How Many Points Does an Inquiry Take Off Your Credit Report?

Do you know the effects of a credit inquiry? Soloman Algazi, a credit expert from CreditServicez, had this to say:

"There is no set number of points that will be deducted from your score for a single inquiry. The same inquiry from the same lender at the same minute can affect two people’s credit reports differently.

In general, inquiries are a small part of your credit score (less than 10%), and the stronger your score, the less likely one or two inquiries are to have an effect on your score.

Nevertheless, be very careful about applying for new credit, a cell phone, insurance, or anything that might result in a credit check if you are in the process of getting a mortgage. Sometimes a score drop of just a few points can drop your score below the range for the rate you are trying to get."