How long do hard inquiries stay on your credit report?

How long do hard inquiries stay on your credit report?

Your credit report holds valuable insight on your financial status. For lenders, it’s essential for when you’re buying a home. You’ll want to make sure that any recent financial moves are not negatively impacting your score while applying for a loan. Although it’s not permanent, the time that hard inquiries are spent on your credit report could severely affect your dreams of a new home.

What is a hard Inquiry?                                           

When you apply for a mortgage, auto loan or opening up a new credit card, a credit inquiry is required by a financial institution to review your credit report. Lenders check your credit when making the decision of approving your loan application. You will often authorize these hard inquiries.

What is the difference between a hard and a soft credit check?

While a hard inquiry is through a potential lender, a soft inquiry can come from a business or when you are checking your own credit score. Have you ever received a pre-approval for a credit card from your bank? That comes from a soft pull. All the promotional pre-approval credit cards you receive will luckily never affect your credit score.

How long does a hard inquiry stay on your credit report?

Opening up new credit accounts, makes up 10% of your FICO score. When a hard inquiry is pulled, it will cause a slight decline in your score. Fortunately it doesn’t stay on your report as long as you may think. According to the credit bureau Experian, it will only stay on your report for around 2 years. However, it should be noted that it will only impact your FICO Score for a year. Make sure if you are getting pulled from different lenders to have it done in the same time frame. Having multiple new credit openings in a short amount of time can have a more critical impact on your score. According to FICO, within 45 days would be reflected as a single credit inquiry.

Check for Errors

To protect your credit score, make sure you check for any errors on your free credit report, through companies like Credit Karma. If you find any errors be sure to immediately let the credit bureau know what is happening.  Certain credit card companies can set up alerts/notifications when there is a hard inquiry pulled on your credit. Check with your bank to see what protection they offer.


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