credit-rating3Factors That Negatively Affect Credit – Part 3

We are continuing to discuss this week factors that negatively affect your credit.

Today we will look at inquiries.

Every time someone pulls your credit report you lose 1 – 3 points. It is unwise to apply for credit haphazardly. Many stores will encourage you to apply for their credit card and offer you a discount off today’s purchase as an incentive for doing so. The discount may cost you a lot more over the long run with higher ineterest rates.

10% of your scores are based upon credit applications you submit to lenders. It is better to keep these to a minimum.

It is important to check your credit report at least once a year so you can be sure what is on your report. You don’t lose any credit score points for checking your own credit report.

Inquiries that you have initiated will negatively affect your scores for 24 months.

It is important to have professional help in making wise credit decisions. At HOPE we can help you make wise choices when it comes to applying for credit. You want to be sure you are helping and not hurting your credit scores. If you would like more information please call us at 704-503-3669. We are waiting on your call.