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hard inquiry for refi and affect on credit score
Tried refi with company.They did. hard inquiry to see if I qualified. Met all but one, fact I am out on disability and no definite date of return. Was advised cant qualify. will this hurt credit score? Also, is it true once inquiry done, you can apply for credit cards within 7 days of first inquiry and wont affect credit score cus it will be like one inquiry?

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Hard Hits on Credit

Any Hard credit check will hurt your credit. No, if you apply for a CC it will also hit your report. Each hit no matter when it is done appears on your credit report unless it is a soft credit inquiry. Each hard hit drops your score and it takes time to diminish the impact of the Hard hit. See below for info on it.

Excessive Inquiries Hurt Your Score

  • Applying frequently for lines of credit will lower your FICO score. As these inquiries age, their impact on your score diminishes. Although the impact on your FICO score is minimal (approximately five points per inquiry), in a creditor's eyes, a person who constantly applies for credit is a potentially high-risk customer who may be in financial trouble.

Inquiries Don't Show Up Instantly

  • Credit inquiries sometimes take a week or longer to show up on your credit reports. Theoretically, you could apply for 12 credit cards in one day and none of the creditors would know about the other inquiries that day. Of course, your FICO score would take a major hit when the 12 inquiries are factored into your score 30 days later. And you would have a very hard time getting approved for a loan or other credit with that many fresh inquiries on your reports.

Bottom Line

  • If you absolutely must have two more credit cards and you are going to apply anyway, apply for both on the same day rather than a few weeks apart. But proceed with caution: If you have not applied for credit in the past six months---and your credit report is generally positive---you have a good chance of being approved. The first application will not adversely the second. But if you wait a week before applying for the second card, you may be denied for having "too many recent inquiries" in the creditor's eyes. Even if you have excellent credit, you must weigh the long-term effect of multiple inquiries versus the short-term "high" of being approved for new credit cards on the same day. If it's worth it, do it.

Read more: Should I Apply for 2 Credit Cards on the Same Day? |

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