How Long Do Hard Inquiries Last On Your Credit Report?

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How Long Will Hard Inquiries Stay on your Credit Report?

A hard inquiry will be at the top of your credit history for two years. However, it typically , it won’t affect your score for longer than a year.

By Bev O’Shea personal finance writer | MSN Money, Credit.com, Atlanta Journal-Constitution, Orlando Sentinel Bev O’Shea is a former NerdWallet authority on consumer credit, scams and identity theft. She has a bachelor’s degree in journalism from Auburn University and a master’s in education from Georgia State University. Before coming to NerdWallet she worked for daily newspapers, MSN Money and Credit.com. Her work has appeared on The New York Times, The Washington Post, the Los Angeles Times, MarketWatch, USA Today, MSN Money and elsewhere. Twitter: @BeverlyOShea.

Feb 2nd, 2023

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Credit inquiries that are hard to get — the kind that happen when you apply for the loan or credit card — can stay on your for a period of about 24 months. But, a hard inquiry usually won’t impact your credit score after 12 months.

Applying for credit can knock a few percentage points from your credit scores. But making multiple inquiries in an extremely short time frame counts as a single inquiry when shopping for a mortgage or student loan or auto loan.

The amount of time you have to shop varies depending on the type of score you have. The latest versions typically offer you a 45-day window for these inquiries. have a shorter window for — 14 days.

It isn’t possible to select the score or score version a lender uses, so it’s important to complete your comparison shopping quickly.

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What is the cost of a thorough inquiry on your credit report hurt?

For people with extensive credit histories, one credit request — or hard inquiry — will have zero effect, or only a minimal one.

If you’ve suffered points loss because you applied for numerous credit cards within a short period of time Take heart. Credit applications aren’t an important factor when it comes to determining how much credit you have.

VantageScore evaluates recent credit behavior or inquiries to be “less influential.” New applications for credit account for 10 percent or less of FICO scores.

However, people with less credit or no accounts might see a larger change.

If you’re trying , every single point counts, and pulling back on applying for new credit applications over a few months can help restore points. Particularly, if you’re getting a mortgage, wait until after closing to apply for new credit.

It can cause a significant blemish in your creditscore, particularly if you are new to credit, and it’s an easy error to make. If you’ve recently hired a house. The leasing agent will check your credit. Then, you can apply for financing for furniture. Then you decide you want to get a travel reward card which is why you apply for a couple of those. That could be four credit inquiries within the same time frame, and it could lead to an unfavorable score.

Statistics indicate that those with six or more recently filed inquiries have eight times as likely to declare bankruptcy than people who do not have any and scoring formulas indicate this.

If a hard inquiry on your credit report is inaccurate, as you would any other credit report error.

Any credit score damage done by inquiries can be remedied by time. If you’re in need of credit for your needs, it’s always a good idea to check to see if you are likely to be eligible prior to applying since a formal inquiry will be recorded regardless of whether you’re approved or otherwise.

In the meantime, focus on the two things which have the strongest influence on your score:

Making sure you pay on time, every time.

Maintaining credit card balances not higher than 30% of your credit limit and lower is better.

The habits you have in place account for more than half the score. NerdWallet can assist you with tips on improving other aspects of your score.

Want nerdy knowledge that’s personalized to your needs? Bring all your money into one account, and receive customized information to get the most value from it.

The author’s bio: Bev O’Shea is a former credit writer at NerdWallet. Her work has been featured on the New York Times, Washington Post, MarketWatch and elsewhere.

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