out a pre-approved loan application or makes an account review, the bank reports that event as an inquiry. The former inquiries are known as hard inquiries and the latter as soft inquiries. Consumers reading their reports worry the inquiries are reducing their credit scores. However, the soft inquiries do not affect credit scores at all and the hard inquiries lower credit scores but not very much. For most people, one additional hard inquiry will takes less than five points off...



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