The Facts

• The Fair Credit Reporting Act does not permit a lender to pull a copy of your credit report without your permission. A company may, however, review your credit for marketing purposes. Credit pulls for marketing purposes do not impact your score.
  
  

Features

• Each credit inquiry will result in your credit score dropping by no more than five points.
  
  

Time Frame

• Your credit score will recover from a credit inquiry after 30 to 60 days, provided that you meet all of your repayment obligations. Inquiries will appear on your file, however, for up to two years after you apply for credit.
  
  

Considerations

• When shopping for the best rates on a loan, it is anticipated that you will accrue multiple inquiries. Multiple inquiries for this purpose that occur within a 30-day time period will only be calculated by the credit bureaus as one inquiry.
  
  

Warning

• Applying for numerous forms of credit within a short time frame may cause lenders to believe that you suddenly need extra credit due to financial problems. This can result in your being considered a higher-risk borrower even with a good credit score.