To avoid credit score damage from multiple hard
inquiries over a short time, scoring models recognize that borrowers often «shop around» for the best loan.
Multiple credit
inquiries over a short time frame — such as applying for five credit cards within a week — can multiply the score damage.
Not exact matches
The more major
inquiries into your credit history
over a
short period of
time, the more it can hurt.
According to Experian ™ multiple
inquiries from similar lenders
over a
short period of
time should
Numerous hard credit
inquiries can have a negative impact on your credit score if they involve multiple types of credit
over a
short period of
time.
This may sound paradoxical, but companies that formulate and sell credit scores consider an abnormal (whatever that may mean) number of credit
inquiries, particularly
over a relatively
short time period, to be an indicator of higher - than - average credit risk.
While auto, mortgage and student loan applications
over a
short period of
time are treated as one single
inquiry, that is not the case for credit cards.
The multiple credit
inquiries on your report
over a
short period of
time won't hurt your credit score, according to Bankrate.com.
Avoid excessive
inquiries - A large number of
inquiries occurred
over a
short period of
time may be interpreted as a sign that you are opening numerous credit accounts due to financial difficulties or overextending yourself by taking on more debt that you can or can not easily repay.
New creditWhen it comes to applying for additional credit, an individual's score usually drops when too many credit
inquiries are made
over a
short period of
time.
Many lenders understand a series of credit report
inquiries over a
short period of
time.
If you've applied for several accounts
over a
short period of
time, the damage from the hard
inquiries adds up and may spook other lenders.
The credit bureaus view any related
inquiries over a
short period of
time to be a single
inquiry.