Happy New Year everyone!
In the spirit of manifesting our dreams and generating positive outcomes for 2025 and beyond, let’s clear up some heavy confusion about credit inquiries and weather they hurt your credit or not.
The Facts
- Having one credit inquiry has almost no affect on your credit score or your credit worthiness.
- Requesting your own credit reports DIRECTLY from Equifax and/or TransUnion has zero affect on your credit score or your credit worthiness even if you check it biweekly
- Each inquiry from a credit card application counts as a separate inquiry and therefore, multiple credit card applications DOES have a fair bit more of an affect on your credit score and credit worthiness for up to 36 months
- Here’s the big one. If you’re shopping for a vehicle loan, a debt consolidation loan, a mortgage, personal line of credit, you may want to shop around to get the best deal. Let me say this loudly so everyone can hear
MULTIPLE credit inquiries within 14 days will have the exact same affect on your credit score and your credit worthiness as ONE inquiry. In case anyone disputes this, here is an exact quote from equifax.ca:
multiple inquires for the same purpose within a certain period of time are generally counted as one inquiry. The timeframes may vary, but range from 14 days to 45 days, depending on the credit scoring model being used. All inquiries will show on your credit reports, but generally only one within the specified period of time will impact your credit scores. This exception does not apply to credit cards.
I hope this has finally cleared up the entire subject of credit inquiries.
SOME GREAT LINKS TO CHECK OUT
Get your free TransUnion report
What happens when I settle overdue debt?
Ten things that won`t hurt your credit
Request your free credit reports by phone 24/7/365
| Equifax | 1-800 465 7166 |
| TransUnion | 1-800 663 9980 |
There are services that will get your credit details for you, some for free, so they can offer you other products for sale. Smart consumers get their credit reports directly from Equifax and Transunion which is the only true source for a Canadian consumer credit report. Everyone else is a third party seller #facts #NOT_a_paid_endorsement
Have a great 2025 everyone!
DGB
Legal disclaimer: The material provided on this web site is for general information purposes only. It is not intended to provide legal advice.
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