February 17
Category: Playbook
Too many credit inquiries can hurt your credit score. Credit Coach calls this an “inquiry injury.” Your score will drop if you have too many inquiries.
By now, you should already know your credit score. Moving forward, make sure to monitor it regularly. One reason for this is to check if you qualify for credit before allowing a lender to pull your report.
Before applying, always ask for details. What is the minimum credit score? What is the minimum income required? Also, what are the interest rate and payment terms?
Why Research Matters
Doing your research helps you avoid surprises. You’ll know in advance whether you meet the basic requirements. If your score isn’t high enough or the payment is more than expected, you’ll know not to apply.
That means you’ve just avoided an “inquiry injury.”
Far too often, people apply for credit without knowing what’s required. This leads to unnecessary credit checks. Always know the basics before giving any company permission to view your credit report.
Avoiding unnecessary inquiries is one of Credit Coach’s key strategies. It helps you protect your credit score from dropping for no good reason.
What to Do Instead
If you need more credit, try contacting your current credit card provider. Ask for a credit line increase based on your payment history. Make it clear you don’t want them to pull your credit report.
Defensive Tip
The best offense is a good defense. Apply the strategies you’ve learned from Credit Coach, and you’ll be on the path to success!