Recently, you may have considered taking out a loan or getting a credit card. Whether you are buying a new or used car, applying for a personal loan or credit card, or simply seeing how much you can borrow at an online lender, there could be negative affects on your overall credit score.
Centrix, illion and Equifax are the three credit reporting agencies in New Zealand. Their credit reports include payment history for credit cards, mortgages, personal and car loans as well as other types of bills such as electricity, gas and phone accounts. There are a number of factors that can determine an overall credit score; with one of the factors often being the number credit inquiries.
How Many Inquiries Will Cause My Credit Score to Go Down?
It is understandable that you will apply for credit over the course of your adult life. It can be nearly impossible to buy a house or car without applying for a loan. The credit reporting agencies recognize this. Therefore, a few inquiries a year are not going to negatively affect your credit score. However, if you have six or more credit inquiries in less than a month it begins to look suspicious. If you have ten or more inquiries in a 30 day period, it could negatively affect your credit score.
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