Seeking Credit

A quick word about seeking credit. Too many inquiries for your credit report can harm your credit rating. It may look like you are applying for credit from too many sources and are over-extending yourself. One potential problem for you is that inquiries may be made without your knowledge, even when you haven’t applied for credit. If you shop around for a new car, every dealer you visit may make an inquiry to see if you are a customer worth pursuing. They get the information that they need to make an inquiry from the driver’s license you show to take a test drive.

When shopping around for a bank loan, your credit report can be pulled without your knowledge. And these inquiries stay on your credit record for up to two years. A bit of timely advice: avoid applying for a lot of credit at one time. Resist giving sellers personal information they need to make a credit check unless you are serious about buying.

Your thoughts on this subject? Your comments appreciated!

Content © Rich Brott, 2011

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