What’s the impact of hard inquiries when you are shopping for a loan?

When shopping for a mortgage or auto loan, multiple inquiries happen within a specific period of time— usually around 14 days—and they are counted as one inquiry. However other times, when multiple inquiries are recorded on your report, lenders might consider your repeated requests as a sign of risk. Multiple pulls in a short period of time might indicate you are having financial problems, and lenders need to be sure you are not over-extended before they extend any new debt to you.

According to FICO®, people with six or more inquiries on their report can be up to eight times more likely to declare bankruptcy than someone with no inquiries.

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