How long does it take for your credit score to go up after you have had it ran so many times?

Question

A car dealership told me that my credit score had dropped about 100 points because it has been ran so much. How long to build it back up?

Answer 1

Stop applying for credit now. EVERYTHING shows up on your credit report. If someone asks you if you'd like to save an extra 15% by opening an account, say NO! It sends up a red flag to creditors when they see too many inquiries in a certain timespan. I want to say within 6 months, but I'm not sure. Get a copy of your credit report and see just exactly what they are looking at. In the US everyone is entitled to one free report per year. Use the link below. In the meantime, instead of opening new accounts, figure out a way to pay off what you've got. Also keep up with your utilities, as that also affects credit. It may take a while for your credit to return. You can also go to ClarkHoward.com for all sorts of advice on credit.

Answer 2

Aside from major issues (i.e. bankruptcies), it is hard to calculate what will damage your credit the most and for how long. Some say credit inquiries affect your credit for 4-8 weeks. A previous post states possibly 6-months. The only thing for certain is that inquires stay with your credit report for 2-years. Even so, normally it takes until the end of the month for the inquiry removal.

I can only think if someone has 10 inquires within the same week or month that it may lower there credit score by 100 points. Of course, it also depends on the person’s history. My score went from 685, to 692, to 696, back to 685. When my score went to a 692, I opened a line of credit. The new credit sent my score to 696. Once I maxed that line of credit, my score went down to 685. Nothing else that significant changed.

Check your credit report for inaccuracies, learn what is supposed to be there, what can be there, and what needs to be removed. Keep your financial urges in check.

In addition, watch out for car dealerships. Even the name brand ones can be sleazy. Make sure you are getting the correct interest rate for your credit score. My friend brought a car from a Toyota dealership. They told him that he had Tier 2 financing (interest rate based on your credit score). Luckily, he looked at the paper work and told them he had Tier 1. If he did not catch their “mistake” he would had a higher interest rate.