Will Credit Inquiries Lower My Credit Score? | CreditShout

Will Credit Inquiries Lower My Credit Score?

By Kaitlin T / January 14, 2011

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Q: I’m thinking about applying for another credit card, but heard that too many credit inquiries may actually lower my score, is this true?

A: If the credit inquiry is based on you checking your own credit score, then no, it does not affect it. Companies who view your credit history (such as the bank you are applying for a loan with) should not fault you for it, either. It is important to stay aware of your credit score, and banks understand this.

However, if these inquiries are a result of you applying for loans or credit cards, then yes, they will count against your credit score. Thankfully, each one should not affect your score too much. It is only if you apply for a bunch of credit cards or loans within a short period of time that it will significantly affect your score. Even then, these inquiries make up less than 10% of your credit score, so even if you apply for a few loans, your score isn’t going to drop from 800 to 600.

If you do have to apply for a few cards, don’t sweat too much about your score. These inquiries only stay on your record for 2 years. That may sound like a long time, but it’s less time than a speeding ticket, and much less than a bankruptcy. If you work on paying your bills on time, before you know it, your credit score will be higher than ever.

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