Dear Speaking of Credit, If I need to
run multiple credit checks for new apartment rental approval applications, will this affect my credit?
Though it may seem pretty harmless, credit checks will lower your credit score, especially if the span of time that you're
getting multiple credit checks lasts longer than 2 weeks.
Multiple credit checks from property rentals count as a single inquiry While soft inquiries have no effect on any credit score, hard inquiries may or may not affect your score.
Now, here is a major catch — sometimes, establishments, such are car financing companies or mortgage companies, tend to
pull multiple credit checks, which if you been paying close attention, is double the hard inquiries.
That consolidation of inquiries helps limit the FICO score damage that would otherwise be caused
by multiple credit checks, each counted individually.
When they do, you'll be happy to know that
multiple credit checks from property rentals within any 45 - day (FICO) or 14 - day (VantageScore) period are treated as a single inquiry by the credit score.
It is known that
multiple credit checks can damage a customer's credit file, and numerous declined applications can make obtaining future credit at good interest rates even more difficult.
Before addressing your questions concerning score impacts from
multiple credit checks and declined rental applications, let's first sort out some of the differences between the two main types of inquiries — hard and soft — and how each can influence your credit score.