KarmaChameleon

2 Contributions 27 People Helped

Member Since: July 2010

Most Helpful Contribution

how long do hard inquiries stay on your report

Jul 26, 2013
Helpful to 25 out of 30 people

Credit Karma's grading for that category is assuming that those are 17 distinct inquiries, which would have a much higher impact on your score(s). However, if they were hard pulls for the same type of credit, the "weighting" is applied differently. For example:

If you were shopping for a home loan and had 17 hard inquiries from banks within a relatively short period of time, it would be understood that you were simply shopping for the best loan, and all similar inquiries would be "weighted" with the impact of a single inquiry. Meaning, that they would have a "lighter" impact to your score, because they would be grouped together as if they were a single hard pull.

Activity (2 Total Contributions)

how long do hard inquiries stay on your report

Jul 26, 2013
Helpful to 25 out of 30 people

Credit Karma's grading for that category is assuming that those are 17 distinct inquiries, which would have a much higher impact on your score(s). However, if they were hard pulls for the same type of credit, the "weighting" is applied differently. For example:

If you were shopping for a home loan and had 17 hard inquiries from banks within a relatively short period of time, it would be understood that you were simply shopping for the best loan, and all similar inquiries would be "weighted" with the impact of a single inquiry. Meaning, that they would have a "lighter" impact to your score, because they would be grouped together as if they were a single hard pull.