Even if you are unsure about the behind the scenes mechanics, you probably have at least a basic understanding about how credit scores work. You likely know, for example, that paying your bills on time is an important part of earning and maintaining good credit scores. You likely also understand that negative events such as late payments, bankruptcy, foreclosures, and collection accounts can hurt your credit scores.
The subject of credit scores can be genuinely frustrating for a lot of consumers. You know that your credit scores matter. You know that they can either open or close doors to opportunities for you and your family. However, you may not feel like you really understand the rules of credit scoring.
Have you set a goal to improve your credit scores? Perhaps you want to apply for a mortgage or purchase a new vehicle in the not-so-distant future. Whatever the motivation, the decision to work toward improving your credit scores is always a smart move.
Is it true that my credit scores will drop every time my credit reports are pulled? What exactly is an “inquiry” anyway? Does it hurt when I check my own credit?
Consumers have a lot of questions when it comes to inquiries and how those inquiries affect their credit scores. In fact, inquiries are one of the most misunderstood subjects in the world of credit due in large part to the many myths routinely spread regarding the topic. So the next time you read anything having to do with inquiries, keep the following in mind…