Too Many Credit Inquiries Pulled? What To Do Next

Too many Credit Inquiries?

Has your credit pulled too many times recently?   Has your business also been declined for excessive inquiries? Business owners often get turned down for having too many in the last 30 to 60 days. Even if they are approved, they get lower approval amounts and shorter terms.    Author Biography: Will Sanio

These programs specialize for people that have had their credit pulled too many times recently.

For programs that work best with a lot of inquiries, as well as offering the highest amounts with longest terms. Apply below:

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Call 919-771-4177 for more info.

1. Other helpful actions
2. Recent credit inquiries
3. inquiries from mortgage companies and car loans
4. Talk to a representative
5. Ask for the criteria
6. Hard or soft pull

Too many credit inquiries pulled

If you need a program that will not deny you for having your credit bureau pulled a lot, apply above.

Frequently asked questions FAQ: too many credit inquiries pulled

Can I get a business loan with a lot of inquires on my file?
Approval offers can be made with many recent credit inquires on a person’s credit file.  Many times they are not relevant to the risk. This includes those for cars, housing, utilities, or an applicant not knowing multiple pulls were made for one request.

Why are a lot of inquires a problem?

Lenders do not know if you were approved and a new account was opened that isn’t showing up yet as a trade line in your file. Approvals from recent inquires take a few weeks to show up on your credit file.

Can I just submit a copy of my credit report to get a decision?

A copy can be provided to assist in the decision. A separate bureau is pulled to make any final offers or approvals. Bureaus are pulled separately so the most currently dated file can be reviewed.

Do lenders have to check my personal credit to get a business loan?

Business loans without the personal credit of the owner being pulled are very limited. These are known as corporation only requests. Smaller companies with less than 35 employees rarely get approved for these.

 

General credit inquiry Questions and Issues

“I had my credit pulled too many times and can’t get approved”
A broker sent my file out a bunch of lenders and now I can’t get approved for a business loan.  What can I do?
They told me my file has been shopped and I have too many inquiries.   What kind of financing can I get now?
“They pulled my credit too many times”

In general, your credit and credit score recovers from inquiries faster than any other type of derogatory or adverse action.    One pull may drop your score just a few points for a relatively short amount of time.

General Inquiry Information

Do inquiries hurt my credit?

A credit inquiry is often part of the process of applying for credit and should not be considered a negative by the applicant.  Lenders also know that applicants will have some checks on their file.
How many inquiries are too many?

There is not one answer to how many bureau pulls are too many.   This varies on a case by case basis.    Older credit files can have more inquiries before they are impacted.  Another  difference is that some inquiries are necessary and some credit inquires you cannot avoid.

Other helpful actions

Actions you can take if your credit has been pulled too many times

recent credit inquiries

Count the number of inquiries in the last 30 days. Remember which companies checked your file.   As mentioned, some checks on your file should not affect your request for financing at all.  Make lenders will manually review your bureau and may overturn any denial.

Inquiries from Mortgage Companies and Car loans

The ones from mortgage companies or to finance a car should not count against you.   Tell the lender if you have these.

Talk to a representative

When applying for financing, try to talk to a representative that knows the lender’s criteria and can talk to you about it.   Will they decline for too many inquiries within a certain amount of time?

Ask for the criteria

Ask lenders to tell you as much about their approval criteria as they are willing to tell  you.  You may be able to find out that you will very likely be declined for a business or personal loan.   You can decide not to apply and avoid the inquiry before it is even pulled.

Hard or soft pull
Find out if the pull was a hard or soft pull.