Can Inquiries Be Removed?
Many people want to remove inquiries from their credit reports, but it is best to
learn about the pros and cons before taking any action.
There are two types of
inquiries, a hard and soft.
When a potential creditor or lender...
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Can Inquiries Be Removed?
Many people want to remove inquiries from their credit reports, but it is best to
learn about the pros and cons before taking any action.
There are two types of
inquiries, a hard and soft.
When a potential creditor or lender pulls your credit it
results in a hard inquiry, which typically will lower your score a couple points.
If you
pull your own credit there is no damage done to your score, as that is classified as a
soft inquiry.
There are a few different situations and each has a different affect on your credit
score.
If someone goes on a credit application spree and applies for multiple credit
cards, lines of credit and other credit that will result in multiple inquiries, and each
one will result in a slight credit score drop.
Also, a large number of inquiries in a
short period of time will also be calculated by the FICO algorithm and drop your
score.
Now, if someone is rate shopping; that is looking for the best interest rate
among a handful of len
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