Tag: inquiries

Inquires can affect borrowers. However, they do not have the importance that many borrowers give them.

Many borrowers make avoiding inquiries more important than what they are trying to get.

Accepting some inquiries, whether soft or hard is a wise move when trying to achieve a larger goal such as getting a house, car, personal or business loan.

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Too Many Credit Inquiries Pulled? What To Do Next

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.

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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Data Secure Request Form Here.

Call 919-771-4177 for more info.

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

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.

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Asset Based Loan

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 may not want to avoid.

There are however,  credit inquires you should not avoid because they often are the best programs available in the market.  Soft pull credit options are available as well.   Apply Below: 

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Data Secure 15 Second Request Form.

Call 919-771-4177 for more info.

Hard Credit Pull Best Program
Some of the best business loan programs are hard pulls

Avoid all credit inquiries can keep you from getting what you want..

Many people are reluctant to have  credit inquiries to be pulled on them even if they are applying for a loan.  They tell lenders that they want to be considered for the financing without their bureau being pulled.

This is not feasible or realistic, especially if the request is in the name of an individual.  In most of these cases, these requests are in the name of a small business and the owner wants the request to be in the company name, not in their personal name.

If a business has less than 35 employees, in most cases the lender requires the owner’s credit to be reviewed.   There are options you can take if you have had too many credit inquiries pulled.

But I pulled my own credit report!

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 bureau reports.   These files are not the same that lenders obtain.  Consumer reports are formatted differently and are simpler than the lender’s re.  The consumer version often provides more written explanation and sometimes less numerical detail.

Consumers will sometimes review their bureau and tell the lenders to use the consumer obtained reports they have rather than the version pulled by the funding source.   The report the consumer has will almost always be older.   The lender wants to see if anything has happened since the date of the report the consumer has in hand.

There are many outside vendors that provide intermediate party credit files.  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.  As a result, consumers should not expect to avoid inquires by demanding that lenders use their consumer version.

 

Categories
Asset Based Loan

Are Credit Inquiries Really That Bad?

A lot has changed in the world of credit inquiries in the last 35 years.  Many people believe they are very bad and they should try hard to avoid them.

30 Years ago,  many people did not know what credit inquires were.

In 2022 a high percentage of the population knows what credit inquiries are.  Many believe that even one or two extra inquiries are very harmful to their credit.    Are they really THAT bad?

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Or Call us at Tel:  1-919-771-4177

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.