on one my credit reports there have 9 inquiries looking at my credit history, some are widely spaced (by time) and some are not(been looking for a good lender to buy a home) and according to the report these will stay on my report up to a period of 2 years,does that hurt my credit rating any?
2007-02-25 08:23:22 · 3 answers · asked by kys_rosered 2 in Business & Finance ➔ Credit
You need to look at WHERE on your history they were looking. There is usually a different section for each of the following along with descriptions.
Hard hits are counted against you and mean you authorized an inquiry looking for a service. They stay on for approx 3 years.
A soft hit-like insurance, employers, landlords or "pre approved offer" fishing by companies, do not count to "lower your score" and usually only stay on for 2 years
2007-02-25 08:34:02 · answer #1 · answered by spawnsmama 2 · 0⤊ 0⤋
Yes, inquiries do hurt your credit rating. Remember the average credit user only has three inquiries per year. The scoring models like FICO (Fair Issacs and Company) and some the others allow for multiple credit inquiries over a two week period for such things as car loans, mortgage lenders.
Look at your inquiries very carefully. Do any have PRM, AR or PM after them? These are not shown to creditors so ignore them. Do you have duplicate inquiries like one on 2/5 and another on 2/8 for the same company? I would dispute those off as being duplicates.
I hope that helps you.
Good luck
2007-02-25 16:47:34 · answer #2 · answered by teenriodoll 3 · 0⤊ 0⤋
the only time that it really hurts your credit is if you are going turned down by all of the pople looking at it. I am a loan officer and we companies look at your report it is called a "soft hit". So no even though it will show up it is not going to hurt you unless you are being denied over and over again.
2007-02-25 16:32:29 · answer #3 · answered by The Voice Of Reason 4 · 0⤊ 0⤋