does anyone know how many piont are taken off your credit score every time an inqiory is made?

Question

and how long does it take for those points to return?

Answer 1

So far 3 answers, and all of the first 3 are wrong.

Yes, when you apply for credit, the inquiry will reduce your score. Generally it can run from a point or two up to seven. (in some extreme cases more)

Your score may start to rise again, "depending on your reports", within a month or two. But the amount of points probably won't rise as fast as when it dropped. Again, it depends on your reports, your payments, limits etc.

Usually when it hits the 6 month the inquiry doesn't hurt as much and when it hits the 12 month mark it has no effect.

And - you DO NOT lose points from your score when YOU pull your own report or scores.

Also, do not use the freecreditreport.com site. It is "not" the true government site and the government considers sites like that "scam" sites. If you want to pull your free reports use www.annualcreditreport.com


edited to add that KB is right that you will lose points on poor credit practices, but she is wrong about inquirys.

Answer 2

The first couple of answers are incorrect. The only time an inquiry doesn't reduce your score is 1) When you've pulled up your own report, and 2) When you're rate shopping for a mortgage or car loan and have multiple hits in about a two weeks period. Typically those either only count as one hit or don't count at all.

Answer 3

Echo's answer is spot on. And so is Vadalia.

I'd just like to add that the reason your score is lowered due to inquiries, particularily for credit cards, is because you give the appearance of being desperate for cash, and this makes lenders weary.

On autos and mortgages, as Vadalia pointed out, they need to pull your credit to make an offer, so it is reasonable to have many pulls for these situations in a short period of time.

Answer 4

These are the major credit report companies. Experian; Equifax

Of you can go to freecreditreport.com to see the other two companies.

Points are NOT taken off when a credit inquiry is done. These inquiries are only to verify that you have good credit before a loan, etc. is approved by a bank or loan company.

Your credit score IS affected when a company reports that you did not pay your loan as you agreed to do.

Answer 5

Vadalia missed one type of 'Inquiry' that does not effect your score. Companies can purchase a list of names and addresses of people that meet a pre-set criteria without actually accessing their reports. This is where all those 'pre-approved' offers come from. These only show on your report when you pull it yourself. Creditors that view your report will not see these entries.

Answer 6

Points are not taken OFF your credit score when an inquiry is made.

Points are taken OFF for POOR CREDIT PRACTICES, like late payments, non payment, defaulting on loans, etc.

Answer 7

none, but point are taken off, when you check are you score.

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http://www.bestcreditrates.net

Answer 8

NONE