How long does a hard inquiry affect your credit score?

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  • July 30, 2023 at 9:14 am #9929
    StellarFi
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    July 30, 2023 at 9:33 am #9981
    Team StellarFi
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    Hard inquiries on your credit report act as indicators of new credit to your potential lenders. These typically stay on your credit report for up to two years and may affect your credit score for only one year. To avoid multiple hard inquiries, it is advisable to opt for prequalified cards since they only require soft inquiries that do not affect your credit score in any way.

    There are some exceptions to when multiple hard inquiries do not affect your score. For example, multiple auto and mortgage loan inquiries within a given period of time get counted as one inquiry and do not affect your score too much.

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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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Credit score increase based on StellarFi members’ data. Credit score increase not guaranteed. Credit scores will only be available to members whom we are able to validate. On-time payment history can have a positive impact on your credit score. Nonpayment may negatively impact your credit score. Failure to make monthly minimum payments by the due date each month may result in delinquent reporting to credit bureaus, which may negatively impact your credit score..