Each inquiry will take points off of your score. Multiple inquiries for a mortgage within 45 days will only count as one inquiry (the fact that you’re “shopping around” is a given). Likewise, multiple inquiries for a car loan within 45 days will count as only one inquiry. FYI: Only the first 10 inquiries count each year. Inquiries for a job, insurance or utilities, an account review, a promotion (pre-approval offers in the mail), or your own personal review won’t affect your credit score.
Facing the Consequences:
When it comes to mortgages, car loans, and credit cards, what you don’t know can certainly hurt you. Your score is a reflection of your actions: choose the behavior, choose the consequence. According to the Gallant Group, a diversified investment and financing firm:
· 30 days late on a payment can damage your credit score by at least 50 or more points;
· 60 or 90 days late, or a 30-day late payment on multiple accounts can drop your score by 100+ points;
· Balances more than 40% of your credit limit affects your score by as much as 100 points;
· If multiple credit cards are maxed out or approaching maximum balances, your credit score will be diminished by at least 80+ points.
Every financial choice you make can affect your credit score, says Clark. If you keep your credit report healthy and cared for, says Clark, you’ll have nothing to worry about come scoring time.
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