Too many credit inquiries pulled? What to do next

Have you had too many credit inquiries pulled?  It sometimes causes problems when applying for a business loan.    Business owners get turned down for a business loan for having too many inquiries. This article will consider what to do if your credit has been pulled too many times.

Other helpful actions
Recent credit inquiries
inquiries from mortgage companies
and car loans

Talk to a representative
Ask for the criteria
Hard or soft pull

too many credit inquiries pulled

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FAQ Frequently asked questions on too many credit inquiries pulled

I applied for business loans. What can I do if I had a lot of inquiries pulled?
Review the inquiries to see if you did apply and submit applications or requests with all
of the lenders. If not then you can dispute the inquires that were not valid with the credit bureau
and request they be removed. If you intend on applying for more business loans then you can ask
in advance if they credit pulls will be hard or soft pulls. A hard pull is still acceptable if you are interested
in the program.
How much do inquiries hurt my credit?
Credit inquires are the least damaging to your credit compared to late
payments and other derogatory credit items. Your credit score typically will recover
from credit inquires more faster than late payments.
I am applying for a business loan. Can I just give the lender a copy of my credit
report and tell them to use my copy and not pull my credit.
Your own copy of your credit report is not accepted by lenders. They want to pull
their own credit report and sometimes look at all three credit bureaus. They do not want to
begin accepting outside credit reports. Consumers get credit outdated credit reports from many
different third parties vendors that may not contain the most updated information. Those reports have different formats
and may not have anything that happened since the consumer pulled their own report, such as filing
bankruptcy or any newly reported derogatory credit. Lenders do not want it to be known that they
are accepting outside credit reports from consumers otherwise some consumers will demand it and lenders
can be accused of inconsistent and discriminatory business, credit and lending practices from one applicant to another.
How do too many inquiries hurt my credit?
The main way too many credit inquires hurt your credit is by lowering your credit score short term.
This is especially true if you a significant number of inquires in a short period of times such as one or two weeks.
Can I get a business loan without having lenders checking my personal credit?
Not much. Lenders sometimes are able to check credit in bulk at the credit bureau and
issue pre-approvals based on basic numerical factors. Later in almost all cases, credit will be checked
before an offer is made and funding takes place. You should not expect to be able to get a business loan
without personal credit being pulled.

“I had my credit pulled too many times and can’t get a loan.” 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 business loan 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.    A credit inquiry may drop your score a few points for a relatively short amount of time.

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 inquiries.

How many inquiries are too many?

There is not one single answer to the question of how many inquiries 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.

Too many credit inquiries pulled
Options if too many credit inquiries were pulled.

Other helpful actions

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

recent credit inquiries

Count the most recent credit inquiries. Keep a basic idea in mind of which companies the credit inquires are from.   Make lenders aware of the credit inquiries in advance.    Some lenders will then manually review and consider the inquiries and possibly overturn any denial.

Inquiries from Mortgage Companies and Car loans

If some inquiries are from mortgage companies or for car loans, those may not be 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.   Ask in advance if they will decline for too many inquiries within a certain amount of time.

Ask for the criteria

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

< a href=”https://www.smallbusinessloansdepot.com/articles/too-many-credit-inquiries-pulled/#hardorsoftpull”>Hard or soft pull

Find out if the pull was a hard or soft pull

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Credit Inquiries you cannot avoid

“Credit Inquiries” has been a topic of much conversation and concern in recent years.  The following is current information you should know about credit inquiries you cannot avoid.

Do not try to avoid virtually all credit inquiries.   A growing number of people do not want any, or virtually any credit inquiries to be pulled on them even if they are applying for credit.  They tell lenders that they want to be considered for the financing without their credit being pulled.  There are “credit inquires you cannot avoid”.
This is not feasible or realistic, especially if the request is in the name of an individual.  In most of these cases, these request are in the name of a small business and the owner wants the request to stand in the name of the business by itself without their name.
If a business has less than 35 employees, in most cases the lender requires the owner’s credit to be reviewed.
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Virtually no lenders will decide your loan request with a consumer obtained bureau.  Consumers can contact credit reporting agencies as well as outside vendors that provide bureaus and get all 3 credit reports.   These reports are not the same reports that lenders obtain.  Consumer reports are formatted differently and are simpler than the lender’s report.  The consumer version often provides more written explanation and sometimes less numerical detail.  Consumers will sometimes take these reports and tell the lenders that they want the lenders to use their consumer obtained reports rather than what the lenders use.   However, the lender’s version is usually more current than the consumer’s version.  The consumer version may be two or three weeks old.  The lender feels that the consumer’s version may not reflect items on the bureau that may have happened within those most recent two or three weeks.

There are many outside vendors that provide intermediate party credit reports.  Lenders are not, and should not be expected to know whether those vendors provide updated and satisfactory information.  Lenders are not obligated to use those reports.  As a result, consumers should not expect to avoid credit inquires by demanding that lenders use their consumer credit report version.

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Are credit inquiries really that bad?

September 4, 2017.  Much has changed in the world of credit inquiries in the last 25 years.  Many people believe that credit inquiries are quite and they should go to lengths to avoid them.

30 Years ago,  many people did not know what credit inquires were. In 2016 a significant percentage of the population knows about credit inquiries are.  Many believe that even one or two extra inquiries are quite harmful to their credit.    Are credit inquiries though, really THAT bad?
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In terms of credit issues that may be considered “bad”, credit inquiries are probably the least worst offenders.  Credit scores recover from credit inquiries faster than just about any other personal credit item that is considered derogatory.

When Credit Inquiries begin to hurt credit

Inquiries will have a very limited affect on a credit file if the number of inquires is small.   Credit inquiries begin to hurt a credit file more significantly if the number of credit inquires is more than about 5 in one month.    When some of these inquiries are from Car Dealers or Mortgage companies, they may not affect a person’s credit score at all.  If the number of inquiries is 5 in the last 30 days, try to minimize the number of inquires in the next 30 to 60 days.

Once an individual does have more than 10-15 inquiries within a month, as long as they go a few months without almost any inquiries, their score will recover quickly.  Their credit score will likely be close to what it was within 2 to 4 months.

In summary, are credit inquiries really that bad?    In many cases, a few credit inquiries on a credit file within 30 days have a minimal impact on someone’s credit bureau score.