Credit Score Factors
Hard Inquiry
What it means
A credit check that happens when you formally apply for new credit. It requires your permission. It lowers your score a little for a short time (usually 3-10 points) and stays on your report for 2 years, though it affects your score less after 12 months. Scoring models usually count several hard inquiries for the same loan type within 14-45 days as one.
Covered in the free course
- The 5 FICO Factors: Your Score at a GlanceUnderstanding Credit
- Who Sees Your Credit and Why It MattersUnderstanding Credit
- Anatomy of a Credit Report: Section by SectionReading Your Credit Report
- Your Rights Under the FCRADisputing Errors Like a Pro
- Strategies to Drop Your Utilization FastCredit Utilization
- The Real Cost of Closing Old AccountsLength of Credit History
- When to Diversify (and When to Leave It Alone)Credit Mix
- Hard vs. Soft Inquiries: Know the DifferenceNew Credit & Inquiries
- Rate Shopping: The Exception to the RuleNew Credit & Inquiries
- Red Flags and Warning Signs to Watch ForReading Your Credit Report