Credit Advice

Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!

Question

Posted in Credit Scores
Profile Image

Question By
Tuly1021

0 Contributions
0 People Helped
Y does hard inquiry lower ur score if it's required from loaner 2 C if U can pay back and that's it?
Why would a required inquiry that does nothing to value your ability to pay back? And, this would only require an approval or a denial. What makes it a credit lowering action?

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW
All Responses

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next
Top Contributor
1754 Contributions
3017 People Helped

A hard inquire shows that you applied for a line of Credit,   ( you might not get it but you applied ) 

There are people that will try to scam anything from anyone.   A Hard inquire is a way to say to other creditors that this person is applying for Credit.   

Then for the debtor they Should know that too many Hard inquires will lower your Credit Score,  depending on where you are with Credit, History ,  lines of Credit etc. 

I have had as many as 14 Hard Inquires on my account at one time,  as low as 3 and currently at 4 or 5,  but thinking I'm done with new accounts for now.

Top Contributor
229 Contributions
75 People Helped

Should I trust a person for a car loan knowing that they just got three new credit cards that do not show a balance yet (but they might have maxed out), they also just got applied for a two personal loans, but do not have it show on the credit report yet because they have not made their first payment, and just got a new home?

This is why they have a greater impact right at the begining and less impact even just a few months later. Within a few months lenders will see if those inquireies gave you credit and if you are using it, or if you were just shopping around etc.  By the time a hard inquirery falls off you do not even see much of an increase. today I had one of three drop off and my score only went up 3 points.

Results 1-2 of 2Results per page: 5 | 10 | 25Page 1 of 1   Previous | Next

Your Credit Scores Should Be Free. And Now They Are.

View your scores and reports anytime.

SIGN UP NOW

Reply to this Question

Write your response:
Enter Your Comments

The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.