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mrslynn40

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how many points is an inquiry wortn

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Hard Inquiries will drop your score.

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I just purchased a new car a few weeks ago.  At the time I applied, I had 1 hard inquiry on my report.  After purchasing the car, CreditKarma alerted me to 3 new inquiries, and my score dropped 3 points.  The new loan cost me 5 points more for a total of 8 points.

This is not unusual when applying for new credit, and I'm not concerned about it.  The new loan will quickly recover the lost points after a few months (and probably even a few more). 

Hard inquires won't hurt you.  They do stay on your credit report for 2 years, but lose their impact after one year.  But be careful when applying for credit cards.  Try to apply for only 1 every 8-12 months.  Trying to obtain 2 or more credit cards at the same time will not only drop your score, but acts like a red flag to future creditors.  Too many inquires made today will give a creditor a reason to deny you credit for at least the next 6 months.

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