How long do inquiries stay on a credit report?
On a typical credit report, inquiries for the past 90 days are displayed. Older inquiries are still present and can affect your score. For example, when applying for loans, inquiries over the last 12 months are factored into the lending decision.
Can multiple inquiries in a short period of time bring down my FICO score?
Not all inquiries are created equal. For example, mortgage and auto financing inquiries have less impact than inquiries obtained by seeking less secure types of credit like new credit cards. It is expected that a borrower will shop around for the best lender in certain situations, such as when buying a new home, and the result is your score will not be impacted very much (if at all) by a few of these types of inquiries. Seeking unsecured credit, such as credit cards, however, can have much more impact on your scores. As a general rule, about 3 to 5 mortgage inquiries would equal about 1 new credit card inquiry. Also, it’s important to know that borrowers who have any bankruptcies, foreclosures, tax liens, judgments, or any other public records on their report will be hit harder for inquiries than someone who’s report is free of these blemishes.
Will your work add inquiries, and if so wont that hurt my score?
It will be necessary to add a few inquiries during the process. It’s important to understand, however, that we are also, at the same time, removing from your report the very reasons your inquiries might be having such an impact on your score in the first place. You should be comforted to know that our experience has been that the inquiries we have added to clients reports have had no affect on their score. Even if 3 or 4 points were to be lost the work we will have done drastically overcompensates for this.