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herekittykitty22

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what is a hard credit inquiry?
our points went down when we leased a new car. The dealership did a hard credit inquiry as did the leaseholder.

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Anytime to request credit the company/servicer will request your credit report and score to determine if you are worthy for a credit extension/loan. Everytime you request a new mortgage, car loan, credit card, etc, you have to sign a paper authorizing them to pull your credit, that results in a hard inquiry (they can come from other sources as well such as collection agencies are allowed to do a hard inquiry when tracking you down). Basically you do not want to go out applying for a lot of lines of credit. They fall off after 2 years, so you basically just need to space out credit applications because you do not want to have too many hard inquiries at once.

On the otherhand the requests like CK and other credit score, monitoring, etc pull are called soft inquiries and do not affect your credit score. Same with your current credit card companies, from time to time they pull your credit again to see if you are eligible to have your credit line increased, those are soft inquiries as well, partly because you already have an open line of credit with them.

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JBirley15

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I recently realized an ommission on my part. Although the hard inquiry will stay on your credit for 2 years, they will only affect your credit score for 1 year.

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JBirley15

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Similarly, there is thing called "rate shopping" where if you are looking to buy a car, get a mortgage, etc. if all inquiries are made within 15-45 days (the time frame depends)  of the other inquiries only one will count in an effort to allow consumers to shop for the best interest rates and such.

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