Wednesday, May 26, 2010

Do these inquiries hurt your credit score?

a. inquiry from a bank for openning a check account

b. inquiry for refinancing a car

c. inquiry for getting a secured credit card

Do these inquiries hurt your credit score?

Not as much as they used to ... the impact is very slight a point or two at most.

I do not understand why someone would run a credit check for a secured credit card though.

Do these inquiries hurt your credit score?

I believe that after a few within a given time span (I don%26#039;t remember what the span is), yes, they do.

Do these inquiries hurt your credit score?

In regards to A, the answer is no.. Most banks utilize a 4th and 5th credit reporting system called ChexSystems and/or Telecheck to determine if you should have an account with them.. They do not look to the three major credit bureaus for information on you..

B. Any inquiry for refinancing of a car can affect your score.. However, if you go to more than one creditor within a 14 day period for the same purpose, the credit bureaus will count as one inquiry.. I cannot help it that some other contributors have not heard of this rule and choose to mock it in their postings..

C. Same thing here.. This will be a hard inquiry as well..

Keep in mind.. a few inquiries here and there will not hurt you.. However, it begins to hurt you when you have too many show up within a 2 year rolling period...

Hope that helps...

Do these inquiries hurt your credit score?

You can get a lot of info about how cfredit scoring works online. try the credit bureaus websites. a few inquiries should not hurt you. You will get a lot of answers from a lot of people. Someone will say as long as they are within 14 days, blah, blah, blah. Just be responsible and you will be fine.

Also, recently a lot of banks starting checking actual FICO scores, usually just one bureau. They use it more for cross selling than checking account approval.

Do these inquiries hurt your credit score?

Every time they check your credit, they doc some points from you credit score. If it seems counterproductive, it is. If you buy a car, then there%26#039;s 7 pts out the door to check your start a new job, 7 more points, move into a new apartment....7 more for a total of 21 points for simply living. That%26#039;s ludicrious! Just may sure to consistently pay your rent, bills, credit cards, and make car payments....that will up your credit score. Also, if you are planning to buy a house, make sure you don%26#039;t have any outstanding balances on your credit cards, that can work against you regarding bank loans.

Also, if you have just started a career and say you want to buy a car, you may have to have a co-signer because you haven%26#039;t developed a credit history.

Do these inquiries hurt your credit score?

Now many banks and credit unions pull your credit file when you open a bank account. The finacial institutions also pull your credit file when you refinance your car. The secured credit card companies also pull you credit files. These enquiries will remain on your credit file for two years. Each enquiry costs around 3-4 FICO points. You can explain these enquiries to any creditor when you apply for a loan or credit card. Just pay all your bills in full and on time. Do not apply for any new credit for next 3 months. Your FICO will improve over time.

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