cinque8

Are all hard inquiries negative?

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Hello,

If I apply for credit and the credit is approved by the creditor, does that hard inquiry have a negative impact on my credit score?

Thank you

 

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6 hours ago, cinque8 said:

Hello,

If I apply for credit and the credit is approved by the creditor, does that hard inquiry have a negative impact on my credit score?

Thank you

 

When you open a new account your FICO score will go down a bit briefly due to the new inquiry and the new account lowering your average age of accounts temporarily.

Hard inquiries are "negative" when a consumer applies for multiple new accounts in a short time span and none are approved.  A small number of reasonable pulls for new accounts opened is not a negative per se.

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2 hours ago, Clydesmom said:

When you open a new account your FICO score will go down a bit briefly due to the new inquiry and the new account lowering your average age of accounts temporarily.

Hard inquiries are "negative" when a consumer applies for multiple new accounts in a short time span and none are approved.  A small number of reasonable pulls for new accounts opened is not a negative per se.

Thank you for the very helpful information Clydesmom!

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