Too Many Inquiries Can Hurt Your Credit Score

Are you trying to get a credit card with a really good rate? You may have been shopping around for a while so that you can get the best possible deal. Chances are, you may have found a few different cards that you like, but there were a couple of things that you did not like about each one. Sometimes, you will find one that you like but you have to pay an annual fee. Other times, you will find one with no annual fee but there will be really high late charges or other miscellaneous fees.

However, you should not be applying for all of these cards. Looking through all of the terms for each one of them is one thing, but applying for all of them is another. Were you aware that making a number of inquiries could actually hurt your credit score? Well, it can and could actually end up doing quite a bit more damage than you would think.

The truth of the matter is, every single time that you apply for a credit card or inquire about any type of a loan or store credit, the information will show up on your credit report. This is called a “hard inquiry”. Many times, people will apply for different kinds of credit while they are completely unaware that the inquiries are going against their credit score. It is actually too bad that this information is not given to these individuals up front so that better choices may be made.

2 comments

  1. Do these inquiries hurt your credit score?
    a. inquiry from a bank for openning a check account

    b. inquiry for refinancing a car

    c. inquiry for getting a secured credit card

  2. Yes they can, esp if you submit a lot of applications at one time. Inquiries generally don’t hurt to much, its just excessive inquires that hurt. Its also a red flag to creditors that you are seeking a lot of credit and they won’t know for 30+ days how much credit you were approved for. That will make many potential creditors turn you down, or put your application to the side for “further review”

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