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Discussion in 'Credit Talk' started by Davidoj, May 22, 2001.
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Recent multiple credit applications hurt you, because it makes you look ***DeSpERaTe FoR cReDiT***
Lenders do look at your recent credit inquiries when deciding whether to approve you or not. And when you sign any application for credit or when you apply for a credit line increase on an existing account, you will be giving permission for the creditor to pull your credit report.
Too many recently opened accounts, and recent credit inquiries will lower your score (opening several credit accounts -or trying to do that- in a short period of time does represent greater risk and lowers your score)
My suggestion is do not apply for credit everywhere. Numerous inquiries hurt your credit rating. Again, it makes it appear you are desperate for credit. Lenders don't like to lend to people desperate for credit.
Are these "soft" inquires, if so they don't count against you at all so i wouldn't worry about it. However if these are hard inquiries initiated by you, that many in that time frame will hurt your scores.
it's about half and half.
My understanding is that the affect of credit inquiries will vary, depending on the rest of you're report. I would guess that if you are maxed out on you're revolving accounts, or you have several new accounts, then it would appear that you are desperate. On the same token, if you have marginal or bad credit, the inquiries would have a significant impact because it shows that you are attempting to get a lot of credit, and you haven't proven that you can handle it.
I don't think it would have a significant impact if you have good credit, and have proven that you can handle the credit that you have. It will still hurt you're credit, but not as severely.
Hope this helps
Thought this URL would be helpful in explaining inquiries and scoring factors
Fair Isaac explanation of FICO score factors: The Five Things That Count
hope this info helps, good luck!
Great article .... Thanks