How Can Inquiries Hurt My Credit?
Most people are not aware how devastating credit inquiries can be to their credit score. When you are out “shopping” for rates for credit cards, mortgages, and loans, you need to know how the lenders are seeing your application. Every time your credit report is pulled by someone other than yourself, a “credit inquiry” will show up on your credit report for everyone to see. They stay on your credit report for 2 years!
If you have multiple credit inquiries, you will be penalized many points on your credit scores, therefore, the score that the lenders see will not be a true reflection of what your real credit should look like. These pesky credit inquiries are so annoying because it’s a slick way for the credit bureaus and lenders to control your options. Shouldn’t you have a choice of the loan rates and terms you like best? It’s an unfair system!
However, you don’t have to be a victim of it. You can have the credit inquiries removed from your credit report. A lender shouldn’t be able to limit you or control how many places you can shop for good rates and terms. It’s your right to get the best deal you can for you and your family.