We have been established as a New York credit repair and hard credit inquiry removal company for over 10 years.
New credit is one of the factors used to determine your credit score. In fact, new credit accounts for 10 percent of your credit score. Hard credit inquiries are considered a subset of the new credit category. According to Fair, Isaac & Co., the information about credit inquiries that can be factored into your FICO score includes: The number of recently opened accounts that you have and the proportion of accounts that are recently opened compared with long-standing accounts, by type of account; The number of recent credit inquiries; The time since recent account openings, by type of account; and The time since you last had any credit inquiries.
For many people, one additional credit inquiry (voluntary and initiated by an application for credit) may not affect their FICO score at all. For others, one additional credit inquiry would take less than 5 points off their FICO score. Credit Inquiries can have a greater impact, however, if you have few accounts or a short credit history. Large numbers of credit inquiries also mean greater risk. According to Fair, Isaac, people with six credit inquiries or more on their credit reports are eight times more likely to declare bankruptcy than people with no credit inquiries on their reports.