Inquiries on your Credit Report

inquiries on your credit report

There are many  factors that can make lenders feel less inclined to give you credit one of those factors can be having a large number of inquiries on your report. When lenders see this, they often times assume that you have been trying to get credit from many different lending institutions, which does not look too great. If you have done this and been rejected by the other companies then the one you are currently applying to will be reluctant to give you their money, as they will assume that their funds are at risk if others have declined your applications. The number of inquiries will be noted on your credit report so it will always be available for lenders to access.

Are you in need of credit advice or need help improving your credit? Get in touch with a credit specialist here.

When should you make Inquiries on your credit?

It is better to have all the enquires made within a short time period as it will be reasonable to assume that you were shopping for one loan rather than to have many inquiries spread over a long period of time where it will look like you have been constantly searching for money. Usually when making multiple inquires close together, they will be combined as one inquiry and won’t have too much of a negative affect on your credit score.

How to choose the right lender

Overall, the safest way to go about all of this is checking the terms and conditions of the companies you are thinking about lending from before actually do an inquiry on your credit score. By doing your research, you will be able to eliminate the businesses that you don’t see working for you and you will be able to find the right lenders and not have so many inquiries on your name. Using companies that you already are lending from can also be a better way of getting new inquiries that won’t hurt you rather than finding another financial source. 

Making those changes and being more aware of how inquiries can impact your credit score definitely puts you on a better path to restore you credit.