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An Inquiry on Your Credit Report

May 27, 2008  |  Difficulty: Easy

Path to mortage
An inquiry on your credit report is added every time someone seeks to get access of your credit information. When you deal with a mortgage lender, an employer, a business or a credit card company, you will most likely need to give your approval of a credit check. These checks add inquiries that will stay on your report for up to 24 months.

When you ask for your own credit report, this is not considered an inquiry.

Your lender will take into account how many inquiries you have had recently. If you have had many inquiries during a time period, it sends two messages:
  1. You are having financial troubles, and thus you have to continue seeking credit
  2. You are taking on more credit than you can actually pay back
Sounds nitpicky, but to be safe, don’t have too many inquires on your report. Even if you are seeking a mortgage for bad credit, don’t let every lender do a credit check. It is smart to have a recent copy of your credit report on hand so the lender can reference that hard copy to make a quote, rather than running a check. Be open about your credit history, even if it isn’t that great. This way your lender can give you an accurate quote. This is important because you should have an estimate of your mortgage figure before you consider buying.

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