I Inquire ...
February 6, 2012 6:33 PM   Subscribe

I had a high credit score, no inquiries and no late debt. I bought a car and refinanced my house with the low interest rates. But I am considering starting a small business and may want to borrow for that.

I am paid ahead on the car an the house, but I expected my credit scores to drop because of the new debt They did, but mostly because of the inquiries pulled by the lenders. But pulling credit is what they say they must do before they can give the loan. Two loans, six inquiries. The more inquiries they pull, the worse my score gets. Why is the borrower punished for going through the process to borrow, which, by going through it, makes him a less attractive borrower? Is there any way to avoid this nonsense?
posted by CollectiveMind to Work & Money (2 answers total)
They usually treat multiple inquiries within a given time period as a single inquiry. Why would you think that was the reason for the change.
posted by Rubbstone at 9:26 PM on February 6, 2012

Response by poster: Because that is what was reported on a tri-merge report. "High number of inquiries have adversely affected your score."
posted by CollectiveMind at 7:48 AM on February 7, 2012

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