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Question
What is the real impact of credit inquiries.
CK states that I have 8 hard credit inquiries on my report. I heard that they remain on the report for 8 years. And I heard that they only impact your score for 1 year. I also read that the degree of impact decreases by the month. And I've noticed that credit inquiries over 6 months old, were factored into the credit score. I'm confused. Which is right. All of my inquiries will be 6 months old at on February 28, 2011. All but 4 are older than one year.
But, I did discover that the soft inquiries made by Orcahrd Bank for a credit card were counted into my credit analysis for my credit scores and for my auto insurance score. It states thta I had applied for two bankcard within 2 years. Those two soft inquiries were the only time I applied for a bankcard. And when they offered me only a secuired card, I did not proceed any further in the process. There were no hard inquiries from Orchard Bank. So, beware consumers about those soft inquiries.
Asked by
JohnHoer
1 year ago
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Hard inquiries is two years for calculation purposes. Of course the exact formulaes are secret. Check out your credit report at www.annualcreditreport.com to get exact dates and names. I think you worry too much about your credit score.
KeesdeWit 1 year ago
Just keep your inquiries at no more than 3 per year and you will be ok. Don't worry about Credit Karma. Good Luck.
nandog 1 year ago
I realize that fewer inquiries is best. But, it is misleading to be told that the soft inquires ran by Orchard Bank will not impact one's credit score when it does. And that part of my question wasn't addressed. Are there other soft inquiries that can impact one's credit score? I do appreciate sites like CreditKarma.com, Credit.com and Quizzle.com because I am learning much from these sites about credit management. But, it is also difficult not to develop some cynicsim Thanky you. :) .
JohnHoer 1 year ago