Score drop after multiple inquiries

Forum|Forum|6 years ago
June 20, 2019
2 replies
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I had 0 hard inquiries on my credit going into December 2018. Since I’m looking into buying a home, I shopped around lenders in order to find the best rate. I now have 2 hard inquiries on my credit, dated 5 days apart...

Would anyone know why? I always heard if you have multiple credit checks around the same time, it wouldn’t count as multiple inquiries...

Thank for any insight!

Anonymous_

Employee

@Jimmyisbigred wrote:
I had 0 hard inquiries on my credit going into December 2018. Since I’m looking into buying a home, I shopped around lenders in order to find the best rate. I now have 2 hard inquiries on my credit, dated 5 days apart...

Regardless, the impact on your credit is the same no matter how many lenders you consult, as long as the last credit check is within 45 days of the first credit check.

See https://www.consumerfinance.gov/ask-cfpb/what-exactly-happens-when-a-mortgage-lender-checks-my-credit-en-2005/

JimmyisbigredAuthor

Employee

From the article you posted:
“Within a 45-day window, multiple credit checks from mortgage lenders are recorded on your credit report as a single inquiry.”

This is false in my case. I now have 2 hard inquiries on my credit report, and they both stem from credit checks associated with lenders checking my background.

Is there a way to correct this?

Anonymous_

Employee

@Jimmyisbigred wrote:
Is there a way to correct this?

Probably not since the inquiries were authorized and legitimate. The one possibility would be to contact the Bureau (e.g, TransUnion, Equifax, Experian) that shows the 2 inquiries and ask about having one removed.

However, they will both fall off at around the same time and it could very well be that only one of the inquiries is actually have an adverse impact on your score (the other may appear but have little or zero impact).

AdrianG001

Don't Apply for Too Much New Credit, Resulting in Multiple Inquiries

Opening a new credit card can increase your overall credit limit, but the act of applying for credit creates a hard inquiry on your credit report. Too many hard inquiries can negatively impact your credit score, though this effect will fade over time. Hard inquiries remain on your credit report for two years.

Regards,

Adrian