What is a Credit Inquiry?

A credit inquiry which shows up on a credit report must have a permissible purpose (as defined under the federal Fair Credit Reporting Act)...

Your Fico score will not reflect all credit inquiries. A check of your credit report will show credit inquiries, some you may recognize, some you will not. Your Fico score will only be affected by inquiries resulting from applications for new credit filed by the individual. Do you want to
"Raise your FICO score" ?? 

 Inquiries that count toward your FICO score.

Only one inquiry type will count against your Fico score. Applications for a mortgage, car loan, or consumer credit loan, and only when you authorize the lender to pull your reports. Inquiries authorized by the individual will appear on your credit report, and are counted against your Fico score.

Inquiries that don’t count toward your FICO score.

Credit checks by businesses for pre-screened offers, individual personal requests, or established credit accounts, do not count towards your Fico score. These are called "Soft Hits". Employer credit checks associated with an application for a job do not count. These types of inquiries may appear on your credit report, but they are not included in your FICO score.

You can check your own credit and it will not affect your score.
Checking your credit reports regularly to be sure they are accurate and error-free is a good idea. By maintaining accurate credit reports you will be able practice good account management, which can help to improve your FICO scores over time.
Checking your score at myFICO does not count as an inquiry and will not hurt your FICO score. Inquiries are factors used in determining Fico scores.

Various information is used to determine your credit score (5 different factors are used). Each factor is assigned a percentage % in generating a credit score:

Payment history = 35%
Amounts owed = 30%
Length of credit history = 15%
New credit = 10%
Types of credit in use = 10%

The importance of the 5 factors generate credit scores based on the overall population. Individuals with a short credit history, the factors rank of importance will be different.
Inquiries are included in requests for new credit, this will account for 10% of your credit score. They are relative to the overall data contained in your report. For some people, a factors weight will be determined by an individuals credit history.

Your report will change as the data received by the agencies changes, so does the importance of any factor in determining your score. What's important is the mix of information, this will change from individual to individual, and anyone over time.

Inquiries may or may not affect your FICO score. A FICO score takes into account only voluntary inquiries that result from your application for credit. Inquiry data used to determine your Fico scores are:

• Types of accounts, new accounts, debt to credit limit on new accounts.
• Number of recent credit inquiries.
•  Time of recently opened accounts, type of account (revolving, installment, consumer loan).
• Elapsed time of inquiries.

Individuals with 1 inquiry may not have their score affected. For some, your score will decrease by up to 9 points (personal experience).

Inquiries can be adverse to a credit report, short credit history with many inquiries will devastate your score.
Research shows individuals with 6 or more inquiries are about 10 times more likely to declare bankruptcy, than individuals with no inquiries.

The inquiry section of your report will show anyone who requested your credit file over the past 2 years, and the authorized requests remain in place for the 2 years.

Multiple inquiries equate to looking for more credit which is interpreted by lenders as a risk. Unless they are grouped when shopping mortgage or car rates, these are usually treated as one inquiry.

Individuals with higher Fico scores usually:

• Pay bills on time
• Maintain low balances on accounts
• Open new accounts only when needed

Maintaining your credit is very important, here are a few tips:

Request credit reports regularly ( check for inaccurate information)

Order through a bona fide government backed credit organization

www.annualcreditreport.com

If you need credit repair help try "Lexington Law Firm".

Good Luck !
Mike

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