Credit Repair Houston Expert, Vanessa Perry sets the story straight on inquiries. She explains the cause and how they effect your credit in the latest episode of Ask Impeccable.
Have you ever been told inquiries are bringing your credit score down?
Often times car dealers, bankers even loan officers will tell you that your low credit score is due to inquiries. The reason they do this is because inquires are one of the easiest items to acknowledge on the credit report, but they are not worth many negative points. Anytime you pull your credit your credit is hit with an inquiry. Inquiries do not hurt your credit enough to not qualify for something just due too many inquiries.
Two Lies and A Truth
There is a difference between a “Hard” and “Soft” pull
Lie. There is not a difference between a “Hard” and “Soft” pull all inquiries are the same and report on your credit report equally.
Inquiries are ruining my credit score
Lie. An inquiry is only worth 2 points against your credit score. It would take 100 inquires to drop your credit up to 200 points. Even if an inquiry is removed at times it can lower your score or not add any value and attribute to a grey uncertain area.
Inquiries fall off within 2 years
Truth. Inquiries fall off within two years regardless of disputes and no action is required to remove them. They just fall off.
Credit Repair Houston
If you have a score that is below average or not able to qualify it is best to reach out to a reputable credit restoration company. Make sure that the credit repair company you decide on does not waste their time with busy work such as disputing negative inquires. Impeccable Credit Services educates our clients on what causes negative credit and how to build their credit to reach their credit and financial goals. Make sure to contact Impeccable Credit Services with any questions you have regarding your credit. 713-378-1500.