Why was my credit score lowered?

Question

My credit score was not perfect because I had "TOO MANY INQUIRIES W/IN THE PAST 12MOS".
I don't get it, I have not applied for credit cards, so who would be inquiring? & how can I find out?

Answer 1

Inquiries can come from a lot of places that do credit checks, like an apartment, or a bank, not just credit cards. If you worried about your credit score being lowered or where youre getting inqueries from you should try a credit score tracker that will alert you whenever something changes or whenever there is new info on your credit report. I've been using mine for the last few months now and it's helped me a lot. Check out my links below to find the credit tracker from MyFico.

Answer 2

You have to read your credit report to find out. All inquiries are on it.

But, you did apply for something, or you wouldn't have been denied credit! It doesn't have to be a credit card. It could be a credit inquiry done when you applied for a job (if you authorized them to check your credit, if you didn't authorize a credit check, it wouldn't affect your rating); or went to lease a new apartment; or checked out buying a car; or you yourself asked for a copy of your credit report on-line. Almost any financial transaction you take can result in an inquiry.

Order a copy of your credit report. Because you were just denied credit, they're obligated to send you one (or do it on-line.) You'll need the "denial letter" to do it though.

Finally, if you really didn't do anything that caused the "too many inquiries" flag--then someone else might be! That's the very reason you want to check your credit once a year or more--so you can see if you've been a little too loose with your personal information. (Anyone else know your social security number?)

Answer 3

A lot of the answers here are slightly wrong.

A credit inquiry which affects your credit score comes from something you applied for. And, an employment credit inquiry doesn't count. But, a tenant inquiry, or any other financial transaction inquiry where you've applied for something, will create a hard post which may affect your credit score.

And the worst possibility of all is that somebody else has applied for something using your identity, which could mean your identity has been stolen and you risk much more than a slightly imperfect credit score.

Answer 4

The first answer on here is correct. (The one just before I wrote this--who said the others were wrong--is WRONG!) He clearly hasn't applied for a job before. (That may be why he is a "top contributor"--perhaps he doesn't work for a living?)

Applying for any professional job usually involves a credit check. It is a "hard check" against your credit. It is done to show potential lenders that the borrower may have recently changed jobs. It is necessary if the position requires "bonding" that is if the potential employee is an executive, works in payroll or accounting, or otherwise handles cash.
A "soft check" doesn't count against you--but that is for stuff like credit card companies that send out mass mailings to a zillion people in order to get someone to take their credit card. Those "don't count" against you. Applying for any real job usually does count (precisely because it will likely affect your ability to pay the debts you have.)

Answer 5

You can get a credit report on-line to find out who inquired. Remember your credit gets checked for more reasons then just credit card applications, but unless you have given consent for someone to check your credit it should not count against you.
How did you find out your credit score was lowered? You must have applied for something. If you were turned down because of negative credit info. you are entitled to a free credit report from the credit agency who supplied your credit info. You need to find out from the people who turned you down, what credit agency gave the report (get a phone number so you can contact that credit agency; give them your personal info. and they will send you copy of your report)

Answer 6

Get a free copy of your credit report at annualcreditreport.com, you will get copies from all 3 bureaus. Creditors don't always report to all three so each one could look a little different. Your current creditors can do credit inquiries from time to time. Also look for identity theft. I was denied credit over and over until I found out that someone in Michigan was using my name and SSN. Hope that helps.

Answer 7

Hi there,

Sometimes credit card companies will inquire about your credit before they make you an offer to apply for their card. Have you been getting credit card offers in the mail? The other way to find out is to look at the bottom of your credit report, it will list who has been inquiring on your account.

Here's a Web site where you can register to opt out of pre-approved credit card offers, or you can search for one online that you feel comfortable with.
https://www.optoutprescreen.com/?rf=t

Good luck!

Answer 8

If you have not inquired, or applied about loans or anything else I would say your information has been stolen ie identity theft.. When credit card company's send you mailers that does not affect your score. Call the companies and find out what is up

Answer 9

Credit card companies are doing inquiries so they can solicit you with credit card offers.
There is a way to stop this. Have your name placed on the 'opt-out' list.
Do a google search for credit offers opt-out.

Answer 10

Get your credit report from Experian, TransUnion, and Equifax, and you will know.
Companies can inquire without telling you, and it effects your credit.
It stinks!!