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Money Mart Locations

Credit Checks: What are credit inquiries and exactly how do they impact your FICO ® rating?

You authorize those lenders to ask or "inquire" for a copy of your credit report from a credit bureau when you apply for credit. You may notice that their credit inquiries are listed when you later check your credit report. The inquiries that are only count toward your FICO Scores would be the ones that derive from your applications for brand new credit.

It is critical to realize that you will find 2 forms of credit inquiries. Soft inquiries such as for instance viewing your credit that is own report perhaps maybe not impact your FICO Score. Rough inquiries such as for example earnestly trying to get a credit that is new or home loan will influence your score. Browse below to see simply how much difficult inquiries can impact your FICO Score.

Do credit inquiries affect my FICO Score?

FICO's studies have shown that starting credit that is several in a brief period of time represents greater credit risk. Once the info on your credit report shows which you have now been trying to get numerous credit that is new in a short time of the time (instead of rate shopping for an individual loan, that is managed differently as discussed below), your FICO Scores may be reduced because of this.