Does having too many inquiries on your credit report hurt you?

Answer 1

Yes. Too many inquiries can destroy your score. Any time a "hard pull" is done, your score suffers. A hard inquiry occurs when you apply for credit. As the first poster stated, if you are rate shopping when buying a house or a car, apply to all your potential lenders within a 14 day time period. That way it will only count as one inquiry.
When you pull your own credit reports, it does not harm your score.
All inquiries stay on your report for two years, so be mindful that potential lenders can see your patterns and history as far as your credit applications. That can sometimes influence their decision.
I hope that helped!

Answer 2

Yet it does.

Each inquiry can effect your credit score from 3-10 points. Some on Yahoo answered this question and commented that they don't ever take off more then 30 points due to inquiries...but never gave a source to verify this info. So whether it's true or not I don't know...and I've done a whole lot of research into this.

Answer 3

Yes, it does each inquiry bring down your credit score you should only apply for credit if you absolutely need it not every time they send you a pre approval in the mail. The only inquiry that doesn't hurt is when you pull it yourself. Also, when your are applying for a car loan or a house loan because they usually shop around for the best deal the credit agencies usually count them a one inquiry so only bring score one time instead of multiples if done within a believe a months time.

Answer 4

Yes I went one day and applied for all the gas credit cards. I got approved fro five hen denied for two and my score dropped 20 points I now know not to apply anymore

Answer 5

Yes it sure does. I need to practice self control to do this.