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Yes, a hard inquiry within 12 months will bring down your score by a bit, and multiple of them can add up the damage pretty quickly. A soft inquiry however, does not affect your score at all, and lenders won't be able to even see those.
@Anonymous wrote:
Thanks for the quick response. So say if i paid my balance. And it creates a good score like 730. Is there cases where lennders still wont qualify you?
Yes, sometimes lenders do look at other factors from a score alone. For example their system may hard code an automatic denial if you have a certain number of inquiries within a specific period, or a certain number of new accounts within a period, regardless of what your score is.
If you are seeking for new credit, I would suggest at least having most of the inquiries age to 12+ months.
@Anonymous wrote:
I recently checked my score and i have a lot of inquiries. Wondering even if i pay them fully off will it still effect me bad when getting approved for home loan
A lot of inquiries will depress your mortgage scores.
@Anonymous wrote:
I recently checked my score and i have a lot of inquiries. Wondering even if i pay them fully off will it still effect me bad when getting approved for home loan
Hi OP. I'm confused about the reference to paying off inquiries. Are you talking about open accounts, or inquiries? Thanks for any clarity you can provide!
@Anonymous wrote:
I recently checked my score and i have a lot of inquiries. Wondering even if i pay them fully off will it still effect me bad when getting approved for home loan
It's not possible to pay an inquiry off. You may be confusing balances on accounts with inquiries. Balances on accounts can be paid off.
@atarvuzdar wrote:
Hi OP. I'm confused about the reference to paying off inquiries. Are you talking about open accounts, or inquiries? Thanks for any clarity you can provide!
I believe he must be talking about account balances, not inquiries. At first I thought it was something like collections, but I doubt the OP would have a 730 score with multiple major baddies in place.
Hard to know. Perhaps he'll come back and tell us what he meant. Most of the people trying to advise him are assuming that he meant inquiries.
Maybe he means both? I.e. he's asking if he can make the inquiry associated with an account vanish from his report if he pays the account to zero?
Again, all speculative, very hard to know unless he chimes in.