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    Edmundo Daco Jr.

    When you apply for any types of loan or other credit accounts...banks, lenders, and creditors pull an inquiry to your credit report to check your credit score and history. This is a necessary step to see if you are worthy of a new credit account.  These inquiries sent to the credit bureaus are counted and tracked and the misconception about this is that, the more credit inquiries done to your credit...the lower your credit score will be. Credit inquiries affect have a very small impact on credit score in general. Multiple inquiries in a short period of time for an auto loan, student loan and mortgage loan are treated as one inquiry and will therefore affect your score very little. In 3-6 months these inquiries won't even matter.

    Nowadays, many creditors offer free checking of your credit score at a monthly basis. Most of them are credit card companies. They do the same process as sending inquiries to look at your credit report and see your credit score. Think about this, why would they offer such free service if it will result to lower credit score for all their clients. So don't worry too much about credit inquiries.

     

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