How Long Do Credit Inquiries Last?

What is a Credit Inquiry?

A credit inquiry is a request for your credit information from a lender or other entity. There are two types of credit inquiries: hard inquiries and soft inquiries.

Hard Inquiries

Initiated by a lender when you apply for credit, such as a loan or credit card.
Stay on your credit report for two years.
Can negatively impact your credit score by a few points.

Soft Inquiries

Initiated by you or authorized users checking your credit report.
Do not stay on your credit report.
Do not affect your credit score.

How Credit Inquiries Affect Your Credit Score

Hard inquiries can slightly lower your credit score because they indicate to lenders that you are actively seeking new credit. However, the impact is usually small and temporary. Multiple hard inquiries in a short period of time can be a red flag to lenders, as it may suggest that you are struggling financially.

How to Minimize the Impact of Credit Inquiries

Limit hard inquiries: Only apply for credit when you need it.
Shop for deals within a short period of time: When applying for a loan or credit card, get pre-approved by multiple lenders within a 14-day window. This generates only one hard inquiry.
Avoid unnecessary soft inquiries: Only check your credit report when necessary, such as before applying for a loan or credit card.

Conclusion

Credit inquiries are a normal part of using credit. However, it’s important to understand how they can affect your credit score and take steps to minimize their impact. By limiting hard inquiries, shopping for deals within a short period of time, and avoiding unnecessary soft inquiries, you can help protect your credit score from unnecessary damage.

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