Sunday, November 14, 2010

Inquiries on Credit report?

I didn't know before that even if I have no credit history/ credit score, the inquiries (when the lenders/creditors pull up a credit check on you) can show up on the report. People say that this can harm approvals for future loans/ credit cards...How long will the inquiries stay on there? I am trying to build this ';penalty of guessing'; sucks, since I want to try getting approved, but I don't want to harm my report. I currently have a secured credit card..but that's my only line of credit I have for now, as I got denied for personal loans and unsecured credit cards because I have no credit history and am a new college student. I haven't tried applying for department store cards..but..why bother? I most likely will get denied anyways (even if I will pay back in full every month...) So should I just stick with one line of credit for now, because inquiries on my report suck if I get denied? Thanks =)Inquiries on Credit report?
Yes im not an expert but in my opinion i wouldnt open many accounts all at once evn if your are approved.

Also about the inquires thier are two types Hard and soft

A hard inquery is when you give permission to a lender to check your credit for the purposes of a loan ans things like that. This does negativly affect your score

A soft inquery is when lendors check your credit for promotional purposes such as pre-approving you for a credit card these DO NOT affect your credit scoreInquiries on Credit report?
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