06-14-2009 01:18 PM
"Inquiries associated with applying for new credit are typically the only kind of inquiry that will impact your FICO® score."
Saw this on MyFico Equifax Credit Report. I was under the impression that ALL hard inquiries counted against you. For example, you get a hard inquiry when applying for a checking/savings account with a new bank/CU, right? That is not under the umbrella of applying for new credit, though.
06-14-2009 02:00 PM - edited 06-14-2009 02:05 PM
You get soft inquiries when you check your own credit and when ever CC company feels like checking up on you. Soft inquiries can only be seen by you when you check your credit report directly from the CRAs website. Soft inquiries don't effect your score.
All hard inquiries do effect your score (except multiple auto or mortgage inquiries made during a 14 day period).
06-14-2009 02:23 PM
That is what I thought, Justyn.
However, I think MyFICO should reword this on the "inquiries" page of their credit reports.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO