Credit Inquiry vs. Credit

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Credit Inquiry vs. Credit
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• In todays credit-based culture, a good credit
  score can mean a great rate and a bad one can
  mean you're fresh out of luck, even for a new
  job. With more companies performing soft
  inquiries to determine employment eligibility,
  it's more important than ever to maintain a good
  credit score- but, that means understanding what
  contributes to your credit score, and what you
  have control over in terms of trade, debt, or
  inquiry.

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• Using information from TransUnion, Equifax and
  Experian, FICO compiles your credit information
  onto one report, and portions of your score
  depend on how reliable you are, if you always
  make your payments on time and if you have had
  credit products for many years without incident.
  But, each credit inquiry on your file also plays
  a key role.
• Keeping in mind that soft inquiries such as you
  checking your own credit wont impact your score,
  not all inquiries are soft inquiries and most
  credit checks stick around.

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Credit Inquiry Represents (Potential) Debt
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• Because an inquiry is a request for information
  by a company which you have requested credit from
  (or in the case of a debt collector, owe money
  to) it represents either potential debt or
  potential credit. Lenders must assume that any
  recent inquiry could represent monies owing, and
  the longer the list, the more likely that each
  new inquiry is an attempt to get credit meaning
  that you represent a likely repayment risk.

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• Any more than 1-3 inquiries in a 6 month time
  period is too many, and could potentially lower
  your credit score even if everything else on your
  bureau is in good standing. For this reason, if
  you are planning on buying a new house or car, or
  will soon need a large loan, you should make a
  point to avoid credit inquiry by electing not to
  apply for new credit cards, small loans, or phone
  plans that require a credit check.

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• If it's already too late, your only option will
  be to stop applying and to wait six months or if
  youre in a hurry, have your unwanted inquiries
  removed by the professionals at Inquiry Busters.

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• If you attempt correcting your credit on your own
  and the businesses you contact refuse to remove
  inquiries, don't respond, or provide what they
  feel is sufficient evidence of your consent,
  tryInquiry Busters. In most cases, what it takes
  to remove inquiries is persistence and if you
  don't have the time to follow-up, you might not
  see results.

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