How much does your credit score increase when inquiries drop off?

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  • August 19, 2023 at 4:02 pm #11155
    Geoff Massanek
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    August 19, 2023 at 6:20 pm #11239
    Team StellarFi
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    Hard inquiries are the only type of inquiries that cause your credit scores to drop – usually by five points or less per inquiry. This tends to be a temporary drop as your credit score should go back up again in a few months.

    According to Equifax®, hard inquiries stay on your credit report for about two years but only affect your credit score for one year. These inquiries and their presence in your credit report mainly serve as indicators to potential lenders of when you applied for new credit.

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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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