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How Long Do Inquiries Last? A Complete Guide to Credit Report Inquiries
When you apply for a new credit card or loan, lenders perform what's known as a hard inquiry on your credit report. Understanding how long these inquiries last and their impact on your credit score is crucial for maintaining good creditworthiness. Let's dive into everything you need to know about credit inquiries and their duration.
Understanding Hard vs. Soft Inquiries
Before we explore how long inquiries last, it's important to distinguish between hard and soft inquiries. A hard inquiry occurs when a lender checks your credit report as part of a credit application process, whether for a credit card, auto loan, mortgage loan, or student loan. Soft inquiries, on the other hand, happen during account reviews, promotional offers, or when you check your own credit report through services like annualcreditreport.com.
How Long Do Hard Inquiries Stay on Your Credit Report?
Hard inquiries typically remain on your credit report for 24 months (two years) from the date they were made. However, their impact on your FICO® Score and VantageScore varies:
- The impact on your credit score is strongest in the first six months
- After 12 months, hard inquiries no longer affect your FICO® Score
- They continue to appear on your credit report for the full 24-month period
- Credit scoring models consider multiple inquiries within a 45-day safe harbor period as a single inquiry when rate shopping for specific loans
Impact of Hard Inquiries on Your Credit Score
Hard inquiries typically affect about 10% of your overall credit score. While a single hard inquiry might lower your score by 5-10 points, multiple inquiries can have a more significant impact. However, credit scoring models consider several factors when weighing the impact of inquiries:
- Credit mix
- Credit utilization ratio
- Payment history
- Length of credit history
- Overall creditworthiness
- Bankruptcy risk indicators
Managing Multiple Credit Applications
When shopping for specific types of loans, credit-scoring models offer some flexibility. Here's what you need to know:
- Multiple inquiries for auto loans, mortgage loans, or student loans within a 14-45 day period typically count as one inquiry
- This rate shopping provision doesn't apply to credit card applications
- Each credit card application generates a separate hard inquiry
- Prospective lenders consider multiple recent inquiries as a sign of potential financial instability
How to Monitor and Dispute Hard Inquiries
Regularly monitoring your credit report is essential for managing hard inquiries. Here's how to stay on top of your credit inquiries:
- Use credit monitoring services to track new inquiries
- Review your credit reports from all three credit reporting agencies (TransUnion®, Equifax, and Experian)
- Watch for unauthorized hard inquiries that could indicate identity theft
- Initiate a dispute process if you find incorrect or fraudulent inquiries
- Consider placing a fraud alert if you suspect credit fraud
Smart Ways to Minimize the Impact of Hard Inquiries
To maintain a healthy credit score while managing inquiries:
- Space out credit applications over time
- Focus on paying down debt and maintaining a low credit utilization ratio
- Keep existing accounts in good standing with consistent payment history
- Be selective about new credit applications
- Consider using Kudos to maximize rewards on existing credit cards
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Our Expert Takeaway
While hard inquiries are a normal part of the credit application process, understanding their duration and impact is crucial for maintaining a healthy credit score. Remember that they stay on your report for 24 months but only impact your score for 12 months. Focus on responsible credit management and consider tools like Kudos to maximize your existing credit cards rather than frequently applying for new ones.
Frequently Asked Questions About Credit Inquiries
How long do hard inquiries affect your credit score?
Hard inquiries typically impact your credit score for 12 months, although they remain visible on your credit report for 24 months.
Can you dispute a hard inquiry on your credit report?
Yes, you can dispute hard inquiries through the credit bureau investigation process if they're unauthorized or incorrect. You'll need to provide supporting documents to back your claim.
Do multiple inquiries hurt your credit score?
Multiple inquiries can impact your score more significantly, but inquiries for the same type of loan within a 45-day period typically count as one inquiry for scoring purposes.
What's the difference between a hard and soft credit inquiry?
Hard inquiries occur when you apply for new credit and require your authorization, while soft inquiries happen during account reviews or promotional prescreening inquiries and don't affect your credit score.
How can you check for unauthorized hard inquiries?
Regular credit monitoring through credit reporting agencies or credit monitoring services can help you identify and dispute unauthorized hard inquiries promptly.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
