Credit Building Tip – Group Inquiries Together.
Grouping Inquiries Together is always better than not doing so because there are a variety of different credit scoring models and most of them group credit inquiries for similar types of financing altogether and only count them as 1 inquiry. If they are done within a 30 to 45 day period. This is referred to as de-duplication by industry experts. This allows a consumer to comparison shop for a new car, mortgage, etc.…
Not True of Credit Cards
However, the same is not true for credit cards, (although the vantage score calculators will group credit card inquiries together if they are done within 14 days of each other). Each credit card inquiry will cost you, not just in terms of inquiries, but also in the form of adding new accounts being added to your credit report which can do a lot to bring down the average age of your tradelines. It is important to understand these things when rebuilding your credit. If you are going to apply for credit, in any form – do it all at once, group your actions together. We would not advise allowing a lot of time to pass in between inquiries.
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