All about inquiries...


An inquiry is a notation in your credit history that indicates someone was looking at your report.There are two types of inquiries: SOFT & HARD.

Soft inquiries do not impact your credit standing-they occur when your credit report is checked by YOU, a prospective employer, or for the purpose of pre-selected credit card offers.

Hard inquiries occur when you apply for credit with a bank or retail store. A large number of hard inquiries posted over a short period of time could cause lenders to think that you are seeking lots of credit due to financial DIFFICULTY, or that you're overextending yourself by taking on more debt than you can afford.

However, it's still okay to shop around for a loan when you're making a large purchase such as for an AUTO or HOME. As long as your inquiries for an automobile or mortgage deal are all within a 30-day period, many credit scoring programs and creditors will disregard the multiple inquiries or consider them as only one inquiry. However, they will still have an impact on your score therefore, BE sure to do your research and narrow down your bank selection to 2 or 3.