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Related Videos There are a number of misconceptions about how a credit score is determined, including the idea that a person's score automatically drops when a credit report is requested. The truth is that a credit score is determined by individual credit free credit reports annual Eureka bureaus only after considering a laundry list of free credit reports annual Eureka factors, such as payment history and number of open accounts. The number of requests for a credit report, also known as "inquiries," free credit reports annual Eureka makes up only ten percent of the criteria for a credit score adjustment.

Some credit experts do say that credit scores can drop free credit reports annual Eureka as much as five points when a credit report is requested, but others say this is more myth than reality.

There are free credit reports annual Eureka two different types of credit report inquiries, referred to as "soft" or "hard" in the credit world.

A soft credit inquiry occurs whenever a consumer requests his or her own credit card report from a bureau or when free credit reports annual Eureka a credit report is requested by a current creditor investigating a dispute. This type of credit inquiry is not supposed to have any effect on a consumer's credit score, since it was made at the request of the consumer himself or an established creditor. A hard inquiry, however, can lower a consumer's credit score under certain conditions. your credit report online A hard inquiry occurs when a credit report is requested by a lender considering a free credit reports annual Eureka new loan or other parties who may have judgments or liens against the consumer. When a credit report is requested by a court or the IRS, for example, a potential lender may be more reluctant to offer the best interest rate or the maximum loan amount. Credit bureaus do understand that a number of hard inquiries connected with housing or car loan applications are not unusual, so when a credit report is requested by more than one lending company for the same purpose within days of each other, it is often counted as only one hard inquiry on the credit report. Whenever an invitation for an unsolicited credit card arrives in the mail, there is always the possibility that the free credit reports annual Eureka sender did make an inquiry into the consumer's credit status. Fortunately, when a credit report is requested by an outside interest without the consent of the consumer, the inquiry is not usually counted against the consumer's credit score. secure credit report

Inquiries are supposed to remain free credit reports annual Eureka on a consumer's credit report for up to two years, although many lenders are primarily interested in the number of inquiries made in the last six months. Applying for too many credit cards or store accounts in a short period of time can make a consumer look desperate in the eyes of lenders, especially if many of those requests have been turned down. In short, when a credit report is requested by the consumer himself or in response to an existing situation with a creditor, there should be little to no effect on credit scores.

If there are too many inquiries in a short free credit reports annual Eureka amount of time, the credit bureau may see that as a negative and lower the consumer's credit score several points. This adjustment may have little effect on a consumer's ability to secure a loan or open a new account, but if the adjusted score falls below 600, the result could be higher interest rates or a lower line of credit.

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