Hi {first_name},
We learned the difference between a hard and soft inquiry in our last email. Now let’s look at how much a hard inquiry can affect your score.
How many points do you lose for a hard inquiry and does it really matter?
While it’s only 10% of your score and a hard inquiry usually amounts to between 1-5 points drop on your score, if you are 1-5 points away from where you need to be, this can be impactful.
Not only that, but these will stay on your report for two years, though they only impact your score for one year.
In addition, these can stack up and cost your score even more. For example, if you apply for a new card in May, and then in June you get new mobile phone service, you might see a bigger loss to your score because you’ve got multiple hard inquiries.
What if I’m car shopping and they all want to check my credit?
Your scores will take this into consideration as they know many people do this and it shouldn’t affect your credit score. We’ll go over this in more detail in the next email.
Sincerely,
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