Why Hard Pulls Negatively Change Your Credit Score
Hard pulls are a ding on your credit because history shows that lots of credit pulls mean more risk for lenders. Why? Someone who is aggressively seeking credit is more likely to be in financial trouble. People with 6 or more hard pulls in 2 years may be up to 8 times more likely to declare bankruptcy than people with no inquiries on their reports, according to MyFico.com.
It’s important to remember that you’re dinged when lenders recognize a pattern. That doesn’t mean that every hard pull is bad, and sometimes they’re necessary! Just keep it in mind when you’re trying to get a loan or open a credit card and apply wisely.
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